Adidas made $23.4 million in a single afternoon from its In to the Metaverse NFT drop and is currently at the top of the NFT projects worldwide thanks to the incredible sales volume over a period of 24 hours.
The German sportswear and sporting goods multinational could become one of the best examples of a brand’s transformation thanks to blockchain technology: it is breaking into the metaverse, embracing NFTs and partnering with cryptocurrency house Coinbase.
The company is set to lead virtual sports fashion in metaverses and it will compete in virtual worlds with Nike, which presented Nikeland last November. Nikeland is a metaverse of its own in the Roblox gaming platform and it allows users to do physical exercise with their avatars through different games, but also to dress their avatars with the clothing and sneakers of the popular U.S. brand.
For its debut in the metaverse, Adidas has partnered with major NFT projects, such as Bored Ape Yacht Club (BAYC), gmoney and Punks Comic. The NFT avatars of these projects have been sporting shiny branded apparel since the beginning of December, hinting that virtual fashion is Adidas’ next big deal in the Metaverse.
There were 30,000 Adidas Originals NFTs, minted on the Ethereum blockchain, and each NFT retailed for 0.2 Ethereum (ETH). 20,000 of them first offered to holders of Pixel Vault NFTs, Bored Ape or Mutant Ape NFTs, and holders of gmoney or Adidas Originals POAPs, Ethereum-based proof of attendance badges.
In just one afternoon, all 20,000 early access NFTs had sold out. There were still 10,000 left, but Adidas and its partners kept 380 of them and released only 9,620. A two-per-customer cap was established, but those sold out in less than a second and a buyer was able to get 330, despite the maximum of two items per person.
Those who were able to grab an Adidas NFT will get exclusive access to the brand’s wearables coming in 2022, both in real life and virtual.