Fashion NFTs have attracted a large audience of investors, miners, gamers, artists, and of course, NFT enthusiasts. The magnitude of the trend seems to keep emerging.
Leading fashion brands like Burberry, Louis Vuitton, and Gucci have bid their entry to this futuristic cryptographic token market.
Most fashion NFT releases are collaborations between a fashion brand and an art auction platform or even a gaming platform.
The latest entry to the fashion NFT market is Adidas, one of the most acclaimed fashion and sports brands.
Like most of its contenders, Adidas also released Into The Metaverse NFT in collaboration with Gomoney, Punks Comic, and Bored Ape Yacht Club. All of these contributors are popular NFT influencers who have earned a name in the world of non-fungible tokens.
This blog post shall cover the complete know-how of Adidas NFTs.
What Made Adidas Launch Its NFT?
Before we dive deeper, let us look at some fashion industry statistics by Fashion United.
The global fashion industry is already worth about 3,000 billion dollars, which is significant. It accounts for 2% of the entire world’s GDP. It has a global labor force of nearly 3,384.1 million people.
As per a story shared by FDRA, Adidas is the third biggest apparel brand in the United States.
Adidas is also the world’s fourth most valuable clothing & apparel brand based on its brand value at 14,342 million U.S dollars in 2021 and 16,481 in 2020, mentions Statista.
There are several reasons why Adidas entered the market with Into The Metaverse NFT. One of those reasons is that the NFT is the talk of the town in the global technology space. Smart brands comprehend their customer demands as quick as a flash.
Fashion NFTs have a significantly high growth margin, which is why a prominent brand like Adidas could not restrict long to release its NFT.
The top contenders in the fashion industry have already begun their hustle for the new-age digital asset. The bottom line is, they have started working on it because people are already asking for fashion NFTs.
What Makes Into Adidas Originals Into the Metaverse Special?
In the words of Tether co-founder William Quigley, NFTs can become the fundamental monetization model of the metaverse, a potential project Meta Incorporation, formerly known as Facebook, is currently working on.
Fashion NFTs can become a pioneer use case of Blockchain-based digital assets in the Metaverse.
Adidas Originals Into The Metaverse has followed the NFT trend in the global fashion industry but followed it very well. The brand has partnered with one of the most capable NFT leaders and indicated that it is going to be its long-term venture.
Adidas NFT is new in terms of its redemption mechanism through which buyers can burn out their NFTs to acquire physical items and exchange NFTs in return.
Adidas shall organize four periods of product redemption where Adidas NFT buyers can burn out their tokens and avail themselves of exclusive physical merchandise.
The four items included in the physical merchandise that will be provided post verification of the NFT owner and burning out tokens are;
- The iconic Adicolor
- Firebird tracksuit (track top and track pants, as seen on Indigo Herz and Courtney)
- A graphic hoodie (as featured in PUNKS Comic #2)
- gmoney’s classic orange beanie.
If a buyer does not participate in the first or a specific product redemption period, they can join in the following phase of the product redemption period.
When an NFT is burned in a particular phase of product redemption, buyers get a physical token and an NFT within an increased phase number. It also means that it is not mandatory to phase up your Adidas NFT. You can keep holding it as a unique owner.
Buyers will get a Phase 4 ERC-721 token in the final product redemption phase by burning the previous phase NFT.
Adidas has not made any assertions that would suggest if a specific phase token is more special than other phase tokens.
By adding a physical value to their NFT, Adidas has already created a benchmark that provides Into The Metaverse a real-life value for those who still identify NFTs as simple JPEGs and sometimes of no value.
Has Adidas NFT Been Up To The Mark?
Adidas released 30,000 NFTs, out of which 20,000 were reserved for early access, 9,620 for general sale, and 380 for Adidas and partners considering the future events and possibilities.
Those who see NFTs as an investment could surely bid for it. Adidas NFT was originally minted at 0.2 ETH, whereas the secondary prices may differ exponentially.
It has been an up-to-the-market deal for Adidas as all 30,000 NFTs were minted within a few hours.
Adidas and its partners would have earned around $23 million from this round of sales.
How Can You Mint Adidas NFT?
NFTs are emerging in terms of popularity and predominance in an evolving world of the internet. But, where to buy NFTs by Adidas in the future?
Unfortunately, you cannot buy Adidas NFT anymore as they have already been sold out. You can surely buy Adidas NFT in the secondary market on an NFT marketplace platform like OpenSea.
You could purchase the newly released Adidas NFT by December 17th, 2021, on OpenSea by paying a gas fee and purchase price through any of the NFT wallets.
Conclusion
In 2022, Adidas NFT buyers will get four opportunities to redeem their NFTs with physical products. As the market grows, we may see more fashion brands actively taking part in the world of NFTs. The best thing about NFTs is, both early buyers and those buying from secondary markets can leverage the high growth bound with the digital asset.
NFT may require computational energy in minting them on Ethereum Blockchain, verifying, transferring, or selling. Regarding NFTs’ environmental impact, there are no verified sources that may prove NFTs causing negative environmental effects.
