Adidas Makes $23.4 Million In A Single Afternoon Following NFT Drop

Adidas announced that it made $23.4 million in a single afternoon after releasing its first Ethereum NFT Drop. The drop, dubbed “Into the Metaverse”, sent the sportswear giant to the top of the leaderboard when it comes to the biggest NFT products in the world today.

Adidas partnered with Bored Ape Yacht Club to make the NFT drop happen other partners include private collector gmoney ad PUNKS Comic NFT creator Pixel Vault.

The plan was first announced by Adidas last month via a tweet, after buying a Bored Ape and using it to overlaid Adidas apparel.

30,000 Original Adidas NFTs Offered

The drop contains more than 30,000 Adidas original NFTs, with 20,00 of them offered to holders of Mutant Ape NFTs, BoredApe, or Pixel Vault NFTs. Holders of Adidas Originals POAPs or gmoney were also offered parts of the drop.

Shortly after the sportswear company announced its early access sale, all 20,000 early access tokens were sold out within the space of an afternoon.

A Customer Purchased More Than The Allocated Cap

Adidas and partners decided to keep 380 of the remaining 10,000 tokens for “future events” while the 9,620 tokens left were released to the public at a cap of two per customer. However, within a second all the tokens were sold out.

A single customer bought more than the allocated cap by using a custom smart contract that generated other 165 sub-smart contracts with two distinct addresses each. This enabled the customer to purchase a total of 330 tokens instead of a maximum of two that was allocated for each customer.

However, apart from the $252,000 spent to purchase the 320 ETH (each NFT costs 0.2 ETH), the contract’s creator spent an additional $104,000 as gas fees to process the transaction. That means the token’s value would need to rise to 0.28 ETH to recoup his investment. This has already been achieved with considerable gains, considering that the token has surged to almost 0.8 ETH since the transaction took place.

Your capital is at risk.

Read more: