This time last year, you wouldn’t have had any clue what ‘NFT’ stood for, let alone what one actually was. But over the last few months we haven’t been able to escape those 3 letters. Just last week we saw how artist Eminem purchased an NFT for $450,000, Australian Open tennis announced they are launching an interactive NFT initiative and Wikipedia editors voted against classifying NFTs as art. And this week NFTs are entering the fashion world.
Last month Boohoo Man announced that they are one of the first fashion brands to enter the metaverse with an NFT launch. Metaverse consultant Cathy Hackl told The Interline that she encourages brands to see the Metaverse as a further convergence of our physical and digital lives. With Augmented Reality’s (AR) potential to make fashion NFTs more valuable, Hackl believes, “In some ways, the metaverse is about the internet breaking free from the rectangles in our hands, desks, and walls and being all around us,” she explains.
And the most recent announcement of NFTs in fashion comes from Gap. They are launching an NFT collection, entitled THREADS, and partnering up with artist Frank Ape. Gap is known for their signature logo hoodies, so the brand is planning a series of hoodie NFTs. The digital collectibles come in four tiers based on pricing and availability: common, rare, epic and one-of-a-kind. The common level drops January 13th for approximately $8.30 each pending market fluctuations, while other tiers go live over the next two weeks. A gamification element encourages consumers to collect NFTs to unlock opportunities to purchase limited-edition merchandise.
The Threads collection is a huge project for Gap and it also makes NFTs more accessible with a low price tag. It is also expected that Gap will continue to partner up with artists and release more NFT collections in the future.