Adidas Sold $22 Million Worth NFTs In Its first NFT Drop

OVERVIEW

  • All 30,000 pairs of Adidas’ Into the Metaverse NFTs were sold out within hours of their release on Friday.
  • The NFTs were created in collaboration with Bored Ape Yacht Club, Punks Comics, and GMoney (a pseudonymous crypto enthusiast).
  • Minting began soon before 1:30 p.m. ET, but Adidas was forced to suspend due to a problem with Mutant Ape Yacht Club owners not being allowed to mint the NFTs.

All 30,000 pairs of Adidas’ Into the Metaverse NFTs were sold out within hours of their release on Friday.

Each NFT cost 0.2 ETH, which is roughly $765 today, and the business sold 29,620 NFTs in an afternoon (“Adidas and partners” kept 380 for “future events”), netting the corporation more than $22 million from the sales.

(An exact amount is impossible to establish because the price of Ethereum has been plummeting while I was writing this piece.)

The NFTs were created in collaboration with Bored Ape Yacht Club, Punks Comics, and GMoney (a pseudonymous crypto enthusiast). Purchasing an NFT grants owners access to limited-edition tangible items, such as a sweatshirt and the tracksuit worn by Adidas’ Bored Ape, as well as planned digital experiences.

Snag In The NFT Launch

Individuals who hold special Adidas Originals tokens, GMoney tokens, Bored Ape Yacht Club NFTs, Mutant Ape Yacht Club NFTs, and Pixel Vault NFTs were given initial access to 20,000 of the NFTs, making an already difficult-to-get NFT available to a small group of people.

Early access minting began soon before 1:30 p.m. ET, but Adidas was forced to suspend due to a problem with Mutant Ape Yacht Club owners not being allowed to mint the NFTs. Adidas has committed to refund everyone who has lost gas fees (fees collected in order to mint the NFT) due to technical difficulties.

At 5 p.m. ET, early access was reinstated, and public minting began at 6 p.m. ET. It’s unknown when the NFTs were completely sold out, but according to Adidas’ website, all of the NFTs were minted minutes after the public sale began.

It’s unknown if Adidas plans to release more NFTs in the future, but the company hints that “this is only the beginning” on its website. Given how quickly the initial batch sold out — and how much money Adidas gained in a matter of hours — it’s doubtful that this will be Adidas’ only NFT offering. And it will almost surely want to compete with arch rival Nike, which just purchased a virtual shoe and NFT firm.

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