By Sam Boughedda
Investing.com — Shares of Gap Inc (NYSE:GPS) rose 6% Thursday after the fashion retailer said it is launching its first collection of NFTs.
Gap will use Tezos, an open source blockchain, to launch the NFTs. They will also be collaborating with Brandon Sines, the artist behind Frank Ape, for the launch of a limited-edition Gap hoodie.
"Gap has always been at the intersection of music, art and culture, so we are excited about this growth opportunity in the digital space with artists like Brandon Sines," said Chris Goble, chief product officer and general manager of Gap North America.
The company said in a press release that the first NFTs went on sale today, with additional drops available over the next two weeks.
Gap isn't the first fashion retailer to launch NFTs, with brands such as Gucci, Louis Vuitton and Dolce & Gabbana all getting in on the action.