Adidas’ first NFT attempt appears to be a success. The Block has learned that the partnership with Bored Ape Yacht Club, Gmoney and Punks has brought in more than $23 million in Ethereum, between a $15.5 million “Early Access” phase and $7.5 million in an overall sale. All told, the drop yielded nearly 30,000 NFTs, despite a hiccup that prompted Adidas to pause early trades.
The number may not sound big for such a well-known brand, but Adidas made the equivalent of $538.4 million in profits during the last quarter – $23 million from a limited-edition digital release is significant. More sales like this could improve Adidas’ bottom line, while giving NFTs the hype levels previously reserved for sneakers.
Chances are you’ll see more NFT releases as a result, not to mention a greater involvement in metaverses. Not that Adidas has much choice per se. Nike bought RTFKT precisely to deepen its involvement in NFTs and metaverse collectibles like shoes, and Adidas is risking losing ground if it doesn’t counter one of its most obvious rivals.
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