Adidas NFT sold out in hours earning $22 million

We all know the hype of NFT is almost to the moon now. The craze is getting even more significant because big names and big companies like Nike, Adidas, Zara, etc., are joining the hype. A few weeks ago, Adidas, one of the world’s largest sports goods manufacturers, jumped into the Metaverse and announced to drop collaborative NFTs later.

On Friday, Adidas dropped 30,000 of ‘Into the Metaverse NFTs’ and sold almost immediately, but it hit a few pitfalls along the way. The NFTs were minted within a matter of hours before going on sale Friday. ‘Into the Metaverse NFTs’ cost 0.2ETH, which currently equals $765, and the company sold exact 29,620 NFTs, holding onto 380 NFTs by “Adidas and partners” for future events. The company earned more than $22 million from the sales a few hours from that calculation. (The Price of Etherium is fluctuating at the time of writing, making it difficult to pinpoint the exact number)

Adidas partnered with Bored Ape Yacht Club, Punks Comics, and GMoney to make these NFTs. Buying those NFTs will give owners access to exclusive Adidas originals, Gmoney, Punks Comics, and Bored Ape Yacht Club physical merchandise like hoodies, beanies, etc. However, physical merchandise will only be available in 2022. That means buyers essentially gave a lot of money to get pre-orders for the clothes.

Adidas offered 20000 Nfts as early access to the people who owned Adidas Originals tokens, GMoney tokens, Bored Ape Yacht Club NFTs, Mutant Ape Yacht Club NFTs, and Pixel Vault NFTs. They made special NFTs available to a limited number of people.

On Friday, the minting of early access began at 1:30ET. But Adidas had to pause the selling cause Bored Ape Yacht Club couldn’t mint NFTs in time. According to Adidas Originals Twitter handle, They promised to reimburse everyone who lost gas fees during the sale. They had to face some hard times during these hours.

After that, the early access resumed at 5 PM ET, and public minting started after one hour (6 PM ET). It’s not clearly stated on their Twitter handle that when exactly were all the NFTs sold out, but the website showed that sometime after the public sale began, all the NFTs were minted. Apparently, one person was able to mint 160+ NFTs, which may have disturbed how many were actually available.

According to their website, Adidas Originals plans to sell more NFTs in the future. They teased, saying, “this is just the beginning.” it seems unlikely this will be the only NFT offering from Adidas. It was probably a goldmine for them, given how much money they made within a few hours. It shows the craziness and true future flourishments of NFTs. 

They almost certainly want to compete with another famous apparel brand Nike which just bought a company called RTFKT that makes NFTs and virtual apparel.

By observing the success of Adidas, other companies may also be looking to up their games and enter the world of NFT and Metaverse. But not all players can be successful, for example, Developer GSC Game World. They announced the NFTs on Wednesday but received poor treatment from fans, so they eventually had to end the NFT idea. Big companies like Nike and Adidas are playing the NFT game the right way, and It would be a spectacular sight to see the brawl. 

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