Investor buys 330 Adidas NFT with smart contract

The sporting goods giant Adidas released the 30,000-piece Adidas NFT “Into the Metaverse” collection on Friday. And while sales were limited to a maximum of two items per person, a single user could buy 330 items with a smart contract.

Investor buys 330 Adidas NFT with smart contract

According to Montana Wong, a blockchain engineer and co-founder of the Enterprise.co product studio, a user created a custom smart contract and deployed it a few hours before it was minted. When executed, the contract generated 165 child smart contracts, each of which generated two NFTs and moved them to the owner’s main Ethereum (ETH) address.

“Since each sub-smart contract has a unique address, the creator can avoid the limit of 2 items imposed by the sale. After sending the NFT to the main address of the creator, the child’s smart contract will self-destruct. “ Wong wrote on Twitter.

According to the Etherescan transaction, users paid 27.3 ETH (currently $ 103,838) in gas fees and 66 ETH ($ 251,036) for 330 NFT as each item costs 0.2 ETH.

Currently, the floor price for Adidas NFTs is 0.785 ETH on OpenSea’s primary secondary market, which means that one user’s NFT collection could be worth only 259 ETH (currently $ 985,127 USD). When you consider that they spent around 93.3 ETH to mint and transfer 330 NFTs, they were able to make a net profit of 166 ETH ($ 631,330 USD).

This drop is now part of a partnership with the popular NFT collector Bored Ape Yacht Club (BAYC), the comic book creator PUNKS Pixel Vault and the private NFT collector gmoney.

The sale was successful because all of the NFTs, with the exception of the 380 items Adidias has in store for “future events”, sold out in hours for a total of 5,924 ETH ($ 22.53 million) for the company.

Adidas NFT Promote profit for the company

As such, Adidas’ first NFT seems to have succeeded. The company has partnered with Bored Ape Yacht Club, Gmoney and Punks to raise over $ 23 million in Ethereum between the $ 15.5 million early access phase and $ 7.5 million on a sale . All in all, the decline generated nearly 30,000 NFTs, despite an incident that resulted in Adidas halting stores prematurely.

The number might not sound like a big deal to such a popular brand, but Adidas made a profit of $ 538.4 million in its most recent quarter – $ 23 million from its digital release. Such more sales could boost Adidas’ profits while also giving the NFT the hype that was previously reserved for sneakers.

However, Adidas isn’t the only athletic shoe brand participating in the NFT. Nike bought RTFKT precisely to bolster its commitment to NFT and Metaverse collectibles like shoes, and Adidas risks giving way, if not to one of its most obvious competitors.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice in any way. Your money, the choice is yours.