Adidas Originals sold $ 23 million in its first NFT drop
Sportswear giant Adidas Originals made $ 23.5 million selling 30,000 Adidas âInto the Metaverseâ non-fungible tokens (NFTs) hours after they went on sale Friday.
According to the Block, the company earned 5,924 Ethereum (ETH), and each NFT cost 0.2 ETH. Adidas created the NFTs in partnership with Bored Ape Yacht Club, Punks Comics and GMoney.
A non-fungible token (NFT) is a unique digital asset that represents ownership of real-world items such as artwork, music videos, music, and more. NFTs run on the same blockchain technology that powers cryptocurrencies, but they’re not a currency.
However, it is not clear if Adidas plans to offer more NFT in the future, but it says on its website that “this is just the start”.
This development comes days after Sandbox tweeted about the famous shoe company and shared a video clip of Adidas real estate in the Sandbox metaverse. The Sandbox is a virtual metaverse where players can create, own, and monetize their gaming experiences on the Ethereum blockchain.
Adidas took to Twitter and announced its partnership with crypto exchange Coinbase. The company tweeted – âWe’ve partnered up with @coinbase. Probably nothing. Coinbase confirmed the partnership and responded, “Hello..Welcome to the party, partner!”
Earlier in November, Adidas purchased a virtual land called “adiVerse” in the blockchain-based world The Sandbox, hinting that the company will offer virtual reality products. “It’s something big because it’s also a hint of what’s going to hit the fan in a few months in the NFT space: Adidas sneakers and other branded clothes, shoes and virtual items,” he said. said Ipek Ozkardeskaya, senior analyst at Swissquote, as quoted by Reuters.
âMetaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas,â an Adidas spokesperson told City AM.
Meanwhile, Adidas rival Nike has filed seven trademark applications as it prepares to enter the metaverse, according to Bloomberg. As part of the request, the company has indicated its intention to manufacture and sell virtual branded sneakers and clothing.
So far, people have spent more than $ 9 billion on NFT sales, and total NFT sales are expected to reach $ 17.7 billion by the end of the year, according to a new study from Cointelegraph.