Adidas NFT drop promises access to real-world and metaverse goods for holders
Adidas released their own NFT collection “Into The Metaverse” in January 2022, with a total of 30,000 NFTs. The collection sold out in minutes, and each NFT was sold for 0.2 ETH, which is comparable to $695 at the current exchange making a total of over $23,000,000in profits.
The German company is definitely acting in the interests of culture and community. The brand strives to be a reliable friend for metaverse users and to promote a vibrant community in next-generation virtual worlds which is one of the reasons why it is collaborating with The Bored Ape Yacht club and other communities. Adidas NFT holders have a number of perks, including first dibs on real-world fashion drops and clothing items, which will be distributed in phases to NFT owners in the metaverse and in real life. Those who purchased these NFTs get all IRL perks for free plus access to premium experiences in The SandBox.
Tareq Nazlawy, Senior Director Digital of Adidas stated:
“The opportunity with the Metaverse is it creates infinite possibilities for us to connect, create and belong. And it’s especially that belonging part that we focused on initially. This has been a massive learning journey for us at adidas, working with the communities that surround G Money, Pixel Vault, and the Bored Apes Yacht Club. These communities aren’t collecting hyped up tokens, they have a stake in the future of that community, and I think we can learn something about that. When we think about the role that we can play as a brand to be that trusted friend of our members looking to join this space. In essence, how can we help our current members, get educated, informed, and show them the way?”
Throughout 2022, there will be four phases in which NFT holders will receive their IRL products as they are claimed. To get IRL products, users must go to the “Into The Metaverse” website as soon as each phase is released. When holders claim their exclusive product in phases 1, 2, 3, and 4, they burn their NFT which turns into a token. As explained on the Adidas website: “in the first product redemption period, you burn your Phase 1 token and receive a physical product and a Phase 2 token, If you miss a physical product redemption period, you will not be able to claim that product later. However, your NFT will remain valid for the next claim.” Adidas has also bought a Bored Ape NFT called “Indigo Hertz” to use as a mascot, and dressed it with the Adidas merch.
Image source: Press