Adidas Originals earns $23.5 million in debut NFT release; hints towards future advances

Hardly within hours of going on sale, German sportswear giant Adidas Originals on Friday, December 17, earned a whopping amount of $23.5 million by selling 30,000 of its “Into the Metaverse” non-fungible tokens (NFTs). As reported by The Block, the company during the sale managed to earn 5,9243 Ethereum with its NFTs which cost 0.2 ETH. Earlier, it made the NFTs in partnership with the Bored Ape Yacht Club, GMoney, and Punks Comics. 

Adidas had begun its Early Access minting stage on December 17 in which those having the company’s proof of attendance protocol (POAP), gmoney POAP, or BAYC or Mutant Ape Yacht Club NEFT gained early access and thus it earned 20,000 NFTs amounting to $15.5 million on the same day. 

Though it is unclear whether Adidas has planned to offer more NFTs in the future. It has also hinted towards an expansion in the future as it says “this is just the beginning”. Earlier, the sportswear giant announced its partnership with the crypto exchange, Coinbase. 

Adidas Originals announces releasing non-fungible tokens

Earlier on Thursday, December 16, Adidas announced about releasing its first range of non-fungible tokens (NFTs) joining the brands into buying virtual assets. Announced by the company vice president Erika Wykes-Sneyd, it called the emergent digital market a “natural place” for the brand. 

Prior to Adidas, Nike had also announced purchasing digital sneakers maker RTFKT as it prepares to enter the virtual marketplace. 

Talking about non-fungible tokens, it is a unique digital asset that represents ownership of real-world items such as video clips, art, music, and others. It works on the same blockchain technology that empowers cryptocurrencies, however, they are not a currency. Also, it has become a mainstay of auction houses where virtual works can fetch multi-million-dollar prices. 

Image: Shutterstock