Adidas first released its Into The Metaverse collection in December 2021, promising holders of the NFTs “exclusive access to collaborative merchandise and virtual land experiences throughout 2022.”
Its first Web3 exploration, a collaboration with NFT influencer gmoney, PUNKS Comic and Bored Ape Yacht Club, allowed holders to burn their NFTs to receive a new ERC-1155 token from the next phase of the project and claim physical clothing items.
Holders of NFTs from the first two phases of the Into The Metaverse collection can now burn their NFTs to receive a new NFT from the Ethereum-based ALTS by Adidas collection, paying only for gas fees.
The new stage in Adidas’ Web3 journey involves a dynamic NFT with eight different “ALT[er] egos” that correspond to different rarity traits and interactive storylines.
Chapter 1: ALT[er] Ego starts now 🎯
🪞This is your first step on your journey towards your own ‘ALTS by adidas’ identity.
🎭 At the end of Chapter 3 you will get a unique PFP consisting of countless trait combinations with a rarity rank.
🫀 ALTS by adidas is a dynamic NFT… pic.twitter.com/0D9lrvIy6y
— Indigo Herz (@indigo_herz) April 11, 2023
The new collection will offer various utilities for holders, including a stake in the ALTS by Adidas ecosystem, some commercial intellectual property (IP) rights to their character, access to exclusive virtual wearables, entry to holder-only community gatherings and token-gated Discord channels, among others.
At the time of writing, the Into the Metaverse collection has a floor price of 0.57 ETH (about $1,000) and has done 48,771 ETH (about $93.4 million) in trading volume since its launch.
The ALTS by Adidas collection has a floor price of 0.59 ETH (about $1,100) and has done 320 ETH (about $613,000) in trading volume so far.
Adidas is bringing its sporty style to Web3 with digital apparel collections and a virtual styling tool for existing profile picture (PFP) NFTs. It has also released various NFT collections, including Blue Pass, Raws x Adidas art collection, and a council badge for 15 elected advisors on its Web3 expansion.
In the past, Adidas partnered with Italian luxury house Prada on a Polygon-based NFT collection, and most recently, it showcased new styles in Decentraland during the platform’s Metaverse Fashion Week.
Adidas remains one of the leading brands in the NFT space, according to a Dune Analytics dashboard.
Johnson Philip is a passionate cryptocurrency enthusiast and writer for CoinSEM.com. He has been following the crypto industry for years, and has a deep understanding of the various technologies and trends driving the market. Johnson has written extensively on topics ranging from blockchain development to ICO analysis and is known for his ability to translate complex technical concepts into easy-to-understand language.