Fashion NFTs have attracted the attention of investors, gamers, investors, artists, and NFT enthusiasts. The popularity of fashion NFTs is also rising, with top fashion brands in the market joining the NFT industry. Most fashion NFTs are a result of collaboration between a fashion brand and an art auction platform or a gaming platform. Adidas, one of the top fashion and sports brands, is one of the latest entrants into the NFT market. Adidas has partnered with Punks Comic, Gomoney, and the Bored Ape Yacht Club to launch the Adidas NFT. All these names are popular contributors in the NFT space. This article has everything you need to know about Adidas NFT.
Why Did Adidas Launch its NFT?
First, let’s have a look at some of the statistics about the fashion industry by Fashion United.
The global fashion industry is worth about 3,000 billion dollars. The fashion industry accounts for 2% of the total world’s GDP. It has employed about 3,384.1 million people.
A story shared by FDRA revealed that Adidas is the third-largest apparel brand in the United States. Adidas is also the fourth most valuable clothing & apparel brand in the world based on its brand value of 16,481 million dollars in 2020 and 14,232 in 2021, according to Statista.
There are many reasons why Adidas launched the Adidas NFT. One of the reasons is that NFTs are the talk of the town in the global technology space. Smart brands understand their customer needs and respond as quickly as a flash.
Fashion NFTs have a high growth margin, and that is why prominent brands such as Adidas could not restrict long to release them NFT Adidas.
The top contenders in the fashion industry have already started their journey into the world of NFTs. They are doing this because their customers are already asking for fashion NFTs.
About the Adidas NFT
Adidas launched 30,000 NFTs, with 20,000 of them reserved for early access, 9,620 for general sale, and 380 for Adidas and partners considering future events and possibilities.
The Adidas NFT was initially minted for 0.2 ETH, but the secondary prices for the NFTs may differ significantly. All the 30,000 Adidas NFTs were minted within a few hours.
The Originals Into the Metaverse Adidas NFT’s sales volume hit $55.46K. The Adidas Originals Into the Metaverse NFTs had an average sale price of $443.6.
What Makes Adidas NFT Unique?
NFTs have the potential to become the fundamental monetization model of the Metaverse. Fashion NFTs can become the pioneer use case of Blockchain-based digital assets in the Metaverse.
The Adidas NFT’s Into the Metaverse collection has followed the NFT trend within the global fashion industry very well. It has partnered with one of the most notable NFT leaders and has shown that it will be its long-term venture.
Adidas NFT has introduced a new redemption mechanism in which buyers can burn out their NFTs to get physical items and exchange NFTs in return.
The Adidas Into The Metaverse NFT collection was launched on December 17, 2021, and has so far released three phases which include the following:
PHASE 1:
Phase 1 of the Adidas Originals collection involved the launch of many community projects. This comprises the Prada re-source art project in collaboration with Zack Lieberman, and Hot Seats in collaboration with Bad Bunny.
The Into The Metaverse team has also partnered with WAGMI United to supply kits for Crawley Town FC. The holders then advanced to Phase 2 of the project.
PHASE 2:
Phase 2 of the Adidas NFT allowed holders to use their 3D NFTs as tickets to claim exclusive physical merchandise after paying gas fees. The holders could claim a Hash Hoodie, GM Beanie (gmoney’s signature orange beanie), and the Firebird Tracksuit. After claiming the merch, holders were given a Phase 2 NFT. Additionally, the holders were surprised in June 2022 with a mysterious airdrop that hinted at the Virtual Gear collection that was released recently by the project. Specifically, holders who held through the snapshot got an Adidas Originals Capsule NFT in their wallet. This was the largest airdrop in the history of NFTs.
UNBOXED
The Capsule collection evolved into The Impossible Box on November 5, showing the true meaning of Phase 2. The metadata was updated, and the holders could “Unbox The Impossible” to reveal the capsule’s contents. The Adidas Virtual Gear collection was launched.
What is the Adidas NFT Price?
If you are ready to join the Adidas NFT ecosystem, you can buy an Into the Metaverse NFT for 0.1449 ETH, which is equivalent to $257 at the time of writing. Note that the items in the collection have the same artwork, hence, the absence of different rarities.
If you desire to have Virtual Gear wearables, you can buy the Adidas NFT from the secondary market. At the time of writing, the collection had a floor price of 0.013 ETH. The Virtual Gear has different rarities, giving holders different options, which is contrary to the Into the Metaverse collection.
You can also test your luck by purchasing an Adidas Impossible Box for 0.0274 ETH. You will then be able to burn the Impossible Box to reveal a randomly given Virtual Wearable.
What is Adidas Virtual Gear?
Adidas Virtual Gear is the first Adidas’ NFT collection of interoperable digital wearables. Thus, each NFT is compatible with identity-based projects, virtual worlds, and PFP NFT collections. The collection comprises 16 fascinating designs meant to strengthen Web3 and begin the Adidas Metaverse pledge. The holders were also given the option of burning their capsule(s) to reveal the “impossible” design they would receive. Thus, the fungible Virtual Gear Collection has redefined virtual fashion and created value for its holders.
What are the Utilities of the Adidas Originals?
Although the claiming period for the physical merchandise in Phase 2 is over, you can reap some benefits from purchasing an Into the Metaverse NFT. Purchasing this Adidas NFT will give you future physical and digital utility down the line. For example, the NFT holders were able to attend an exclusive ITM holders’ event that was held during the first few weeks of January.
Buying a Virtual Gear NFT can help you to get an interoperable digital wearable. There is also something special for holders of Adidas’ compatible partner collections like BAYC, MAYC, and Inhabitants. Recently, they launched a PFP styling tool that enables Virtual Gear holders to deck out their NFT with their virtual wearable.
Where can I Buy Adidas NFT?
If you are interested in owning an Adidas NFT, you can still buy the Into the Metaverse or the Virtual Gear NFT from secondary NFT marketplaces because the NFTs were sold out. You can find these collections on marketplaces such as OpenSea, Coinbase, and the Gmoney market.
It is easy to buy an NFT on these platforms. They first require you to connect your NFT wallet. Some of the common NFT wallets include MetaMask, WalletConnect, and Coinbase Wallet. The wallet should be funded with enough ETH to buy the NFT. You can purchase ETH from cryptocurrency exchanges such as Coinbase and CoinMarketCap and transfer it to your wallet.
Search for the Adidas NFT that you want to purchase on the marketplace and click it. Most NFT marketplaces have a Buy button that you can click to purchase the NFT. If the process runs successfully, ETH will be deducted from your crypto wallet to cater to the Adidas NFT price. You may also incur additional charges for purchasing the Adidas NFT, for example, gas price. You will then become the new NFT Adidas owner.
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