Adidas has recently introduced the third and conclusive phase of its innovative Into The Metaverse (ITM) project, featuring its unique ‘ALTS’ NFT collection. While many businesses that began offering NFTs at the peak of the crypto market in 2021 have since distanced themselves from the industry, Adidas continues to push forward.
In April 2023, the renowned sports brand unveiled Chapter 1 of the ITM project, with plans to roll out enhanced holder benefits and added functionality over the subsequent months.
Phase 3: Burn and Mint ITM Tokens
Users can now officially commence Phase 3, allowing them to burn Phase 1 and 2 tokens of the ITM project. In addition, the ALTS collection features a dynamic user identification (PFP) that evolves, influenced by an interactive narrative.
Built on the ERC-721 token standard, which was specifically designed for non-fungible tokens (NFTs), ALTS brings a fresh and engaging approach to the market.
The official account based on the BAYC character, Indigo Herz, confirmed that Chapter 1 would be released on April 11. As the intriguing story unfolds, “The first moment that will influence your dynamic NFT will start on April 15.” Adidas has selected New York City as the location for the physical launches.
Adidas’ Centralized Web3 Platform
All Web3 launches from Adidas can now be found on collect.adidas.com, as stated by the company. Users will also mint Phase 3 tokens on this platform. Although there are no entry fees for the final phase, possessing NFTs for Phases 1 or 2 is required. Additionally, users must cover the Ethereum network’s gas fees.
For now, users can burn and mint tokens without limitations. However, ITM Phase 1 and Phase 2 tokens will lose their future utility if they remain unburned.
According to OpenSea, the total volume of the ALTS collection amounts to over 160 ETH, valued at over $295,000 during market hours. At the time of writing, 7,231 individuals owned a portion of the collection, with a floor price of 0.43 ETH.
Over the last seven days, 127 sales of Adidas Originals ITM NFTs have been recorded by NFT Stats. The total sales for the collection reached $91,000, with an average price of $717.
Athletic Apparel Competitors Enter the Web3 Space
Adidas is not alone in embracing Web3 platforms and NFT collections. Last year, rival athletic apparel company Nike launched its ‘.Swoosh’ platform on Polygon to introduce its NFT products. As a result, Nike became the highest-earning brand worldwide in terms of NFT sales.
In February, sportswear brand Puma refreshed its Web3 roadmap for its 75th anniversary, debuting the Super PUMA PFP NFT collection.
As more companies, including Adidas, continue to pursue their Web3 aspirations, Ethereum remains the leading blockchain for NFT sales volume. It is followed by Solana, BNB, and Polygon, according to rankings by Crypto Slam.
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