All 30,000 Adidas’ In the Metavers NFTs were minted within hours of going on sale Friday. Each NFT cost 0.2 ETH, which currently equates to approximately $765, and the company sold 29,620 NFTs (“Adidas and partners” held 380 for “future events”) meaning the company made more than $22 million from the sale in the period of an afternoon. (Ethereum’s price has fallen as this story is written, making an exact number difficult to determine.)
Adidas created the NFTs in collaboration with Bored Ape Yacht Club, Punks Comics and GMoney (a pseudonymous crypto enthusiast). Buying an NFT gives owners access to special physical goods, such as a hoodie and tracksuit worn by the Bored Ape that owns Adidas, and upcoming digital experiences. However, the physical merch won’t be available until 2022, according to Adidas’ FAQ, so buyers are essentially just placing expensive pre-orders for the apparel.
The company offered 20,000 of its NFTs in early access to people who own special Adidas Originals tokens, GMoney tokens, Bored Ape Yacht Club NFTs, Mutant Ape Yacht Club NFTs and Pixel Vault NFTs – making an already hard-to-obtain NFT available first. for a very limited group of people.
Early Access Coins Started shortly before 13:30 ET, but Adidas soon ran into a problem with Mutant Ape Yacht Club owners unable to make the NFTs that forced it to pause. Adidas has promised to reimburse anyone who lost gas costs (these are fees paid to make the NFT) while there were issues.
Early Access resumes at 5pm ET, and hitting public started at 6pm ET. It’s unclear when exactly the NFTs sold out, but Adidas’ website showed that all of the NFTs were struck minutes after the public sale began. However, one person was apparently able to mint many of the NFTs, which may have disrupted how many were actually available.
It’s unclear if Adidas plans to offer more NFTs in the future, but it teases on its website that “this is just the beginning”. Given how quickly the first batch sold out — and how much money Adidas made in just a few hours — it seems unlikely that this will be the apparel maker’s only NFT offering. And it will almost certainly want to compete with arch-rival Nike, which just bought a company that makes virtual shoes and NFTs.
Other companies may also look to the success of Adidas’ NFTs with dollar signs in their eyes, but before rushing to the nearest blockchain, they might want to read the cautionary tale of the planned NFTs for STAKE 2. Developer GSC Game World announced the NFTs on Wednesday, but got a quick response from fans. The developers tried to turn down the heat by tweeting an explanation on Thursday, but it quickly removed that before announcing it was canceling its NFT plans altogether.