Addidas’s First “Into The Metaverse” NFTs Made $23 Million: Straight to the Top

As reported by The Indian Express, Sportswear giant Adidas Originals made $23.5 million in a single afternoon from its debut “Into the Metaverse” NFTs drop on Friday. Adidas created these NFTs in partnership with Bored Ape Yacht Club, PUNKS Comic NFT creator Pixel Vault, and GMoney (a pseudonymous crypto enthusiast).

“The collection’s phenomenal sales volume over the last 24 hours propelled it to the very top of the leaderboard as the hottest NFT project in the world right now,” CryptoSlam said on December 19. This achievement took place in a rapidly growing market, where more and more entities are getting into the non-fungible tokens’ market.

Windfall Sales

Minted on the Ethereum blockchain, there were a total of 30,000 Adidas Originals NFTs available to buy, with 20,000 of them first offered to holders of Pixel Vault NFTs, Bored Ape or Mutant Ape NFTs holders, and holders of gmoney or Adidas Originals POAPs. Addidas did, however, halt early transactions due to under going a technical snag.

Nonetheless, their first shot at NFTs earned them $23 million plus in Ethereum, from a $15.5 million Early Access phase and $7.5 million in general sales. Each of these NFTs were priced at ETH 0.2 earlier, which converts to $769, as per NDTV’s reports from the CoinGecko calculator.

Last Month, Addidas first gave a segway into their soon-to-come NFTs with a mysterious POAP release notification through twitter, not specifying what event they are intended for. So, in anticipation of future clarity on their purpose, some people minted them anyway.

And as promised, the curtains came off when Adidas announced its early access sale. Within that same afternoon, all 20,000 of the early access tokens were sold off. Out of the remaining 10,000, 9,620 tokens were made accessible for buying later, at a cap of two per customer. Addidas and it’s partners held the rest of the 10,000 tokens for future sales.

But curiously enough, one of the customers managed to bypass this cap. Blockchain engineer Montana Wong provided a clear breakdown of the process followed to do the same on 18th December.

This customer was able to buy 330 NFTs for 0.2 ETH. Wong pointed out that the person in question paid $104,000 in gas fees to process this, in addition to around $252,000 to pay for the items. Each NFT retailed for 0.2 ETH, this meant that they needed the NFT’s price to rise to 0.28 to break even on the amount invested in buying these NFTs. And it seems this strategy worked, for the price of Addidas’s NFTs skyrocketed to 0.8 ETH by this Saturday.

Those lucky enough to have grabbed an Adidas NFT will get exclusive access to Adidas wearables, both IRL and virtual, coming in 2022; no doubt some of the exclusives will appear in The Sandbox – according to Decrypt.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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