Adidas Unleashes Groundbreaking ALTS NFT Collection

Key Points:

• Adidas expands its NFT ecosystem with new dynamic collection.
• Holders of NFTs from earlier collections can get new ALTS NFTs.
• ALTS has a floor price of 0.59 ETH ($1,100) and has done 320 ETH ($613,000) in trading volume so far.

Adidas, the well-known sneaker and lifestyle brand, has recently expanded its non-fungible token (NFT) ecosystem called “Into The Metaverse” with the release of a new collection called “ALTS by Adidas”.

This new collection introduces a dynamic NFT with eight different “ALT[er] egos” that correspond to different rarity traits and interactive storylines. By burning their NFTs from the first two phases of the Into The Metaverse collection, holders can receive a new NFT from the Ethereum-based ALTS by Adidas collection. This new collection offers various utilities to holders, such as a stake in the ALTS by Adidas ecosystem, commercial intellectual property (IP) rights to their character, access to exclusive virtual wearables, entry to holder-only community gatherings, and token-gated Discord channels.

The Into The Metaverse collection was first released in December 2021, and it promised holders of the NFTs “exclusive access to collaborative merchandise and virtual land experiences throughout 2022.” Adidas’ first Web3 exploration, a collaboration with NFT influencer gmoney, PUNKS Comic and Bored Ape Yacht Club, allowed holders to burn their NFTs to receive a new ERC-1155 token from the next phase of the project and claim physical clothing items. At the time of writing, the Into the Metaverse collection has a floor price of 0.57 ETH (about $1,000) and has done 48,771 ETH (about $93.4 million) in trading volume since its launch.

Adidas has been actively participating in the Web3 space through various digital apparel collections and a virtual styling tool for existing profile picture (PFP) NFTs. In addition, the brand has released several NFT collections, such as the sports-themed Blue Pass, Raws x Adidas art collection, and a council badge for the 15 members elected to advise the company on its Web3 expansion.

Adidas has also shown its commitment to the Web3 space by partnering with Italian luxury house Prada, on a Polygon-based NFT collection. Most recently, the brand showcased new styles in Decentraland during the platform’s Metaverse Fashion Week. According to a Dune Analytics dashboard, Adidas continues to be one of the top brands in the NFT space.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News