Gap and Selfridges were quite skeptical of digital currencies, the NFTs, and the crypto markets.
However, they started to acknowledge the growing popularity of NFTs among investors, with Gap citing their potential as a “valid means of exchanging goods” and Selfridges suggesting they “could be used to authenticate unique goods.”
In a statement to CoinDesk, Gap said it’s exploring how this could be achieved through “blockchain technology.” The ability to attach digital assets to physical objects is one of the main selling points of NFTs. In addition, it offers brands a way to create scarcity and establish provenance.
Surprise, Surprise!
We found out that both the brands have been quietly working on blockchain projects for two years. They’ve already partnered with blockchain startups like Factom, Blockarts, and Hash Rush to create unique NFTs. In addition, Gap and Selfridges are now working with blockchain-based platform Enjin Coin to create a “gaming currency” called Enjin Coin (ENJ).
We understand that the idea of NFTs can be somewhat overwhelming. On one hand, they’re a potentially lucrative way for brands to build loyalty and boost sales. But on the other hand, they’re just one more digital asset that’s ripe for abuse.
Should You Be Worried about NFTS?
It depends on what type of digital assets you want to purchase. If you’re talking about utility tokens (like those issued by startups), then the answer is probably “no.” Your NFTs are your property, and no one can take them from you without your permission. That’s good news if a company stops paying its token holders or if its fundraising fails, you get to keep the tokens because you own them.
But What Happens with Non-utility Tokens?
The problem is that they can be easily duplicated and sent over the internet like email attachments or through a file-sharing network like Dropbox. And as long as someone else has them in their possession, everyone else can access them. It is a fundamental problem with all digital assets — they exist in the ether of cyberspace, which means they are vulnerable to theft.
Blockchain Platform
Gap and Selfridges are two of the world’s most well-known brands, with more than $11 billion in revenue between them. They’re going to use blockchain, the technology at the heart of crypto, to sell digital assets on what they describe as a “blockchain platform.”
The two stores are rolling out the new platform in stages in the coming weeks, starting with Gap Outlet and Gap + Co., which allows customers to purchase fashion tokens for real-world currency through the “Gap Card” e-commerce platform.
The first phase includes an auction for one-of-a-kind pieces made by select artists and designers, such as Virgil Abloh from Off-White. Customers can bid on these items through the platform.
Selfridges will follow its blockchain platform, which launches later this year. It allows visitors to buy different digital assets for real money (using their Visa card) and trade those virtual items with other visitors in a marketplace.
Gap and rival fashion retailer Selfridges are dabbling with blockchain in the hope it can help them compete with Amazon on e-commerce.
Gap Inc. is exploring new ways to bring our brands, merchandise, and experiences to new and existing customers in a rapidly evolving digital ecosystem.
Get Ready for an All-New Way to Shop!
Gap and Selfridges have teamed up to bring a whole new dimension to the shopping experience in an extraordinary move that’s sure to excite shoppers everywhere. The latest collaboration allows shoppers to complete their outfits with Paco Rabanne’s latest “unwearable” collection, which comes in the form of digital items such as perfumes, t-shirts, and scarves.
The Idea behind This Is Pretty Intelligent
People are increasingly wary of online purchases that are less than stellar, so this partnership brings them the best of both worlds. Plus, it’s a chance for Gap to flex its fashion branding muscles in a way that doesn’t involve selling clothes.
Good News for Avid Sneakerheads
Gap and Selfridges are teaming up to produce a limited-edition line of sneakers using Paco Rabanne fabrics from the 60s and 70s.
The Future is Now
Both brands have notable places in their industries. Gap is one of America’s most famous clothing lines, and Selfridges has a high-end reputation for fashion. Regardless, introducing brand NFTs into the retail space is an exciting step. Both brands are entering as risky investments with little gain but betting that NFTs are seen as a new, exciting investment genre.
It is also an opportunity to get ahead of other brands in their industry. Speaking of opportunities to jump ahead, find internet providers that offer uninterrupted access to the world of NFTs and so much more.
More Read On: Spero Magazine
