Adidas Earns $23 Million From Sale Of “Into the Metaverse” NFTs

Adidas has been busy boosting its presence in the crypto world. Last month, the company joined hands with Coinbase and even purchased virtual land in the decentralized gaming platform, The Sandbox. As a result, Adidas made it clear they are going to offer virtual products in the future.

Now, the sportswear brand has made a strong entry into the Metaverse world by launching its collection of NFTs. The tokens went on sale on December 17 and were completely sold off in a few hours. Adidas partnered with PUNKS Comic, Gmoney, and Bored Ape Yacht Club (BAYC) to make the sale possible. The collection of NFTs was called “Into the Metaverse” and comes with a bundle of virtual and physical products.

To begin with, owners of Adidas NFTs will get several pieces of digital garments to try out in The Sandbox. Users will be able to secure the digital products using Coinbase. Therefore, the sportswear giant had plans for a long time to take advantage of the Metaverse. In addition, Adidas NFTs offer physical products as well to the token holders. They can get their hands on a hoodie, tracksuit, and beanie inspired by Gmoney’s monkey avatar.

Adidas sold 30,000 tokens at the cost of 0.2 ETH per token. Valued at around $800, the sale earned the company more than $23 million in a few hours. The sale was divided into two phases, the early access phase, and the public sale phase. The sportswear giant also kept 380 NFTs for future sales.

NFTs or non-fungible tokens are unique tokens that can be assigned to digital assets and art. The tokens use the technology that drives cryptocurrencies. However, NFTs are not crypto coins. They help establish ownership over digital assets and implement traceability.

The sale attracted a lot of hype but presented a few technical glitches. Transaction failures led the sale for early access holders to stop for around 2 hours. Adidas confirmed it is going to refund any ETH lost as a result of the hiccup.

Mainstream Brands Are Eyes the Metaverse

The Metaverse is geared to become the next big digital revolution. People are going to live a dual life from now on, one in the real world and another in the Metaverse, where they will be able to purchase digital assets, like land, houses, and even garments.

As a result, mainstream brands are trying to gain entry into the crypto realm. They are making big investments in crypto projects in hope of creating a presence. Adidas is not the only sportswear company to invest in crypto or the Metaverse. Nike has also teamed up with the popular gaming platform Roblox. They are now developing a Metaverse called “Nikeland” and looking to attract the big gamer base of Roblox. Nike has even acquired the digital show design company RTFKT.

As a result, we can expect more sports brands to walk on the same line. The Metaverse is going to be an exciting place with the ability to buy the same products you use in real life.