Adidas‘ first foray into the NFT market appears to have been a success. According to The Block, the collaboration with Bored Ape Yacht Club, Gmoney, and Punks netted more than $23 million in Ethereum between a $15.5 million “Early Access” phase and a $7.5 million general sale. Despite a hiccup that caused Adidas to halt early transactions, the drop netted nearly 30,000 NFTs.
The figure may not seem large for such a well-known brand, but Adidas made the equivalent of $538.4 million in profit during its most recent quarter — $23 million of which came from a limited-run digital release. More sales like this could help Adidas’ bottom line while also elevating NFTs to levels of hype previously reserved for sneakers.
As a result, there’s a good chance you’ll see more NFT releases, as well as increased involvement in metaverses. Not that Adidas has much of a choice. Nike purchased RTFKT specifically to expand its involvement with NFTs and metaverse collectibles such as shoes, and Adidas risks losing ground if it does not counter one of its most visible competitors.
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