In Brief:
- 30,000 NFTs were sold for 5924 ETH in Adidas’ NFT collection collecting over $23M in profit.
- The collection was made in partnership with Bored Ape Yacht Club, gmoney, and PUNKS Comic.
- Adidas was forced to pause the event due to an issue with Mutant Ape Yacht Club owners being unable to mint the NFTs.
Adidas Originals garnered over $23 Million worth of profits from its sold-out ‘Into the Metaverse’ NFT collection.
30,000 NFTs were sold for 0.2 ETH each in the legendary apparel firm’s collection. That would bring the total amount raised from the project’s sale to more than $23 million (5924 ETH).
For the NFT release, Adidas Originals teamed up with the iconic NFT collection Bored Ape Yacht Club, NFT collector gmoney, and crypto-focused media firm PUNKS Comic.
People who own special Adidas Originals tokens, GMoney tokens, Bored Ape Yacht Club NFTs, Mutant Ape Yacht Club NFTs, and Pixel Vault NFTs were given early access to 20,000 NFTs.
Adidas and its partners retained 380 of the NFTs and kept a minimum of 9,620 tokens for the general public.
Holders of Adidas’ NFTs will receive both physical and digital rewards. Physical items will be available in 2022, including the “iconic adicolor Firebird tracksuit,” a “graphic hoodie,” and “gmoney’s signature orange beanie.”
Holders will be allowed to attend virtual events in the metaverse throughout 2022 “and beyond” as digital reward.
Early access minting began soon before 1:30 p.m. ET on December 17, but Adidas was forced to pause due to a problem with Mutant Ape Yacht Club owners being unable to mint the NFTs. Adidas has offered to compensate all users who lost gas fees.
At 5 p.m. ET, early access was resumed, and public minting began at 6 p.m. ET. According to Adidas’ website, all of the NFTs were minted minutes after the public sale began. The NFT collection’s floor price on OpenSea is 0.95 ETH at the time of writing.
Sports apparel firms are readily jumping on the NFT bandwagon and why not when they are making such big profits out of the art. Fellow sportswear giant Nike announced their debut in the metaverse space on Tuesday with the acquisition of virtual footwear brand RTKFT. The collaboration will develop next-generation collectibles that merge gaming and culture.
