Adidas Originals debut NFT drop nets $23 million

Sun 19 Dec 2021 ▪ 16h42 ▪ 4 min read — by Felix Meyer

Adidas Originals, a brand of casual clothing and sportswear created by German corporation Adidas AG, has released its first ever NFT collection. Being the brainchild of a collaboration with Bored Ape Yacht Club (BAYC), NFT collector Gmoney, and crypto media group PUNKS Comic, the NFT drop sold out for 5,924 Ethereum (ETH), or $23.5 million (~£17 million).

Into the Metaverse 

A collection of non-fungible tokens (NFTs) named Into the Metaverse has been open for sale through the company’s official website since 17th December.

“As part of our ambition to celebrate ideas that are defining a new age of originality, we’ve landed at the forefront of creativity, which is the open metaverse,” shares Adidas Originals VP for Marketing and Communications Erika Wykes-Sneyd. “It’s a natural place for Adidas Originals to enter: a wild world where possibilities are truly limitless and where anyone can express and be rewarded for their most original ideas,” the executive adds.

Resounding success

Within a few hours, the company sold about 30,000 tokens. 29,620 NFTs have gone for 0.2 ETH (~£580) apiece, while another 380 were reserved for future events by Adidas Originals and its partners.

Holders of Adidas Originals’ and partners’ Proof of Attendance Protocol (POAP) tokens were able to get early access to the first 20,000 NFTs and made acquisitions totaling $15.5 million. By 5pm on 17th December, the auction sold out.

NFT purchase gives its buyer access to special products of the series, a hoodie and a tracksuit, along with access to some digital services. However, physical goods are expected to appear only in 2022. In other words, NFT buyers have made super expensive pre-orders for their future clothing.

It’s so refreshing to see a culturally influential brand like Adidas Originals work so closely hand-in-hand with the NFT community,” shares Gmoney. “At every step, they’ve included the right partners from the crypto, metaverse, and NFT community and listened to their thoughts at an early stage.” the collector adds.

The NFT market cap has recently reached $22 billion (~£17 billion), with the prospect to exceed $5 trillion by 2025. Nonetheless, NFTs remain virtually unregulated in most markets.

Adidas hasn’t yet revealed its future plans for NFT sales, however, the official website says it’s just the beginning. Surely, this new way to earn millions in mere minutes will prompt more NFT drops from Adidas. The firm will probably become a major competitor to Nike, which has recently acquired RTFCT Studio startup, specialising in virtual sneakers production and NFT.

NFTs flourish, Adidas seizes the moment! Its lifestyle brand Adidas Originals finally joined the overall NFT frenzy and dropped its debut NFT collection, which sold out for $23.5 million in a couple of hours on 17th December. We’ll be now waiting for more NFT drops from Adidas.

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Felix Meyer

Le trading et l'analyse technique sont mes spécialités depuis 4 ans. Je décortique le marché et vous partage mon expertise.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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