Adidas brings in $23 million in first NFT drop

Adidas, along with diving headlong into the metaverse, has brought in over $23 million thanks to its unique ‘Into the metaverse’ NFTs. Totalling 30,000 digital assets, the company announced that it had managed to make that amount within minutes of the drop, with the Block reporting that it brought in 5,924 Ethereum (ETH), with each NFT costing 0.2 ETH.

Non Fungible Tokens have fast moved from fringe function of blockchain gaming to a powerful concept that major companies (Adidas included) are flocking to. It was only in November that the company’s Twitter announced a partnership with the crypto-exchange Coinbase, and made a sizeable land purchase on The Sandbox.

Far more than just a one-off sale, the Sportswear company has, according to Bloomberg, filed seven trademark applications. Understandable, considering the importance of NFTs to Adidas’ metaverse. “Metaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas.”

Raking in millions and kicking off NFT minting

Even before the NFT sale, Adidas announced a three-point partnership with gMoney, Bored Ape Yacht Club and PUNKS comic, kicking off its ‘Into the Metaverse’ series of NFTs. Anyone that has one of these NFTs will be able to experience the intersection of physical and digital merchandise, along with in-virtual land experiences within its Sandbox plot.

Even though the sale itself ended, the team has recently hit Twitter to let users know that early access minting remains very much in play. Additionally, users can still get their hands on one through the Opensea market.