Adidas 'Into The Metaverse' NFT Drop Sells Out, Nets $23.5 Million: What Investors Should Know

Adidas 'Into The Metaverse' NFT Drop Sells Out, Nets $23.5 Million: What Investors Should Know

One of the most anticipated NFT drops in the month of December happened on Friday, Dec. 17, combining a well-known sportswear company and several well-known NFT communities. The drop sold out, but also came with various delays and hiccups.

What Happened

Sportswear company Adidas (ADDYYlaunched its 'Into the Metaverse Drop' on Friday. Owners of Bored Ape Yacht Club NFTs, Pixel Vault NFTs, and Gmoney NFTs were able to participate in the pre-mint phase followed by a public mint. Owners of Adidas Originals proof-of-attendance protocol (POAPs) were also given early access.

The 30,000 NFT collection had a mint price of 0.2 Ethereum (ETH-X), or around $790. The first 20,000 sold out in the pre-sale, raising $15.5 million for Adidas. A public mint of 9,620 NFTs sold out quickly and led to gas wars due to heightened demand. The remaining 380 Into the Metaverse NFTs will be held by Adidas and partners for future events.

The pre-mint phase featured several pauses and delays. Owners of Mutant Ape Yacht Clubs were not able to participate in the pre-mint phase initially after being told they would be part of the early access.

Why It’s Important

The mint from Adidas and partners marked one of the largest and most successful NFT drops by a major brand. Adidas stated prior to the mint that 'Into the Metaverse' holders will receive access to virtual land and early access to exclusive Adidas merchandise.

“Exclusive Adidas Originals, gmoney, Bored Ape Yacht Club and PUNKS Comic physical merchandise, available to claim in 2022 at no additional cost,” Adidas said on its website. “Gear up for the iconic adicolor Firebird tracksuit, a graphic hoodie as featured in PUNKS Comic #2 and gmoney’s classic orange beanie."

The Adidas Into the Metaverse NFT has a floor price of 0.8 ETH at the time of writing, or around $3,158. Demand has boosted the valuation of the NFT and also made Into the Metaverse the top NFT by sales volume on OpenSea. Sales volume in the last 24 hours for Into the Metaverse is 9,124.88 ETH, or around $36 million at the time of writing.

Adidas could be the first of many sportswear brands to launch its own NFTs through partnerships. Rival Nike Inc (NKE) recently announced it acquired digital sneaker brand RTFKT, which has its own line of NFTs called CloneX.

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