Adidas Plunges Deeper Into NFTs, But Is the Trend Over?

Adidas has unveiled the third and final phase of its Into The Metaverse project, which introduces its ‘ALTS’ NFTs. At this point, many companies that started offering NFTs during the height of the crypto market in 2021 have turned their backs on the sector.

In April 2023, the sports brand debuted Chapter 1 of this launch, with additional functionality and improved holder benefits to be rolled out over the ensuing months.

Evolution of ALTS by Adidas

Users can officially initiate Phase 3 and burn Phase 1 and 2 tokens of Into The Metaverse (ITM). According to the description, ALTS has a dynamic user identification (PFP) that will change over time due to an interactive plot.

ALTS is an ERC-721 token, a standard that was introduced for non-fungible tokens (NFTs).

The official account based on the BAYC character, Indigo Herz, confirmed that Chapter 1 would release on April 11. As the story progressively unfolds, “The first moment that will influence your dynamic NFT will start on April 15.” Adidas has pinned New York for the physical launches.

All web3 launches from Adidas are now housed on collect.adidas.com, according to the company. The users will also mint Phrase 3 here. Although there are no entry fees for the final phrase, having NFTs for Phrase 1 or 2 is necessary. In addition, users will have to pay the gas fees in the process on the Ethereum network.

In a single transaction, users could burn numerous tokens. For the time being, users can burn and mint tokens indefinitely. However, no future utility will be provided for ITM Phase 1 and Phase 2 tokens if they are not burned.

According to OpenSea, the total volume of the ALTS collection is 155 ETH, estimated at market hours at over $288,000. At press time, 7,111 people owned a piece of the collection, with a floor price of 0.41 ETH.

Price and Volume of ALTS by Adidas NFTs on OpenSea,

Meanwhile, the last seven days saw 108 sales of Adidas Originals ITM NFTs, according to NFT Stats. The collection’s total sales came to $76,900. Furthermore, the average price of the collection on average was $712.30.

NFT Competition Remains Steady

Competitor Nike in athletic apparel likewise introduced a new Web3 platform last year. Nike unveiled ‘.Swoosh’ on Polygon to launch its NFT products. Last year, the iconic American brand was the world’s highest-earning brand from sales of non-fungible tokens (NFTs).

In February, sportswear company Puma renewed its web3 roadmap for its 75th anniversary. With this, it introduced the debut of Super PUMA PFP NFTs.

Adidas has joined several merchants who are promoting their web3 ambitions. Meanwhile, Ethereum has been the top blockchain for sellers of NFT in terms of volume. It is followed by Solana, BNB, and Polygon as per rankings by Crypto Slam.

The top blockchain, Ethereum, saw a volume of $14.4 million, a gain of 16% in the previous 24 hours. By that metric, the Bored Ape Yacht Club (BAYC) continues to have the largest collection. ALTS stands #54 on the Crypto Slam rankings.

Sales of the Adidas collection increased over the past 24 hours. It saw an increase of 144%, reaching $27,647. It also saw 38 transactions for an uptick of 137%.

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