Adidas Launches NFT Line, Joins Footwear Rivals’ Expansion Into Metaverse – pymnts.com

adidas-launches-nft-line,-joins-footwear-rivals’-expansion-into-metaverse-–-pymnts.com

Adidas earned more than $23 million in Ethereum and minted nearly 30,000 nonfungible tokens (NFTs) during its first NFT effort, Engadget reported.

That’s significant considering that the company’s profit during its latest quarter was the equivalent of $538.4 million, according to the report.

Adidas Originals had announced Thursday (Dec. 16) that it would soon launch the NFT line titled “Into the Metaverse.”

Read more: Adidas Originals Debuts NFTs

The Adidas Originals digital assets are access tokens, meaning holders will have exclusive access to future merchandise, physical and digital product and services, rewards within the land plot in The Sandbox and more.

Adidas Originals announced its jump into the metaverse with partnerships with Bored Ape Yacht Club, GMoney and PUNKS Comic. The company said digital worlds that constitute the metaverse will be a place “where anyone can express their most original ideas and be their most authentic selves.”

Adidas rival Nike continued its expansion into the metaverse with its Monday (Dec. 13) acquisition of NFT collectible and fashion startup RTFKT.

See more: Nike Buys Digital Fashion, NFT Startup RTFKT

RTFKT boasts among its products a hybrid NFT and physical shoe collectible, which was inspired by the CryptoPunks NFT Collection. That product saw some headlines in March when a digital footwear collaboration with FEWOCiOUS, an NFT artist, sold $3.1 million in metaverse shoes.

“This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture,” Nike President John Donahoe said in a statement. “We’re acquiring a very talented team of creators with an authenthic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”

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