Adidas launches groundbreaking ALTS NFT collection
The Adidas brand, known for its high-quality running shoes and lifestyle products, has taken a significant step forward in Non-working token (NFT) market. The company recently announced the expansion of its NFT ecosystem, dubbed “Into The Metaverse,” with the launch of an innovative new collection called “ALTS by Adidas.”
The newly introduced collection features a dynamic NFT consisting of eight distinct “ALT[er] egos,” each with their own unique set of rarity traits and interactive storylines. This groundbreaking concept allows NFT holders to experience a sense of personalization and engagement with their tokens, making them even more valuable and desirable.
What makes the ALTS by Adidas collection even more exciting is that it allows holders to upgrade their NFTs by burning those obtained from the first two phases of the Into The Metaverse collection. When they do, they will receive a new NFT from the Ethereum-based ALTS by Adidas collection. This motivates holders to continue engaging with the collection while ensuring that the ALTS by Adidas collection remains fresh and exciting.
In December 2021, Adidas released its Into The Metaverse collection, promising NFT holders “exclusive access to collaborative merchandise and virtual land experiences throughout 2022.” In collaboration with NFT influencer gmoney, PUNKS Comic and Bored Ape Yacht Club, the company conducted its first Web3 exploration and acquired a new ERC-1155 token from the upcoming phase of the project to claim physical clothing.
Currently, NFT holders from the first two phases of the Into The Metaverse collection can burn their NFTs and get a new NFT from the Ethereum-based ALTS by Adidas collection, paying only for gas fees. Adidas furthers its Web3 journey with a groundbreaking NFT that features eight unique “ALT[er] egos,” each representing distinct rarity traits and interactive storylines.
Holders of the new Adidas collection will be entitled to various benefits, including commercial intellectual property (IP) rights to their character, a stake in the ALTS by Adidas ecosystem, exclusive virtual wearables, access to exclusive holder-only community gatherings and token-locked Discord -channels. As of now, the Into the Metaverse collection has generated a trading volume of 48,771 ETH (about $93.4 million) with a floor price of 0.57 ETH (about $1,000), the ALTS by Adidas collection has a minimum price of 0, 59 ETH (equivalent to approximately $1,100) and has already seen a trading volume of 320 ETH (approximately $613,000).
Adidas has proactively showcased its athletic fashion sense in the Web3 realm, with the launch of digital clothing ranges and a virtual styling platform tailored for existing profile picture (PFP) NFTs. Additionally, Adidas has introduced several NFT collections, such as the sports-themed Blue Pass, the Raws x Adidas art collection, and an advisory badge for the 15 elected members who advise on the company’s Web3 expansion.
Adidas previously collaborated with Italian luxury house Prada on a Polygon-based NFT collection and recently showcased new styles during the platform’s Metaverse Fashion Week in Decentraland. According to a Dune Analytics dashboard, Adidas remains one of the top brands in the NFT space.
At the time of publication, the NFT collection is currently priced at 0.57 ETH or around $1100, with an impressive trading volume of over $97 million. Meanwhile, ALTs created by Adidas have a base price of 0.59 ETH or about $1,141 and have generated a trading volume of around $640,000.
Final thoughts
Adidas’ expansion into the NFT market with the launch of the “ALTS by Adidas” collection is a significant step forward, offering NFT holders a unique and engaging experience. The innovative concept of burning NFTs from previous phases of the Into The Metaverse collection to receive new NFTs from the ALTS by Adidas collection encourages continued engagement and ensures that the collection remains fresh and exciting for holders
Ken Emmanuel is a blockchain content writer, a Web3 enthusiast and a social media management strategist, he enjoys writing educational content to help people become more knowledgeable and inspired. The growth of any organization he works with is always his priority. He is a geographer by profession and loves to read.
