The brand Adidas, renowned for its high-quality sneakers and lifestyle products, has taken a significant step forward in the Non-Fungible Token (NFT) market. The company has recently announced the expansion of its NFT ecosystem, called “Into The Metaverse,” with the launch of an innovative new collection named “ALTS by Adidas.”
The newly introduced collection features a dynamic NFT that comprises eight distinct “ALT[er] egos,” each with its unique set of rarity traits and interactive storylines. This groundbreaking concept allows NFT holders to experience a sense of personalization and engagement with their tokens, making them even more valuable and desirable.
What makes the ALTS by Adidas collection even more exciting is that it offers holders the opportunity to upgrade their NFTs by burning those obtained from the first two phases of the Into The Metaverse collection. Upon doing so, they will receive a new NFT from the Ethereum-based ALTS by Adidas collection. This incentivizes holders to keep engaging with the collection while also ensuring that the ALTS by Adidas collection remains fresh and exciting.
Adidas Launches Metaverse Collection
In December 2021, Adidas released it’s Into The Metaverse collection, making a promise to NFT holders about “exclusive access to collaborative merchandise and virtual land experiences throughout 2022.” Collaborating with NFT influencer gmoney, PUNKS Comic, and Bored Ape Yacht Club, the company conducted its first Web3 exploration, and acquire a new ERC-1155 token from the upcoming phase of the project to claim physical clothing items.
Currently, NFT holders from the first two phases of the Into The Metaverse collection can burn their NFTs and get a new NFT from the Ethereum-based ALTS by Adidas collection, paying only for gas fees. Adidas is advancing its Web3 journey with a cutting-edge NFT that features eight unique “ALT[er] egos,” each representing distinct rarity traits and interactive storylines.
Holders of the new Adidas collection will be entitled to various benefits, including commercial intellectual property (IP) rights to their character, a stake in the ALTS by Adidas ecosystem, exclusive virtual wearables, access to exclusive holder-only community gatherings, and token-locked Discord channels. As of now, the Into the Metaverse collection has generated a trading volume of 48,771 ETH (approximately $93.4 million) with a floor price of 0.57 ETH (about $1,000), the ALTS by Adidas collection has a minimum price of 0.59 ETH (equivalent to around $1,100) and has already seen a trading volume of 320 ETH (approximately $613,000).
Adidas has been proactively showcasing its athletic fashion sense in the realm of Web3, with the launch of digital clothing assortments, and a virtual styling platform tailored for pre-existing profile picture (PFP) NFTs. Additionally, Adidas has introduced several NFT collections, such as the sports-themed Blue Pass, the Raws x Adidas art collection, and a council badge for the 15 elected members who provide advice on the company’s Web3 expansion.
Previously, Adidas collaborated with Italian luxury house Prada on a Polygon-based NFT collection and recently showcased new styles during the platform’s Metaverse Fashion Week in Decentraland. According to a Dune Analytics dashboard, Adidas remains one of the top brands in the NFT space.
As of the time of publication, the NFT collection is currently priced at 0.57 ETH or around $1,100, with an impressive trading volume of over $97 million. Meanwhile, ALTs created by Adidas have a base price of 0.59 ETH or approximately $1,141, and have generated a trading volume of about $640,000.
Final Thoughts
Adidas’ expansion into the NFT market with the launch of the “ALTS by Adidas” collection is a significant step forward, offering NFT holders a unique and engaging experience. The innovative concept of burning NFTs from previous phases of the Into The Metaverse collection to receive new NFTs from the ALTS by Adidas collection incentivizes continued engagement and ensures that the collection remains fresh and exciting for holders.
