According to recent reports, Adidas has extended its Into The Metaverse non-fungible token (NFT) ecosystem with the launch of the ALTS by Adidas collection.
In December 2021, Adidas launched it’s Into The Metaverse line, offering NFT holders exclusive passes to collective merchandise and virtual land ventures throughout 2022. The brand’s first Web3 project, created in partnership with NFT influencer gmoney, Bored Ape Yacht Club, and PUNKS Comic, permitted holders to burn their NFTs to obtain a new ERC-1155 token from the project’s next phase and redeem physical clothing items.
Owners of NFTs from Adidas’ Into The Metaverse line’s first two collections can now swap their NFTs for an additional Ethereum-based NFT from the ALTS by Adidas series, with only gas fees to be paid. The next phase of Adidas’ Web3 path includes an innovative NFT with eight unique “ALT[er] egos” that correspond to distinct rarity characteristics and interactive narratives.
Holders of the new ALTS by Adidas collection NFTs will receive multiple benefits, including a stake in the ecosystem, specific commercial and intellectual property rights to their character, access to exclusive virtual accessories, entry to community gatherings exclusive to holders, and access to token-gated Discord channels, among other privileges.
At the time of publication, the Into the Metaverse collection has had a floor price of 0.57 ETH (approximately $1,000) and a trading volume of 48,771 ETH (approximately $93.4 million) since its debut. The ALTS by Adidas collection has a minimum price of 0.59 ETH (approximately $1,100) and a trading volume of 320 ETH (approximately $613,000) to date.
Adidas has expanded into the Web3 world by introducing virtual clothing collections and a digital styling tool for a profile picture (PFP) NFTs, incorporating their athletic style into the virtual space. Adidas has launched various NFT collections, including Blue Pass, which is sports-themed, Raws x Adidas, which is an art collection, and a council badge specifically for the 15 elected members who will assist the company with its Web3 development.
Adidas previously collaborated with Prada on a Polygon-based NFT collection and most recently debuted new designs in Decentraland during Metaverse Fashion Week. A Dune Analytics dashboard states that Adidas is one of the top brands in the NFT space.