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Adidas Earns $23 Million from its first Ethereum NFT Drop

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Sportwear giant Adidas made $23.4 million off its “Into the Metaverse” NFT launch on Saturday.

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Sportwear giant Adidas made $23.4 million off its “Into the Metaverse” NFT launch on Saturday. Based on CryptoSlam’s rankings, this collection has soared to the top of the leaderboard as the hottest NFT project in the world right now due to its phenomenal sales volume over the last 24 hours.

The drop was a collaboration between Bored Ape Yacht Club (BAYC, which is currently the seventh largest collection by sales volume), Comic PUNKS NFT creator Pixel Vault, and private NFT collector gmoney.Adidas first unveiled these plans at the beginning of December when it bought a Bored Ape and overlaid it with Adidas apparel.

In all, 30,000 Adidas Originals NFTs minted on the Ethereum blockchain were issued. Of these, 20,000 were offered to holders of Pixel Vault NFTs, Bored Ape NFTs, Mutant Ape NFTs, and Gmoney or Adidas Originals POAPs, Ethereum-based proofs of attendance badges.

Although the mysterious POAP token was originally tweeted last month by Addidas official media handle, it did not appear to commemorate any particular event. Still, cryptocurrency users went ahead and bought them anyway, expecting everything to be clarified later on. Things became clearer when Adidas announced its early access sale. Within the space of an afternoon, all 20,000 early access tokens had sold out.

Adidas official release of NFT in November

Here’s the kicker: of the remaining 10,000 tokens, “Adidas and partners” held onto 380 for “future events”, while the remaining 9,620 were given away at a cap of two each. Those sales happened in less than a second.

Related - Introducing Adidas' NFT partnerships entering Metaverse

The drop is great news for Adidas, which is trying hard to establish a presence in the metaverse. Last month, it announced a partnership with Coinbase as part of its metaverse strategy. Around the same time, Metaverse game The Sandbox announced that Adidas had a parcel of land earmarked for its use.

If you have snagged an Adidas NFT, be prepared to receive exclusive access to Adidas wearables – both in real life and virtually – in 2022; no doubt some of the wearables will also be featured in The Sandbox.

Also Read - NFT to acquire Fashion industry



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