Adidas first released its Into The Metaverse collection in December 2021, promising holders of the NFTs "exclusive access to collaborative merchandise and virtual land experiences throughout 2022." Its first Web3 exploration, a collaboration with NFT influencer gmoney, PUNKS Comic and Bored Ape Yacht Club, allowed holders to burn their NFTs to receive a new ERC-1155 token from the next phase of the project and claim physical clothing items.
Holders of NFTs from the first two phases of the Into The Metaverse collection can now burn their NFTs to receive a new NFT from the Ethereum-based ALTS by Adidas collection, paying only for gas fees. The new stage in Adidas' Web3 journey involves a dynamic NFT with eight different "ALT[er] egos" that correspond to different rarity traits and interactive storylines.
The new collection will offer various utilities for holders, including a stake in the ALTS by Adidas ecosystem, some commercial intellectual property (IP) rights to their character, access to exclusive virtual wearables, entry to holder-only community gatherings and token-gated Discord channels, among others.
At the time of writing, the Into the Metaverse collection has a floor price of 0.57 ETH (about $1,000) and has done 48,771 ETH (about $93.4 million) in trading volume since its launch. The ALTS by Adidas collection has a floor price of 0.59 ETH (about $1,100) and has done 320 ETH (about $613,000) in trading volume so far.
Adidas has continued to bring its sporty style to Web3 through digital apparel collections and a virtual styling tool for existing profile picture (PFP) NFTs. It has also released several NFT collections, including the sports-themed Blue Pass, an art collection titled Raws x Adidas and a council badge for the 15 members elected to advise the company on its Web3 expansion.
Adidas previously partnered with Italian luxury house Prada on a Polygon-based NFT collection and most recently, the brand showed off new styles in Decentraland during the platform's Metaverse Fashion Week. According to a Dune Analytics dashboard, Adidas continues to be one of the top brands in the NFT space.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.