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  • Writer's pictureKyle

Adidas Gives An Update On Its Into The Metaverse Project. Here's What The Company Said:

Updated: Feb 8, 2022

Adidas gave its’ Into the Metaverse NFT holders an update on what to expect from the project in the coming months.

“gm Into the Metaverse community,” Adidas tweeted earlier today. “ We’re working hard to bring you our first ever Into the Metaverse (ITM) roadmap. In the meantime, we have some exciting updates for you.”

The exciting update that Adidas had for its’ holders is the company’s first physical merchandise drop in March 2022.

“PHYSICAL PRODUCT REDEMPTION, Adidas tweeted. “The first physical product redemption windows will take place in March on . If you hold an ITM (into the Metaverse) NFT, the website will enable you to connect your wallet and order one physical product per NFT held by that wallet. This will burn the ERC-1155 NFT in your wallet and place an order for the physical item. You will also receive a Phase 2 Into the Metaverse ERC-1155 token. There will be a gas cost upon each redemption. No rush to claim, so you can choose to wait until gas is low. We chose this “mintpass-style” approach so that secondary market buyers understand if ITM NFTs have already been redeemed for physical products, and what they remain eligible for. Updated FAQ and physical product redemption window dates are coming soon.”

Adidas went on the say that the company was working on its full 2022 roadmap and that holders should keep their eyes peeled for updates.

“Love it when my favorite brand enters the metaverse and embraces the culture,” BAYC member unclev.eth tweeted. “Who else is an Adidas fan?”

As the Bored Ape Gazette previously reported, Adidas collaborated with the Bored Ape Yacht Club, Pixel Vault and GMoney to release Adidas’ NFT, “Into the Metaverse.”

Adidas’ NFT collection consist of 30,000 NFTs that pay homage to the three NFT projects Adidas collaborated with. At the time of this article’s publication, the floor price for an “Into the Metaverse” NFT was .94 Eth or $2,914 USD.

The Bored Ape Gazette will continue to follow the Adidas “Into the Metaverse” NFT and let you know when more information about the project becomes available.

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