Adidas Dropped Its First NFT Yesterday. Here's What Happened:
Updated: Feb 8
Adidas dropped its genesis NFT Friday afternoon; while the drop had some hiccups, the project sold out and is reselling for almost four times the mint price.
Adidas teamed up with The Bored Ape Yacht Club, Punks Comic and Gmoney to release the company’s first NFT titled “Into The Metaverse.”
Adidas’ NFT collection consist of 30,000 NFTs that pay homage to the three NFT projects Adidas collaborated with.
“NFT pioneers Gmoney, Punks Comic and Bored Ape Yacht Club each help guide adidas Originals Into The Metaverse,” Adidas wrote on it’s website. “With the community, for the community.”
The image that goes along with the NFT is an 11 second video of Gmoney, Courtney from the Crypto Punks Comic, and Adidas’ Bored Ape, Indigo Herz, in what appears to be an action figure box spinning over an adidas logo.
While the NFT’s art is important, many in the BAYC purchased this NFT for the physical merch and metaverse benefits.
Owning an "Into The Metaverse" will give holders digital benefits such as “Open Metaverse virtual land experiences co-created with the community, throughout 2022 and beyond.”
Along with the digital component, the NFT will also get holders several physical items, according to the company.
“Exclusive adidas Originals, gmoney, Bored Ape Yacht Club and PUNKS Comic Physical merchandise, available to claim in 2022 at no additional cost,” Adidas wrote on its website. “Gear up for the iconic adicolor Firebird tracksuit (as seen on Indigo Herz and Courtney), a graphic hoodie as featured in PUNKS Comic #2), and gmoney’s classic orange beanie.
These perks enticed tons of users to participate in Friday’s drop. BAYC members, Pixel Vault holders and gmoney holders were given early access to try and get 1 or 2 of the 20,000 NFTs set aside for them.
Unfortunately, Mutant Apes were unable to purchase from the early access drop at first.
“Can the devs please do something, BAYC member Roshan. Eth tweeted. “MAYC unable to mint presale of @adidasoriginals.”
Shortly after this error became known, Adidas paused the mint, and BAYC Co-Founder Gargamel took to Discord to address the club.“ Minting paused. Calling them to fix this shit, more soon,” he wrote.
About 45 minutes later, the BAYC tweeted that they were speaking with Adidas and Pixel Vault about the problem and offering their assistance.
“We're on the line with Adidas and PV seeing if we can help,” the BAYC tweeted.
As the mint was paused, the BAYC community rallied around mutant apes letting everyone know that apes are apes.
“In solidarity with my mutant brethren, I will do something I have NEVER done before, BAYC member DFarmer tweeted. “Until mint resumes for Mayo this is my #NEWPROFILEPIC and he mad AF! #mutantsareapestoo”
Thankfully, Adidas was able to fix the issue and the early access mint resumed. Shortly after the early access portion of the drop ended, Adidas began its general mint. The general mint ended almost as quickly as it began.
“RIP to anyone who just experienced their first gas war, Pixel Vault member Brydisanto tweeted. “I've never seen 10K sell out faster.”
A day after the drop, Adidas’ "Into The Metaverse" NFT has 18.7 thousand owners and a floor price of .8 Eth or $3,153 USD, according to Opensea data.
“The NFT itself looks pretty cool imo,” BAYC member EpiSom3 tweeted. “Now it’s up to @adidasoriginalsto over deliver on utility for this genesis piece moving forward.”