Tech

Adidas’ first NFT drop earns $23 million

Adidas’ first NFT attempt seems to have been successful. Unit Yes have learned A partnership with Bored Ape Yacht Club, Gmoney, and Punks raised over $23 million in Ethereum between the $15.5 million “Early Access” phase and $7.5 million in a joint sale. All told, the drop generated nearly 30,000 NFTs despite an incident that caused Adidas to halt deals early.

The number may not sound big for such a famous brand, but Adidas manage that equates to $538.4 million in profit for the most recent quarter – $23 million from a limited digital release is substantial. More sales like this could boost Adidas profits while giving NFT hype formerly dedicated to sports shoes.

There’s a good chance you’ll see more NFT releases as a result, not to mention more participation in the metaverses. It’s not necessarily that Adidas has a lot of choices. Nike buys RTFKT precisely to bolster its engagement with the NFT and metaverse collections like shoes, and Adidas risks giving in if not against one of its most obvious rivals.

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https://www.engadget.com/adidas-nft-drop-earnings-165112219.html?src=rss Adidas’ first NFT drop earns $23 million

Tom Vazquez

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