NFTs from Adidas fetched almost $22 million in sales
Adidas’ Into the Metaverse NFTs sold out within hours of being on sale Friday. The business sold 29,620 NFTs for 0.2 ETH each (Adidas and partners kept 380 for “future events”), netting almost $22 million in one afternoon. In this tale, the price of Ethereum has fallen, making an exact figure impossible to calculate.
NFTs were created by Adidas, Bored Ape Yacht Club, Punks Comics, and GMoney (a pseudonymous crypto enthusiast). Adidas’ Bored Ape hoodie and tracksuit are available for purchase with an NFT. According to Adidas’ FAQ, the tangible merchandise won’t be available until 2022, so customers are effectively placing pricey pre-orders.
The firm granted early access to 20,000 NFTs to holders of Adidas Originals tokens, GMoney tokens, Bored Ape Yacht Club NFTs, Mutant Ape Yacht Club NFTs, and Pixel Vault NFTs.
When Mutant Ape Yacht Club owners couldn’t mint the NFTs, Adidas had to suspend early access minting. Adidas has pledged to refund everyone who lost gas costs (used to mint the NFT) due to issues.
Starting at 6pm ET, public minting resumed at 5pm ET. It’s unknown when the NFTs sold out, but Adidas’ website revealed that they were all made minutes after the public sale started. However, one person was able to mint several NFTs, perhaps reducing the number accessible.
On their website, Adidas hints that “this is just the beginning.” It’s doubtful that this will be Adidas’ only NFT offering, given how quickly the initial batch sold out and how much money was earned in a few hours. And it’ll want to compete with archrival Nike, which just purchased a virtual shoe and NFT maker.