"Into the Metaverse" was the Adidas NFT drop that made the sportswear giant $23.4 million in a single afternoon. Adidas raised $15.5 million from the sale of the first 20,000 NFT, which sold for 0.2 Ethereum, around $790.

The project's phenomenal sales volume during the last 24 hours has vaulted it to the top of the world leaderboard as the best-selling NFT project at the moment.

Even though there was a cap of two NFTs per customer, one person managed to grab 330 of them. There were many delays and hiccups during the drop. The pre-mint phase for Bored Ape YachtClub NFTs, Pixel Vault NFTs, and Gmoney NFTs took place prior to the public mint.

It wasn't possible for owners of Mutant Ape Yacht Clubs to participate in the pre-mint phase initially after they had been told they would be able to participate in the early access.

Before the mint, Adidas announced that "into the Metaverse" holders would receive early access to Adidas merchandise and access to virtual land.

The company said on its website, that “Exclusive Adidas Originals, gmoney, Bored Ape Yacht Club and PUNKS Comic physical merchandise, available to claim in 2022 at no additional cost.”

Adding, “Gear up for the iconic adicolor Firebird tracksuit, a graphic hoodie as featured in PUNKS Comic #2 and gmoney’s classic orange beanie."

There is no indication on Adidas' website whether it will offer more NFTs in the future, but it says on its website that, "this is just the beginning." This news comes days after the Sandbox tweeted about Adidas and shared a video clip of Adidas real estate in the Sandbox metaverse.

The company purchased a piece of virtual land called "adiVerse" earlier this year, hinting that virtual reality products are in the company's future.

Also Read | Adidas launched a Metaverse play Partnering With NFT Projects Bored Ape Yacht Club 

Several sportswear brands are pursuing NFT lines through partnerships, including Nike, which recently acquired RTFKT, a brand that makes NFTs called CloneX. Nike, Adidas' archrival, has filed seven trademark applications in preparation for the metaverse, according to Bloomberg.

 

Pavan A

CBW - External Analyst

INDIA