Adidas Bets Big on NFTs: Will It Pay Off?

• What – Adidas, a global sneaker and lifestyle brand, further expands its presence in the non-fungible token (NFT) arena with the launch of its new collection dubbed ALTS by Adidas.
• Why – ALTS by Adidas collection is the latest addition to Adidas’ “Into The Metaverse” NFT ecosystem, which the platform introduced in December 2021. 
• What Next – The Into The Metaverse collection promised special accessibility to virtual land experiences and collaborative merchandise throughout 2022 to NFTs holders.

Adidas’ first Web3 exploration collaborated with NFT influencer gmoney, Bored Ape Yacht Club, and PUNKS Comic. This collaboration facilitated holders to burn their NFTs in order to attain a new ERC-1155 token from the project’s next phase and claim physical clothing items. Now, NFTs holders from the first two phases of the “Into The Metaverse” collection can burn their NFTs to get new Ethereum-based NFT from ALTS by Adidas collection. The NFTs owner will only need to pay the transaction fees for this.

By offering incentives for holders to keep engaging with the collection, Adidas aims to keep the ALTS by Adidas collection dynamic, fresh, and exciting. This approach encourages holders to remain active in the collection and helps create a sense of community among the NFT holders.

The ALTS by Adidas collection involves a dynamic NFT with eight different “ALT[er] egos” corresponding to different rarity traits and interactive storylines. Holders of the NFTs will have access to several utilities, which include a stake in the ALTS by Adidas ecosystem and some commercial, intellectual property (IP) rights to their character. The NFTs holder will have access to exclusive virtual wearables, entry to the holder-only community space, and token-gated Discord channels, among others.

The Into the Metaverse collection and the ALTS by Adidas collection have a floor price of 0.57 ETH (about $1,000) and 0.59 ETH (about $1,100), respectively. Since the launch, the Into The Metaverse collection has traded 48,771 ETH (about $93.4 million) in trading volume. At the same time, the ALTS by Adidas collection traded about 320 ETH (about $613,000) in trading volume.

Adidas has been actively bringing its sporty style to Web3 with a virtual style tool for an existing profile picture (PFP) and digital apparel collections NFTs. The brand has also released several NFT collections, including the sports-themed Blue Pass, a Raws x Adidas art collection. It also issued a council badge NFTs for the 15 elected members to counsel the brand on its Web3 expansion.

Adidas’ involvement in the NFT space also includes a partnership with Italian luxury house Prada on a Polygon-based NFT collection. Recently, the brand showcased new styles in Decentral and during the platform’s Metaverse Fashion Week. According to a Dune Analytics dashboard, Adidas remains one of the top brands in the NFT space. The brand’s continued expansion in the Web3 space shows its commitment to innovatively exploring new digital frontiers and engaging with its audience.

Adidas’ entry into the NFT market with the launch of its “ALTS by Adidas” collection represents a major milestone, providing NFT holders with a distinctive and captivating experience. The creative concept of exchanging NFTs from previous phases of the Into The Metaverse collection to obtain new NFTs from the ALTS by Adidas collection incentivizes sustained engagement, thereby ensuring that the collection remains dynamic, vibrant, and appealing to NFT holders.

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