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Adidas sold more than $22 million worth of NFTs

Adidas’ Into the Metaverse NFTs went on sale Friday and sold out within four hours. The NFTs cost 0.2 ETH each, which is about $765, and Adidas and partners held onto 380 NFTs for “future events.” Hence, in the span of an afternoon, adidas made more than $22 million from the sale of NFTs.

During the writing of this story, the price of Ethereum fell, which made it difficult to pinpoint an exact number.

The NFTs were created in collaboration with Bored Ape Yacht Club, Punks Comics, and GMoney (a pseudonymous cryptocurrency enthusiast).

Owners of the NFT receive special physical goods such as hoodies and tracksuits worn by Adidas’ Bored Ape, as well as upcoming digital experiences.

Adidas sold NFTs for more than $22 million, but some problems occurred

According to Adidas’ FAQ, buyers will essentially be forced to buy expensive preorders of the clothes when the physical merchandise becomes available in 2022.

People who own the special Adidas Originals tokens, the GMoney tokens, the Bored Ape Yacht Club tokens, the Mutant Ape Yacht Club tokens, and the Pixel Vault tokens were given early access to 20,000 NFTs, making an already hard-to-get token available to one very limited group of people.

Soon after 1:30PM ET, Adidas started offering early access to minting. But it quickly hit a problem with Mutant Ape Yacht Club owners being unable to do so, which forced them to take a break.

In case of problems with the NFT, Adidas has offered to reimburse all people who lost their gas fees (which are the fees taken during coin minting).

Starting at 6PM ET, public minting resumed after early access ended at 5PM ET. NFTs sold out exactly at the moment of the public sale, but Adidas noted that they were minted within minutes.

There was a person who came up with many of the NFTs, which may have disrupted the availability of the NFTs.

Adidas has not announced whether it will offer more NFTs in the future, but its website says that “this is just the beginning.” Considering how quickly the first batch sold out – and how much money Adidas made – it is unlikely this will be the only NFT Adidas releases.

As a consequence, it will almost certainly face competition from Nike, which acquired a company that produces virtual shoes and NFTs.

Conclusion

Adidas’ Into the Metaverse NFTs went on sale Friday and sold out within four hours. They cost 0.2 ETH each, which is about $765, and Adidas and partners held onto 380 for “future events” In the span of an afternoon, Adidas made more than $22 million from the sale of NFT coins.

Owners of the NFT receive special physical goods such as hoodies and tracksuits worn by Adidas’ Bored Ape, as well as upcoming digital experiences.

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