Adidas’ Metaverse NFT Collection Sold for $23 Million in Minutes
The Adidas ORIGINALS: Into the Metaverse, NFT collection sold out almost immediately after its launch. The sportswear brand earned 5,924 ETH worth $23.5 million, from its collaborative drop with Bored Ape Yacht Club (BAYC), the non-fungible token (NFT) collector gmoney, and PUNKS Comic.
Adidas Brings $23 Million from First NFT Sale
The entire Adidas ORIGINALS: Into the Metaverse NFT collection has sold out within minutes of its public launch. Despite technical difficulties, the NFT collection quickly sold out after today’s launch which featured 30,000 NFTs for 0.2 ETH each. The total sale generated by the project’s sale amounted to over $23 million.
Adidas’ NFT collection was conducted in collaboration with NFT collector Bored Ape Yacht Club, cryptocurrency investor Gmoney, and the comic series Punks Comics.
Holders of the Adidas NFTs will get both physical and digital perks. On the physical side, holders will gain access to physical merchandise in 2022 the “iconic adicolor Firebird tracksuit,” a “graphic hoodie,” and “gmoney’s classic orange beanie.” On the digital side, holders will be able to attend virtual events in the metaverse throughout 2022 “and beyond.”
Reimbursing Failed Minting Process
The company offered 20,000 of the NFTs in early access to people who own special Adidas Originals tokens, GMoney tokens, Bored Ape Yacht Club NFTs, Mutant Ape Yacht Club NFTs, and Pixel Vault NFTs, making the already hard-to-get NFT available first to a very limited set of people.
Early access resumed at 5 PM ET, and public minting kicked off at 6 PM ET, although it’s unclear exactly when the NFTs were fully sold out. However, the company’s website showed that all the NFTs had been minted minutes after the public sale began.
Adidas Originals paused its Early Access mint soon after its launch due to an issue with Mutant Ape Yacht Club. The brand assured users that those with failed transactions will be able to mint once the sale resumes and that they’ll cover the cost of lost gas fees.
