Adidas, the German sportswear giant has teamed up with the non-fungible token specialist Bored Ape Yacht Club, cryptocurrency investor Gmoney, and Punks Comic to launch its own set of NFTs as the sportswear company expands into the metaverse.
The Adidas Originals NFT collection, which went on sale on Friday, includes virtual wearables for The Sandbox, a blockchain-based gaming metaverse. It also has physical items such as a hoodie, a tracksuit, and a beanie.
According to a report, Adidas earned more than $23 million in Ethereum and minted nearly 30,000 non-fungible tokens (NFTs) during its first NFT effort. This is humongous given that the company’s profit in the most recent quarter was $538.4 million.
Adidas Originals Marketing and Communications Vice President Erika Wykes-Sneyd said, “As part of our ambition to celebrate ideas that are defining a new age of originality, we’ve landed at the forefront of creativity, which is the open metaverse,”
She further added, “It’s a natural place for Adidas Originals to enter: a wild world where possibilities are truly limitless and where anyone can express and be rewarded for their most original ideas.”
The Adidas NFTs will be priced at 0.2 ETH ($766) per unit and will be available at adidas.com/metaverse. In 2022, both virtual and physical wearables will be available.
In the process of venturing into the metaverse, Nike also announced the acquisition of RTFKT, a digital sneakers maker and fashion startup.
The non-fungible tokens are a one-of-a-kind digital asset that represents ownership of physical items such as video clips, art, music, and so on. It is based on the same blockchain technology that powers cryptocurrencies, but it is not a currency. It has also become a mainstay of auction houses, with virtual works fetching multi-million-dollar prices.