Adidas has ventured into the NFT market and it appears to have been a success.
According to a popular crypto-currency platform, the block, Adidas 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, over the coming Months, you’ll see more NFT releases, (we’ll update you when the time comes) as well as increased involvement in metaverses.
Here’s A quick recap on What are NFTs
NFTs are short form for ‘Non-fungible Tokens’, a digital token that is created using blockchain technology and attached to a work of art (Or any original content) that can be anything from artwork, picture, video, music, website or even a GIF. Unlike cryptocurrencies, they cannot be exchanged, replaced or are not divisible.