Adidas dives further into NFTs with the final phase of ‘Into The Metaverse’
Adidas continues its NFT venture with the third and final phase of its Into The Metaverse project, introducing the ‘ALTS’ NFT collection. The sportswear giant remains committed to the digital asset space despite other companies retreating from the sector.
Launching Chapter 1 of ‘Into The Metaverse’
Adidas kicked off Chapter 1 of its Into The Metaverse (ITM) project in April 2023, promising further development and holder benefits in the following months.
The final phase, which involves the ‘ALTS’ non-fungible tokens (NFTs), allows users to burn their Phase 1 and 2 ITM tokens and initiate Phase 3. These ALTS NFTs boast dynamic user identification (PFP) that changes over time, driven by an interactive narrative.
This innovative approach to NFTs sets Adidas apart from its competitors, as it encourages active participation and adds an exciting new layer to the world of digital collectibles. By pioneering this unique form of digital art, Adidas is pushing the boundaries of what NFTs can offer, attracting collectors, enthusiasts, and fans to join them on this thrilling journey into the metaverse.
As ERC-721 tokens, ALTS NFTs comply with the standard set for non-fungible tokens. The official account for the Bored Ape Yacht Club (BAYC) character, Indigo Herz, announced that Chapter 1 would be released on April 11. The first moment to influence the dynamic NFT is scheduled for April 15, with physical launches set in New York. Adidas’ web3 launches can now be found on collect.adidas.com, where users can also mint Phase 3 tokens.
ALTS collection requirements, details, and performance
To participate in the final phase, users must own Phase 1 or 2 NFTs and pay the gas fees on the Ethereum network. They can burn and mint multiple tokens in a single transaction, and there is no limit on the number of tokens they can burn and mint. However, it’s important to note that if ITM Phase 1 and Phase 2 tokens are not burned, they will not hold any future value or utility..
According to OpenSea, the ALTS collection’s total volume stands at 155 ETH or over $288,000, with 7,111 owners and a floor price of 0.41 ETH. In the past week, there have been 108 sales of Adidas Originals ITM NFTs, totaling $76,900, with an average price of $712.30 per collection.
Ethereum remains the leading blockchain for NFT sales volume, followed by Solana, BNB, and Polygon. In the past 24 hours, Ethereum saw a 16% increase in volume, reaching $14.4 million. The Bored Ape Yacht Club (BAYC) holds the largest collection, while Adidas’ ALTS ranks 54th on Crypto Slam. The Adidas collection experienced a 144% surge in sales, totaling $27,647, with a 137% increase in transactions in the past day.
Adidas faces steady NFT competition
Adidas is not alone in the NFT space, as competitors such as Nike and Puma have also ventured into Web3 platforms and NFT products. Last year, Nike introduced ‘.Swoosh’ on Polygon, becoming the highest-earning brand for NFT sales. Puma, on the other hand, unveiled its Super PUMA PFP NFTs as part of its 75th-anniversary web3 roadmap.
As Adidas confidently steps further into the NFT space, it seems the brand is sprinting ahead with its Web3 ambitions, leaving competitors to catch up or risk getting left in the dust.
