HomeNewsIn its initial NFT drop, Adidas Originals made a $23 million profit

In its initial NFT drop, Adidas Originals made a $23 million profit


Last Updated on 18/12/2021 by Sanskriti

Adidas Originals made $23.5 million through the sale of 30,000 “Into the Metaverse” non-fungible tokens (NFTs) in only a few hours after they went on sale on Friday.

The firm gained 5,924 Ethereum (ETH), with each NFT costing 0.2 ETH, according to the Block. Bored Ape Yacht Club, Punks Comics, and GMoney collaborated with Adidas on the NFTs.

The first-ever NFT collection from Adidas Originals, a range of casual lifestyle clothes and sportswear founded by German company Adidas AG, was unveiled and sold out immediately.

A non-fungible token (NFT) is a one-of-a-kind digital asset that symbolizes ownership of tangible assets such as artwork, video clips, music, and more. NFTs are based on the same blockchain technology as cryptocurrencies, but they aren’t a form of payment. It’s unknown whether Adidas plans to release additional NFTs in the future, but the company’s website states that “this is just the beginning.”

“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.

This comes only days after the Sandbox tweeted about the renowned shoe business and uploaded a video clip of Adidas metaverse real estate. On the Ethereum blockchain, the Sandbox is a virtual metaverse where users can create, control, and monetize their game experiences.

Adidas announced a partnership with cryptocurrency exchange Coinbase on Twitter. “We’ve partnered with @coinbase,” the firm tweeted. “Probably nothing.” “Good morning,” Coinbase answered, confirming the collaboration. “Welcome to the party, partner!”

With 30,000 NFTs manufactured and sold, the “Into the Metaverse” drop sold out for 5,924 ETH, or nearly $23.5 million. Holders of Adidas Originals and its partners’ proof-of-attendance protocol (POAP) tokens, which were delivered at real or virtual events, were given first access to the first 20,000 NFTs, were sold for 0.2 $ETH each, and raised $15.5 million. On December 17, at exactly 5 p.m. ET, the auction was sold out.

Adidas Originals and its partners own 380 of the 30,000 NFTs coined, all of which will be used in future events.

“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.

Sanskriti loves technology in general and ensures to keep TheDigitalHacker audience aware of the latest trends, updates, and data breaches.
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