Tue. Dec 6th, 2022

Jan 13 (Reuters) – Gap Inc (GPS.N) on Thursday launched:

non-fungible tokens (NFTs) of its iconic hoodies, sending the apparel maker’s shares about 5 percent higher as it became the latest major retailer to dive into the world of speculative crypto assets. The more than 50-year-old company’s push to sell virtual assets for real money follows similar moves by clothing companies such as Nike Inc , which last month announced the acquisition of NFT maker RTFKT. read more

Mattel Inc (MAT.O) has also launched NFT versions of its Barbie and Hot Wheels lines:

NFTs, a type of digital asset, have exploded in popularity this year with artworks selling for millions of dollars. Gap said its NFTs will be priced in tiers ranging from about $8.30 to $415 for a collectible that comes with a physical hoodie. Prices can fluctuate with the value of the cryptocurrency used for making purchases.

The company is collaborating with Brandon Sines, the artist behind the Frank Ape cartoon, on the NFT collection that is being hosted on the Tezos blockchain.

Gap said Tezos uses an energy-efficient approach to secure its network. The crytpocurrencies needed to buy NFTs have been criticised for their large carbon footprint.

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Reporting by Ananya Mariam Rajesh and Praveen Paramasivam in Bengaluru; Editing by Devika SyamnathAdvertorial with an image of a Meta executive pitching a metaverse business to advertisers

An executive from Facebook’s parent company:

  • Meta Platforms Inc told an advertising conference on Monday that the metaverse will open up more opportunities for businesses to make money.
  • In a move that sent the company’s stock up about 5%, Gap Inc. on Thursday launched non-fungible tokens (NFTs) of its iconic hoodies, which sent the stock up about 5%.
  • After Nike Inc. announced last month that it had acquired NFT maker RTFKT, the more than 50-year-old company is now looking to sell virtual assets for real money.

Barbie and Hot Wheels are now available in NFT form, thanks to Mattel Inc.

  • There has been an explosion in the popularity of NFTs (a type of digital asset), which have sold artworks for millions of dollars.

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A physical hoodie is included in the price of Gap’s NFT, which ranges from $8.30 to $415. The value of the cryptocurrency used to make purchases can affect the price. Tezos-based company is working with Brandon Sines, who is best known for his work on the Frank Ape cartoon, on a collection of NFTs. Tezos’ network security is energy-efficient, according to Gap. The large carbon footprint of the cryptocurencies required to purchase NFTs has been a point of contention.

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