Adidas NFT sales exceed 20 million U.S. dollars, and the process frequently encounters obstacles
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Adidas’s 30,000 “Into the Metaverse” NFTs were sold out within a few hours after the sale. Each NFT sells for 0.2 Ether, which is equivalent to approximately US$765. In the end, Adidas sold 29,620 NFTs (Adidas and partners left the remaining 380 for “Future Events”), which means that the company earned more than $22 million from this sale in one afternoon.
At present, the price of Ether has been falling, so it is difficult to confirm the exact price.
The NFT was produced by Adidas in collaboration with Bored Ape Yacht Club, Punks Comics and Gmoney. Purchasing NFT allows owners to obtain special physical goods, such as hoodies and sportswear worn by Adidas brand Bored Ape. However, according to Adidas’s customer service FAQ, physical goods will not be available until 2022, so buyers are equivalent to paying expensive pre-orders for these clothes.
Adidas provides 20,000 pre-production NFTs for people who own special Adidas Originals tokens, GMoney tokens, Bored Ape Yacht Club NFT and Pixel Vault NFT. But the process quickly ran into a problem. Some Mutant Ape Yacht Club holders were unable to produce NFTs, forcing the company to suspend the event. Adidas promised to compensate all those who lost the production handling fee in the event of a problem.
The pre-production activities will resume 4 hours later, and public production will start 1 hour later. Although it is not yet clear when it will be sold out, Adidas’ website shows that all NFTs are made within a few minutes of the public sale. However, a user can make multiple NFTs, which may affect the actual purchaseable quantity.
It is not clear whether Adidas plans to provide more NFTs in the future, but it jokingly called “this is just the beginning” on its website. Considering the speed at which the first batch of products sold out – and how much money Adidas made in just a few hours – this seems unlikely to be the only NFT product of the clothing manufacturer. It will almost certainly want to compete with rival Nike, which has just acquired a company that makes virtual shoes and NFTs.
