Adidas NFT Brings in $23m with first drop
The Adidas NFT collection earned more than $23 million with its first drop of the shoe company's 'one of a kind' Into the Metaverse non-fungible token.
Adidas reported raising $5,924 in Ethereum (ETH) via the sale of the Adidas NFTs at 0.2 ETH each, for a total of 30,000 digital assets, just minutes after the drop.
Non-fungible tokens have rapidly evolved from a niche use case in blockchain to a game-changing idea that major corporations are rushing to adopt. In November, the Adidas Twitter profile announced a deal with cryptocurrency exchange Coinbase and made a sizable land purchase on The Sandbox.
Rather than a one-time deal, Bloomberg reports that the Sportswear firm has applied for seven trademarks. This makes sense, as NFTs are a crucial part of the Adidas Metaverse.
The beginning of Adidas NFT minting
The company's Into the Metaverse series of NFTs began with the announcement of a cooperation with gMoney, Bored Ape Yacht Club, and PUNKS comic before sales even started.
Adidas describes the Metaverse as a space where anyone can express their ideas and be their authentic self, in 'whatever for that may take'. It adds the platform invites 'original thinkers and doers' to join the company for a 'new age of originality'.
Anyone owning one of these NFTs has access to The Sandbox plot, where they can experiment with the merging of real-world and digital goods and locations.
Despite the fact that the auction has concluded, the team has taken to social media to reassure early adopters that the opportunity to acquire tokens is still very much open to them. Also, the Opensea marketplace is still a viable option for people interested in purchasing one.
It's currently perceived by many as the best public exchange allowing for the buying and selling of the Adidas series.
Author: Midhat Fatima
I am an Electrical Engineer and have worked as a Production Analyst at Afiniti. I am very fond of doing research and studying new developments in tech. I recently published my Research Paper under my name on How to make Wind Energy efficient for Turbines.