First ever Adidas NFT drop bags more than $23M, joining the top charts

Massive fashion company, Adidas launched their first NFT collection this week following their purchase of a Bored Ape Yacht Club NFT. In addition to their competitor’s purchase of the company RTFKT Studios. Notably, Adidas made a large sum of money, around $24 million from the drop.

Adidas launched their first NFT in partnership with Bored Ape Yacht Club, gmoney and Punks Comic. Credit: Adidas

About the Launch of Adidas NFTs

2 days ago, Adidas launched their metaverse NFT collection on the Ethereum blockchain for users to purchase and support their journey into NFTs. This was done in collaboration with G Money, Bored Ape Yacht Club and Punks Comic (produced by Pixel Vault). As a result of the insane number of sales in the past few days, they have reached the top of the NFT charts (last 24 hours) on CryptoSlam and Opensea.

There was a total of 30,000 NFTs available for 0.2 ETH each. This forced people to suggest a ‘cash grab’ from the fashion giants. 20,000 were offered to holders of Pixel Vault NFTs, Bored Ape Yacht Club or Mutant Ape Yacht Club NFTs through pre-sale.

The launch came after many teasers of Adidas stepping into the NFT space, and smaller moves like purchasing a Bored Ape Yacht Club.

Now, after the project successfully sold out, the floor price is at 0.88 ETH per NFT on OpenSea, making it a 4x profit for anyone who sells now. However, the company have stated many benefits that are set to come alongside the NFTs that were purchased. These benefits include physical clothing items, virtual clothing items among others.

The Issues

Unfortunately, alongside the positives of the drop did come some negatives. Firstly, someone managed to pick up 330 NFTs instead of the perceived maximum of 2 per Ethereum wallet. This was done by deploying a custom smart contract to make it happen. Montanna Wong on Twitter went into detail, which you can see here. He stated that the contract’s creator paid around $104,000 in gas fees to process this. In addition to around $252,000 for the NFTs.

Alongside this, there was an apparent issue with holders of Mutant Ape Yacht Club holders being unable to purchase. Despite the previous promises of them having access to pre-sale. Many holders claimed to be ‘forgotten’ in the whitelist/pre-sale list. Then, when going for the public drop losing out on gas fees through failed transactions. However, it seemed to be fixed as they paused and re-opened the mint to get it working.

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All investment/financial opinions expressed by are not recommendations.

This article is educational material.

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