Gap is Launching Several Sets of NFTs with a Tiered System for Rarity
Colin Smith — January 13, 2022 — Pop Culture
References: gap & businessoffashion
A new series of Gap NFTs have been announced by the fashion brand and will be available for purchase beginning on January 12th. Over the course of two weeks, ending on the 24th, Gap will launch four separate NFT series. Each series will have a different rarity level and will be unlocked through previous auctions. The four auctions will take place on Tezos and will be traded through the use of the platform's cryptocurrency, 'tez.'
The first auction will consist of a large unspecified number of NFTs priced at roughly $8. Individuals who obtain one of these will be eligible for the 'Rare' tier which consists of 1,000 NFTs priced at what equals $25. Following this, owners will be able to participate in the 'Epic' tier which consists of 100 NFTs at a price point of approximately $400. In the final tier, there will only be one NFT auctioned to owners of Epic tier NFTs, which will have no set price. Gap is referring to this tiered system as a "gamified" auction.
Image Credit: Shutterstock
The first auction will consist of a large unspecified number of NFTs priced at roughly $8. Individuals who obtain one of these will be eligible for the 'Rare' tier which consists of 1,000 NFTs priced at what equals $25. Following this, owners will be able to participate in the 'Epic' tier which consists of 100 NFTs at a price point of approximately $400. In the final tier, there will only be one NFT auctioned to owners of Epic tier NFTs, which will have no set price. Gap is referring to this tiered system as a "gamified" auction.
Image Credit: Shutterstock
Trend Themes
1. Gamified Nfts - There is an opportunity to create gamified NFTs in various industries to enhance user engagement and introduce new revenue streams.
2. Tiered Rarity System - Creating a tiered rarity system for products or services can be a unique selling point and drive consumer interest and sales.
3. Cryptocurrency Transactions - Cryptocurrency transactions are becoming more popular, and businesses that integrate this payment method can attract new customers and streamline their payment process.
Industry Implications
1. Fashion and Retail - The fashion and retail industry can benefit from creating limited edition collections as gamified NFTs to increase hype and engagement around new product launches.
2. Gaming - Gaming companies can use gamified NFTs to enhance gameplay, offer unique in-game assets, and create new revenue streams.
3. Entertainment - The entertainment industry can offer gamified NFTs as exclusive merchandise for their fans, creating a new avenue for revenue and fan engagement.
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