The global brand of sneakers and other sporting goods Adidas has expanded its ecosystem of non-fungible tokens (NFTs) Into The Metaverse with the release of the ALTS collection. Holders of Adidas Into The Metaverse NFTs can burn their tokens to join the vibrant new NFT ecosystem.
Adidas expands its NFT collection
The first time Adidas released its Into The Metaverse collection was in December 2021. At the time, it was already allowing holders of NFTs “ Exclusive access to collaborative merchandise and virtual land experiences throughout 2022“. This collection was an introduction of Adidas in the Metaverse and in the universe of Web3. According to Coindesk, this had been possible thanks to his collaboration with the NFT influencer gmoney as well as others like PUNKS Comic and Bored Ape Yacht Club. The result of this collaboration allowed holders to burn their NFTs to receive a new ERC-1155 token of the next phase of the project and claim physical clothing.
Now, NFT holders from the first two phases of the Into The Metaverse collection can burn their NFTs. In exchangethey will receive a new NFT from the Ethereum-based ALTS by Adidas collection. This time, they will only have to pay the gas costs. For this new stage of its Web3 adventure, Adidas will include a dynamic NFT with eight “ALT egos [er] ” different.
Adidas foray into the Metaverse, a success
Right now, the Into the Metaverse collection has a minimum price of 0.57 ETH (about $1,000). It has already achieved 48,771 ETH (about $93.4 million) in trading volume since its launch. The new ALTS by Adidas collection has a floor price of 0.59 ETH (around $1,100) and has so far achieved a trading volume of 320 ETH (around $613,000).
With this incursion of Adidas into the Metaverse, the company does not intend to stop there. Indeed, it has already partnered with Prada, the luxury house. The objective being to produce an NFT collection based on Polygon. When Metaverse Fashion Week, we could see the new styles at work on Decentraland. According to data from Dune Analytics, Adidas continues to be one of the top brands in the NFT space.
Adidas seems resolutely turned towards Web3 and NFT technologies. Indeed, several other initiatives and collaborations are underway in the company. Could we see the birth of a native Adidas cryptocurrency?
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