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UK Daily Life 2021

Rob Pinney/Getty Images News

Rob Pinney/Getty Images News
The Gap Inc. (NYSE:GPS) is furthering its commitment to NFT experimentation on Monday.
The retailer revealed it is entering partnerships with former MLS soccer player and artist Demit Omphroy and “petaverse game” DOGAMÍ for NFTs. The new deals build upon experiments the retailer has made since the start of 2022, continuing despite flagging NFT sales overall.
“Partnering with unique artists and creators is a cornerstone of our NFT program,” Chief Product Officer Chris Goble said. “We are thrilled to collaborate with Demit and to create this vibrant collection of NFTs and product that amplifies his voice and represents his distinct individual style.”
Sales will kick off on Tuesday, wherein “common” NFTs will be available, followed by “drops” of the “rare” and “epic” level items on June 9 and June 14, respectively. Also, a custom hand-painted Gap denim jacket by Demit will be auctioned off on June 15. For the “petaverse” collaboration with DOGAMÍ, Digital Gap logo hoodies designed for DOGAMÍ avatars will become available in July.
The sales will operate on a first come, first served basis, with payments made available “in both fiat and tez.”
“The Gap Threads marketplace and DOGAMÍ are both built on Tezos (XTZ-USD), a more energy efficient blockchain, allowing for minimal energy consumption and a low carbon footprint,” a press release explained. “In addition, Gap continues to partner with Interpop to create the Gap Threads experience.”
While Gap (GPS -0.8%) shares fell slightly following the announcement, the price of tez (XTZ-USD +6.2%) rose sharply.
Read more on why B. Riley and Cowen both remain pessimistic about the company’s prospects.


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