Adidas sold over $22 million in NFT
Adidas sold over $22 million in NFT

Adidas sold nearly 30,000 Into the Metaverse NFT tokens within hours of going on sale.

Each NFT costs about 0.2 ETH, which is currently around $765. The company has sold 29,620 non-fungible tokens (adidas and its partners own 380 NFT for future events, which means that the company's daily revenue has exceeded $22 million.

The company was founded by NFT in association with Bored Ape Yacht Club, Punks Comics and GMoney. After purchasing an NFT, the owner can get special physical goods such as hoodies and sportswear from the Adidas Bored Ape, as well as the upcoming digital experience.

However, physical products won't be available until 2022, according to the FAQ page. Thus, buyers mainly make expensive reservations for clothes.

The company has granted early access to 20,000 NFTs to those who own Adidas Originals, GMoney, Bored Ape Yacht Club NFT, Mutant Ape Yacht Club NFT, and Pixel Vault NFT tokens, making it difficult to obtain NFT tokens first. For a very small group of people.

The process started smoothly. But the company soon had the problem that the owner of Mutant Ape Yacht Club NFT could not start, forcing them to postpone it.

Adidas is obligated to compensate anyone who loses their gasoline costs (NFT strike fee) in the event of a problem.

Adidas has faced some obstacles

Then the process was resumed. It is not known when DTV will be fully used. However, the company's website shows that all of the NFTs were minted within minutes of the start of the public sale.

However, it appears that the same person can initiate multiple NFTs, which can affect the number of people available.

It's not clear if Adidas plans to roll out more NFTs in the future. But this is just the beginning on their website.

Given the speed of the first line of sales — and the amount of money the company made in just a few hours — it seems unlikely that this would become the clothing maker's only NFT product.

It almost certainly wants to compete with rival Nike, which has bought a company that makes virtual shoes and NFT.

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