Adidas sold more than $22 million in NFTs

All 30,000 of Adidas’ Into the Metaverse NFTs were minted within a matter of hours of going on sale Friday. Each NFT cost 0.2 ETH, which currently equates to about $765. In addition the company sold 29,620 NFTs. Meaning the company earned more than $22 million from the sales in the span of an afternoon.



Adidas made the NFTs in partnership with Bored Ape Yacht Club, Punks Comics, and GMoney

The NFTs emerged in collaboration with Bored Ape Yacht Club, Punks Comics, and GMoney. Purchasing an NFT grants owners access to limited-edition tangible items, such as a hoodie and the tracksuit worn by Adidas’ Bored Ape, as well as planned digital experiences. However, according to Adidas’ FAQ, real merchandise won’t be available until 2022, so customers are essentially placing pricey pre-orders for the items.

The company offered 20,000 of the NFTs in early access to people who own special originals tokens

Token owners who own Adidas Originals tokens, GMoney tokens, Bored Ape Yacht Club tokens, Mutant Ape Yacht Club tokens, and Pixel Vault tokens were first given access to 20,000 NFTs. Making an already difficult-to-get NFT available to a small group of people.

Early access minting began shortly before 1:30 p.m. ET. However Adidas had to suspend due to a problem with Mutant Ape Yacht Club owners not being allowed to mint the NFTs.

Adidas has committed to refund everyone who has lost gas fees (fees collected in order to mint the NFT) due to technical difficulties.

After 5 p.m. ET, early access resumed, and public minting began at 6 p.m. ET. The exact selling date of NFTs is unknown. Adidas, however, claims that all NFT were made just minutes after public sales started.

However, it appears that one person was able to mint a large number of NFTs, which may have hampered the number of NFTs available.

It’s unclear if Adidas plans to offer more NFTs in the future

It’s unclear whether Adidas plans to release more NFTs in the future, but the company teases that “this is just the beginning” on its website. Given how quickly the first batch sold out and how much money Adidas gained in a matter of hours, it’s unlikely that this will be the apparel company’s only NFT sale.

And it will almost surely want to compete with archrival Nike, which just purchased a virtual shoe and NFT firm.

Other businesses may be watching Adidas’ NFTs’ success with dollar signs in their eyes, but before they rush to the nearest blockchain, they should consider the cautionary story of the planned NFTs for S.T.A.K.E.R. 2. The NFTs introduced on Wednesday by developer GSC Game World, but fans reacted angrily.

The creators attempted to defuse the situation by tweeting an explanation on Thursday. However it immediately deleted before declaring that its NFT ambitions would be scrapped entirely.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.