NFT Hoodies? Tezos Inks Deal with Apparel Retailer Gap in Latest Challenge to Ethereum

Tezos' dealmaking is picking up mojo with its latest agreement — helping Gap support NFT hoodies.

By: Samuel Haig Loading...

NFT Hoodies? Tezos Inks Deal with Apparel Retailer Gap in Latest Challenge to Ethereum

Tezos is on a roll.

In its latest deal with a traditional company, the blockchain provider is teaming up with clothing retailer Gap to launch a series of hoodie-themed NFTs from Jan. 13.

Tezos is emerging as a low-cost rival to Ethereum for NFT issuers. The venture is also working with Ubisoft, the French video game maker, and is the official technical partner of McLaren Racing for its Formula One and Indycar divisions, as well as its esports team.

Gap follows other leading brands that are leveraging Tezos to cash in on the booming NFT ecosystem without forcing its customers to fork out the hefty gas fees associated with minting and trading NFTs on Ethereum.

Blockchain-based Rewards

Tezos was named as the main technical partner of major French esports organization Team Vitality in early January. Under the multi-year deal, Tezos joined the ranks of Team Vitality partners such as Adidas to provide fans with blockchain-based rewards.

Gap Threads NFTs are the product of collaboration between Tezos-focussed production studio Interpop and artist Brandon Sines, who created the Frank Ape character. The NFTs will be exclusively available for purchase in exchange for Tezos’ native XTZ token.

Starting from Jan. 13, The Gap’s “common” rarity tokens will be available to buy for 2 XTZ each ($8.64 at current prices) on a first-come-first-served basis. “Rare” NFTs go on sale on Jan. 15 at 6 XTZ, followed by “Epic” on Jan. 19.

Epic NFTs will also receive an exclusive physical Gap X Frank Ape hoodie with their purchase. Tokenholders who put together a collection of four common and two rare NFTs will also receive the opportunity to purchase an epic token. A one-of-a-kind NFT will also be auctioned starting Jan. 24.

Major game publisher Ubisoft launched its Tezos-based NFT platform Unibsoft Quartz last month, allowing users to purchase and win in-game items that are minted as nonfungible tokens. However, sales were flat when the company launched its first in-game NFTs for the Ghost Recon: Breakpoint game.

Rival Networks

NFT marketplace Rarible also launched support for Tezos-based NFTs in mid-December.

Tezos’ leading native NFT marketplace Hic et Nunc hosted $3.2M in volume over the past 30 days, with roughly 22,200 traders using the platform according to DappRadar. Second-ranked Objkt Marketplace welcomed 3,050 active monthly traders driving $1.2M in sales.

Approximately $63.3M worth of NFTs have changed hands on the Tezos blockchain in total, beating out rival networks Avalanche and Waves.