Adidas Originals has sold approximately 30,000 non-fungible tokens (NFTs) from its “Into the Metaverse” collection for $23.5 million in just a few hours. Adidas NFT holders will have access to exclusive products, among other things.
Adidas launches a collection of 30,000 NFTs
Adidas has launched its collection of non-fungible tokens (NFTs) called “Into the Metaverse” in partnership with Bored Ape Yacht Club (BAYC), PUNKS Comics and influencer GMoney. NFTs holders will have access to limited sneakers and clothing as well as access to the future metaverse developed by the brand with three stripes.
The famous brand sold precisely 29,650 NFTs at a price of 0.2 Ether (ETH), which is a total of approximately $23.5 million. Adidas Originals had dedicated two thirds of the collection to holders of NFTs from the Bored Ape Yacht Club (BAYC) collection, Pixel Wallet and POAP tokens given to attendees of events organized by Adidas and GMoney.
Those who did not have these NFTs could still purchase one of the 9,620 NFTs at the public auction. Adidas and its partners also kept 380 for future events.
Currently, the minimum price for an Adidas NFT is approximately 0.85 ETH. The collection has already generated a trading volume on the OpenSea marketplace of 8800 ETH.
This is just the beginning
Adidas recently unveiled collaborations with industry giants, namely: Coinbase and The Sandbox. The company purchased 144 plots in The Sandbox universe for 400 ETH or about $1.7 million.
It’s unclear if Adidas plans to offer more NFTs in the future, but the company made it clear on its website that “this is just the beginning.”
Given how quickly the first collection sold out, it seems unlikely that this will be the last collection. And, it’s almost certain that Adidas wants to compete with arch-rival Nike, which just bought virtual sneaker studio RTFKT.