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Adidas Originals NFT drop nets $23 million

Adidas Originals NFT drop nets $23 million

Adidas Originals, a line for casual lifestyle clothing and sportswear founded by German firm Adidas AG, has released and sold out its first ever NFT collection in collaboration with Bored Ape Yacht Club (BAYC), NFT collector Gmoney, and crypto media group PUNKS Comic.

“As part of our ambition to celebrate ideas that are defining a new age of originality, we’ve landed at the forefront of creativity, which is the open metaverse,” shares Adidas Originals VP for Marketing and Communications Erika Wykes-Sneyd. “It’s a natural place for Adidas Originals to enter: a wild world where possibilities are truly limitless and where anyone can express and be rewarded for their most original ideas,” the executive adds.

The drop, titled "Into the Metaverse" sold out for 5,924 ETH, or roughly $23.5 million, with 30,000 NFTs minted and sold. Holders of Adidas Originals' and its partners' proof-of-attendance protocol (POAP) tokens, which were distributed in either physical of virtual events, were able to get early access to the first 20,000 NFTs which sold for 0.2 $ETH apiece, for a total of $15.5 million. The auction sold out at exactly 5PM ET, December 17.

Out of the 30,000 NFTs minted, Adidas Originals and its partners hold 380 NFTs, all reserved for future events.

“It’s so refreshing to see a culturally influential brand like Adidas Originals work so closely hand-in-hand with the NFT community,” shares Gmoney. “At every step, they’ve included the right partners from the crypto, metaverse, and NFT community and listened to their thoughts at an early stage.” the collector adds.

Adidas Originals' collaboration with Bored Ape Yacht Club is seen as a major move into the NFT market, with the German firm looking to capitalize on the growing trend. NFTs are digital assets that exist on a blockchain and can represent anything from virtual game items to real-world collectibles. The market for NFTs has seen significant growth in recent months, with several high-profile collectibles sales taking place.

The NFT market recently reached $22 billion in market capitalization, and is projected to balloon to over $5 trillion by 2025. However, NFTs currently remain largely unregulated in most markets.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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