Adidas has sold over $ 22 million in NFT, but it ran into a few snags along the way

The 30,000 Adidas’ In the metaverse NFTs were hit hours after they went on sale on Friday. Each NFT cost 0.2 ETH, which currently equates to around $ 765, and the company has sold 29,620 NFT (“Adidas and its partners” have kept 380 for “future events”), which means the company earned over $ 22 million on sales during the afternoon period. (The price of Ethereum has gone down while this story is being written, making an exact number difficult to determine.)

Adidas created the NFTs in partnership with Bored Ape Yacht Club, Punks Comics, and GMoney (a crypto enthusiast pseudonym). Buying an NFT gives owners access to special physical goods, like a hoodie and tracksuit worn by the Bored Ape that Adidas owns, and upcoming digital experiences. However, the physical merch will not be available until 2022, according to Adidas FAQ, so buyers are basically just making expensive pre-orders for clothes.

The company offered early access to NFT 20,000 for people with special Adidas Originals tokens, GMoney tokens, NFT Bored Ape Yacht Club, NFT Mutant Ape Yacht Club and NFT Pixel Vault – making an NFT already difficult to obtain available first. to a very limited number of people.

The early access strike has begun shortly before 1:30 p.m. ET, but Adidas quickly ran into an issue with the owners of Mutant Ape Yacht Club not being able to hit the NFTs who forced him to take a break. Adidas promised reimburse anyone who lost gasoline charges (which are charges levied for hitting the NFT) when there were issues.

Early access resumes at 5 p.m. ET, and public coinage kicks off at 6 p.m. ET. It’s unclear exactly when the NFTs were completely depleted, but the Adidas website has shown that all NFTs had been hit minutes after the start of the public sale. However, a person was apparently capable of hitting many NFTs, which may have disrupted the number of NFTs actually available.

It’s unclear if Adidas plans to offer more NFT in the future, but it teases on its website that “This is just the beginning.” Given how quickly the first batch sold out – and how much money Adidas made in a few hours – it seems unlikely that this was the clothing maker’s only NFT offering. And he’ll almost certainly want to compete with rival Nike, which just bought out a company that makes virtual shoes and NFTs.

Other companies may also envision the success of Adidas’ NFTs with dollar signs in their eyes, but before rushing to the nearest blockchain, they might want to consider the uplifting narrative of the NFTs planned for. PLAYER 2. Developer GSC Game World announced the NFTs on Wednesday but received a quick reaction from fans. The developers tried to turn the heat down by tweeting an explanation on Thursday, but they quickly deleted it before announcing that it would cancel its NFT plans altogether.