Adidas Into The Metaverse NFT Drop Sells Out In Hours
December 17th was mint day for the highly anticipated Adidas’ Into the Metaverse NFT collection which sold out all 30,000 at 0.2ETH in a matter of hours. This price for the NFT was calculated at approximately $765 at the time of release, based on the price of ETH at the time of mint. A total of 29,620 NFTs were sold on the NFT exchange OpenSea.io and 380 were held for future events. When it was all said and done, Adidas profited roughly $22,000,000 in one afternoon.
Responding to the NFT craze, Adidas partnered with Bored Ape Yacht Club, Punks Comics, and GMoney, a renowned NFT influencer known for sporting his iconic orange beanie ape CryptoPunk.
The opportunity with the Metaverse is it creates infinite possibilities for us to connect, create and belong. And it's especially that belonging part that we focused on initially. This has been a massive learning journey for us at adidas, working with the communities that surround G Money, Pixel Vault and the Bored Apes Yacht Club. These communities aren't collecting hyped up tokens, they have a stake in the future of that community, and I think we can learn something about that. When we think about the role that we can play as a brand to be that trusted friend of our members looking to join this space. In essence, how can we help our current members, get educated, informed, and show them the way?
We’ve seen a lot of rallying around what adidas has been doing with regards to people creating their own iterations and fan art. I think if people weren't stoked about what was happening, you wouldn't see that outpour of love. Not just NFTs, but like in culture too, this is a monumental shift in strategy from a major brand that everyone in the world recognizes. And to me, that's super cool, because adidas is paving the way for other brands to follow suit.
Collectors who already owned either special Adidas Originals tokens, GMoney tokens, Bored Ape Yacht Club NFTs, Mutant Ape Yacht Club NFTs, and Pixel Vault NFTs, were given priority and early access up to 20,000 NFT before minting was open to the general public.
Those lucky enough to snag an NFT will be treated to four exclusive physical products, at no additional cost, throughout 2022. These items include the adicolor Firebird tracksuit (track top and trackpants, as seen on Indigo Herz and Courtney), a graphic hoodie (as featured in PUNKS Comic #2), and gmoney’s classic orange beanie.
Ultimately, the rollout of the release proved to be a success; However, as there were a couple of hiccups to work through along the way. Mutant Ape Club owners who were given early access were not able to complete the minting process due to congestion and therefore which forced and some folks lost money on gas, which forced a pause. Adidas released a statement via Twitter with a promise to reimburse everyone who lost gas fees and did not receive an NFT during the process.
Early access is not closed but minting has been paused while the developers investigate issues with Mutant Ape Yacht Club not being able to mint.
— adidas Originals (@adidasoriginals) December 17, 2021
We will update you as soon as we can.
We're working hard to resume the Early Access mint.
— adidas Originals (@adidasoriginals) December 17, 2021
Everyone with failed transactions will be able to mint after the sale resumes.
And for those of you who lost gas fees, we are gathering your details and will reimburse you.
Thanks for bearing with us.