Adidas’ First Ethereum NFT Brings in $23 Million and Tops the Charts


Sportswear giant Adidas has earned $23.4 million in a single afternoon since its debut »In the metaverse“NFT fall yesterday.

According to CryptoSlam.

The drop was a collaboration with Bored Ape Yacht Club (BAYC, itself currently the seventh largest collection by sales volume), the creator of PUNKS Comic NFT Pixel Vault and a private NFT collector silver. Adidas first unveiled these plans in early December when it bought a Bored Ape and layered with Adidas clothing.

It was like a fall of hot sneakers

There were a total of 30,000 Adidas Originals NFTs up for grabs, minted on the Ethereum blockchain, of which 20,000 of them were first given away to Pixel Vault NFT, Bored Ape or Mutant Ape NFT holders, and to holders from gmoney or Adidas Originals POAPs, Ethereum-based proof of attendance badges.

The sportswear company first tweeted about its mysterious POAP token last month, although it does not appear to commemorate any particular event. Yet this being crypto, people have gone ahead and hit them anywayexpecting all to become clear at a later date.

Things became clearer when Adidas announced its early access sale. Within an afternoon, all 20,000 early access tokens sold out.

This is where it gets interesting. Of the remaining 10,000 tokens, “Adidas and its partners” retained 380 for “future events” and returned the remaining 9,620 to the public at a cap of two per customer. These sold out in less than a second.

A client successfully circumvented the cap by deploying a custom smart contract that generated 165 sub-smart contracts, each with a unique address, to mint two NFTs each from the Adidas smart contract in a single transaction, before sending the 330 Tokens to the Creator Principal. ETH address.

Blockchain engineer Montana Wong provided a neat breakdown of the procedure on Twitter.

According to Wong, the contract creator paid about $104,000 in gas fees to process this, in addition to about $252,000 for NFTs. Each NFT was retailing for 0.2 ETH, meaning the creator needed the value of the tokens to reach 0.28 ETH each to break even. Considering that prices have skyrocketed for almost 0.8 ETHtheir efforts paid off threefold.

Hours after Wong wrote the thread, the creator of the contract publicly validated his explanation in a tweet.

This drop is great news for Adidas, which has made a concerted effort to quickly establish a foothold in the metaverse. Last month he announced a Coinbase partnership as part of its metaverse strategy. Around the same time, Metaverse game The Sandbox announced that Adidas had a plot of land set aside for its use.

Those lucky enough to have grabbed an Adidas NFT will have exclusive access to Adidas wearables, both IRL and virtual, coming in 2022; no doubt some of the exclusives will appear in The Sandbox.


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