Adidas Originals recently entered the emerging field of non-fungible tokens (NFTs) and the metaverse. Within minutes of going live for sale, the company raked in over $22 million (about Rs 167 crore) over the weekend after casting its NFT pieces. Each of these NFTs cost ETH 0.2, which according to the CoinGecko calculator converts to $769 (approximately Rs.58,463). Of the 30,000 NFTs made available, 29,620 have been sold while the participants have earmarked 380 pieces for future events.
However, there were some technical glitches in the sale. Mining began shortly after Early Access and the first 20,000 NFT Gone live, owners of Mutant Ape Yacht Club complained about not being able to locate the pieces.
The company was offering these 20,000 NFTs in early access for owners of Adidas Originals Tokens, Geemony Tokens, Bored Ape Yacht Club NFTs, Mutant Ape Yachts Club NFTs, and Pixel Vault NFTs to add more limited exclusivity to their digital collectibles. Bored Ape Yacht Club, Punks Comics and pseudonymous crypto enthusiast GMoney were partners in the release of Adidas’ “Into the Metaverse NFT” series.
Adidas has promised reimbursement for those who lost some amount in “gas charges” or transaction fees. Twitter Post.
We are working hard to reintroduce Early Access Mint.
Everyone with failed transactions will be able to mint after the sale resumes.
And for those of you who have lost gas charges, we are collecting your details and will reimburse you.
Thanks for your patience.
— adidas Originals (@adidas Originals) December 17, 2021
Adidas NFT owners will also give them access to exclusive physical merchandise, which is not expected to be available before 2022.
For now, it is unclear when Adidas will be back with more NFT offerings.
Last month, adidas announced its token entry in metaverse A 29-second long video clip of three apes wearing Adidas tracksuits is shown, entering Earth from outer space and landing on a metaverse shaped like the shoe brand’s logo.
the company has previously Announced entry into the metaverse And in late November a partnership with Coinbase, and even earlier, the Metaverse game, became active in The Sandbox.
Adidas is not the only brand that has used the NFT space to connect with its existing customer base while expanding its reach.
Meanwhile, apparel brands Balenciaga and Nike are also planning to launch projects related to the Metaverse in the coming days.