On December 17, Adidas launched the NFT called "Into the Metaverse" . The series was sold on the Adidas official website for 0.2 Ether (approximately US$800). It needs to be paid with crypto wallets such as Metamask, and the supply is 30,000. The price is similar to high-end fashion, but Adidas did not share what these NFTs look like.
NFT (non-fungible token) is a digital asset, most commonly used in digital collectibles. The ownership and transfer of NFTs are protected by the blockchain, which ensures that an NFT has only one owner at any given time, and no one can modify its ownership history. The NFT market motivates creators and collectors to buy, sell, and create.
Among the 30,000 NFTs, Adidas and its partners have retained 380, part of which will be allocated to future events, but they will not cast more NFTs. If interested parties miss this sale, they can only buy through secondary markets such as Opensea. .
▲ Three partners. Animation produced by: Adidas official website video
At the end of November, Adidas has already started to publish a tweet about Metaverse, without revealing what it is going to do, but only announced three partners: NFT club Bored Ape Yacht Club; NFT comic series PUNKS Comic; NFT cultural influencer, community Leader gmoney. They are in a leading position in their respective fields.
▲ Ape Indigo Hertz.
When announcing the cooperation, Adidas also purchased a Bored Ape NFT, named Ape Indigo Hertz, and equipped it with customized Adidas brand sportswear, and then used it as a social media avatar.
The NFT series officially announced recently is the product of the cooperation of the four parties. NFT buyers get not only an NFT, but also special products or experiences in digital and physical forms.
▲ Orange hat and hoodie. Picture from: Adidas official website
The physical products will include the same sports suit from Ape Indigo Hertz, gmoney's iconic orange hat, and a hoodie with a blockchain address. NFT buyers can collect it for free throughout 2022, but they need to prove that they still hold the NFT at the time of collection.
The NFT and its extensions are all prepared for the digital community. Adidas plans to build a "Metaverse Virtual Land Experience" by the community in 2022 and beyond. According to reports, Adidas purchased 144 virtual lands in the blockchain-based 3D open world game "The Sandbox".
Tareq Nazlawy, Senior Director of Digital Growth at Adidas said:
This is a replica of our normal business model (making things and hoping people buy them). You are not just buying products, you are becoming a member of this community.
This is similar to a foreign view of NFT-Avatar (avatar/avatar) is an important part of NFT, and its value comes from its own metadata and the user community behind it.
▲ Bored Ape Yacht Club. Picture from: CNET
Erika Wykes-Sneyd, Vice President of Marketing at Adidas Originals, pointed out that "NFT owners belong to a community. Over time, we will continue to add value to NFTs, and it will evolve as we understand the community."
In a sense, brand building NFT is a new membership model and profit opportunity: when buying and reselling NFT, it has a sense of scarcity, because it is limited; having NFT means holding community access and enjoying Member rights, other people are isolated.
▲ Adidas NFT comics. Picture from: vogue business
Adidas's collaborator Bored Ape Yacht Club is similar. Only one of its 10,000 NFTs is eligible to become a member, and each NFT now costs at least $ 231,000 . The verge reports that one of its members’ main privileges is access to exclusive merchandise, such as hats and hoodies, which are resold on eBay for hundreds of dollars in excess of the selling price.
In addition, Burberry's NFT character design for the video game Blankos Block Party sells for 8 times the original price, and the resale price of Gucci's Roblox handbags is ultimately higher than the actual product.
In an interview with vogue business, Tareq Nazlawy pointed out the similarities between the cryptocurrency market and streetwear-he is very interested in "collecting, trading and displaying." In the future, more clothing brands may join Metaverse in a similar way, after all, it shares the logic of reality.
▲ Reference materials:
1. Official website: https://www.adidas.com/into_the_metaverse
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