Adidas made a major splash in the metaverse by selling NFTs worth over $22 million
NFTs are one of the most celebrated crypto trends in 2021. The popularity is growing exponentially among enthusiasts and, it is predicted to be the widespread form of ownership. The sportswear giants Adidas Originals have embraced the booming field of non-fungible tokens (NFTs) and the metaverse by releasing its first set of NFTs on Friday.
Each of these NFTs was priced at ETH 0.2, which converts to $769 as per the CoinGecko calculator, and earned more than $22 Million in sales, with all 30,000 of the "Into the Metaverse" NFTs being sold out within hours of going on sale. The items which went on sale were developed in collaboration with established NFT names such as Bored Ape Yacht Club, and GMoney.
the company offered the NFT owners access to physical goodies including exclusive Adidas Originals, GMoney, Bored Ape Yacht club, and PUNKS Comic physical merchandise, available to claim in 2022.
However, after the minting got underway, Adidas ran into some technological hurdles. with The Mutant Ape Yacht Club owners not being able to mint the pieces shortly after the early access minting began and the first 20,000 NFTs went live, forcing the minting to be put on hold. Adidas has offered compensation in its Tweet to those who may have lost money due to the "gas fee" or transaction charge and the early access resumed at 5PM ET.
Adidas had earlier announced its foray into the metaverse game and its collaboration with Coinbase in November.
The competitor Nike has also stepped into the Metaverse world, with the launch of RTFKT, which underscores big brands' rising interest in NFTs.