- Adidas releases Chapter 1 of the NFT collections into the market.
- Those who receive the New NFTs would only pay the gas fee.
In December 2021, Adidas released its first Into The Metaverse collection. At that time, holders were assured of exclusive access to “collaborative merchandise and virtual land experiences throughout 2022.” Today, it has released the ALTS by Adidas collection as part of its effort to expand Into the Metaverse ecosystem.
Adidas collaborated with NFT influencer gmoney, PUNKS Comic, and Bored Ape Yacht Club to enable holders to burn their NFTs in exchange for a new ERC-1155 token. The token exchange would be received from the next phase of the project as they also claim physical clothing items.
According to the release, holders of the NFTs from the first phase of Into the Metaverse would receive new NFTs from Ethereum-based ALTS by Adidas collection after burning their NFTs. Receivers will only pay for the gas fee. Adidas’s Web3 quest is said to involve eight different “ALT[er]egos” corresponding to “different rarity traits and interactive storylines.”
Holders would have the chance to receive various utilities including a stake in ALTS by the Adidas ecosystem. This also includes;
some commercial intellectual property (IP) rights to their character, access to exclusive virtual wearables, entry to holder-only community gatherings and token-gated Discord channels, among others.
Original Into the Metaverse completely sold out
Adidas Into the Metaverse is said to be a collection of 30,000 digital collectibles on the Ethereum blockchain. Into the Metaverse has three phases. The first phase includes the launch of several community projects. The team has also partnered with WAGMI United to officially supply a kit for Crawley Town FC. In phase two, holders would claim exclusive physical merchandise using 3D NFT as a ticket. Also, holders get the ability to claim “gm gm Beanie (gmoney’s signature orange beanie), the Hash Hoodie, and the Firebird Tracksuit.”
In June 2022, holders got a mysterious airdrop that provided a hint of the recently launched Virtual Gear collection. Into the Metaverse NFT can be purchased for 0.375 ETH ($453). Virtual Gear wearables can also be purchased on the secondary market with the collection being sold at the floor price of 0.038 ETH ($46.50).
With the Into the Metaverse NFT, there is the absence of different rarities. However, Virtual Gear has different rarities, hence, presenting holders with several options. Virtual DMT BAYC hoodie is also being sold for 8.5 ETH. Those who want to purchase an Adidas Impossible Box will have to pay 0.094 ETH ($115.00). The collaboration is also said to expand the entire operation of Adidas. This includes the establishment of a new creative studio dedicated to “building strategy, product & technology, partnerships, and creative roles.”
The Adidas Originals Into the Metaverse NFT collection, nearly sold out upon launch. Each of the 30,000 NFTs was priced at 0.2 ETH and generated about $23 million for Adidas and its collaborators.
Adidas is also creating a PFP collection. According to reports, each PFP is an interoperable identity that can be used to make an expression in the metaverse.
