Adidas launches second phase of NFT initiative

Adidas, the sportswear brand, expanded its non-fungible token (NFT) Into The Metaverse ecosystem, releasing the ALTS by Adidas collection.

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

In December 2021 the brand introduced the first phase of the NFT initiative. The tokens were issued in collaboration with the projects Bored Ape Yacht Club, GMoney and PunksComic as part of the metaverse.

Participants in the first two phases of Into The Metaverse can now burn their tokens to obtain new ALTS by Adidas NFTs on the Ethereum network. The collectibles themselves comprise eight distinct ‘alter egos’ in varying rarity.

The new collection will offer owners a range of benefits, including a stake in the ALTS by Adidas ecosystem, rights to the characters, and access to exclusive virtual apparel items.

As of writing, the minimum price for Adidas’ non-fungible tokens stands at 0.75 ETH (~$1,440). Since the collection’s launch, its trading volume has reached 48,771 ETH (~$93.4 million).

According to an on-chain study, as of August 2022 fashion brands Dolce & Gabbana, Tiffany, Gucci, Adidas and Nike collectively generated $260 million in revenue from NFT sales.

In April 2023, Yuga Labs announced the release of Gucci-branded pendants and related NFTs as part of the Otherside metaverse project.