Capitalizing on intellectual property mastery, fashion outlet Old Navy has sealed a deal with the owner of Bored Ape #7285, meaning it can legally use the image on a range of BAYC themed t-shirts. The t-shirt is currently listed for $18.99 on the Old Navy/Gap website and ranges from sizes XS to XXXXL.
About Old Navy
Old Navy is an American clothing accessories retailing company owned by the multinational corporation Gap inc. It was founded in March 1994, its headquarters are in San Francisco, and it has now established 1,106 locations. In 2019, Old Navy was reported to have generated $4 billion in revenue.
About The Partnership
What is a little confusing is that it appears that Old Navy does not actually own BAYC #7825. Instead, the owner, reportedly Dora and Dolly, according to the Bored Ape Gazette, is the person who owns the ape. Typically, licensing rights are reserved for the owner of an individual NFT token, leaving us with two options. Option one is that Dora and Dolly are a part of Old Navy. Option two is Old Navy has compensated them for using the ape.
About Fashion Collabs
Moving forwards, Old Navy has plans to broaden its NFT clothing range with NFT collections. According to Hypebeast, a total of 6 Bore Apes, 11 Mutant Apes, 1 CryptoPunk, 6 CloneX NFTs will all appear on Old Navy’s upcoming clothing. Soon, many JPEGs that cost anywhere from five figures to 7 figures will be available to wear.
There is a growing trend of Web2 fashion retailers partnering up with Web3 NFT projects to release physical merchandise. We have seen it time and time again. Some have succeeded, and some have flopped. Regardless, the fact that this is happening is very bullish for the NFT space as a whole.