Last Friday, collectors’ hearts beat faster when the Adidas NFT Drop took place. For Adidas, the promotion was a resounding success, generating $43 million in 72 hours. This article shows why this is much more than a one-off.
What is an NFT drop anyway?
For those of you who are not kneedeep into crypto and NFTs let me do a quick introduction.
NFTs, short for non-fungible token, are a way to realize ownership of a single digital artwork, such as a drawing. The process of turning an artwork into an NFT is called minting. Common today is the Ethereum blockchain.
Now, what is an NFT drop?
An NFT drop is the release of a specific number of artworks. A drop is typically defined by:
- Date and Time of NFT Drop
- Mint Price
- Purchase limit (often)
Ok, now we know what an NFT drop is. What did Adidas do?
The ADIDAS NFT Drop
Adidas has teamed up with artists from Bored Ape Yacht Club, Pixel Vault and Gmoney to create an exclusive set of NFTs. Under the slogan of Into the Metaverse, the NFT Drop happened last Friday.
There were a total of 30,000 NFTs, of which 20,000 had already been sold in pre-sale. For $15 million.
WEN? EARLY ACCESS MINTING STARTS NOW
— adidas Originals (@adidasoriginals) December 17, 2021
👉 https://t.co/8l8dPwbZWG
First look of the collaborative NFT with @gmoneyNFT @punkscomic and @BoredApeYC
Good luck and #TracksuitUp pic.twitter.com/REYOSdRbNT
The mint price per NFT was 0.2 Ethereum ($790). Even though the action was a complete success, it was somewhat overshadowed by technical peripheries due to the high demand.
But now, why should this news be so important?
Bigger Picture
Well there are some facts.
The fact is that this NFT drop was the second largest ever in a very short period of time.
Another fact is that these circumstances directly answer my question from a previous article, where I asked: Are NFTs worthless?
In addition, it is important to recognize that Adidas, a well-established company of world stature, has entered the game. That takes the whole NFT thing to a new level.
Furthermore, Adidas chases a bigger strategy with a push towards the Metaverse. Recently a partnership with Coinbase was announced and virtual land in the metaverse game Sandbox was bought.
I will eagerly follow the developments, how are you with it? Let me hear your opinion. Here or on Twitter.
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