Adidas expands NFT ecosystem with ALTS collection
Adidas expands its Into The Metaverse NFT ecosystem with the ALTS by Adidas collection, offering various utilities for holders and adding to its foray into Web3.
Adidas has expanded its Into The Metaverse non-fungible token (NFT) ecosystem by releasing the ALTS by Adidas collection, adding to its foray into Web3. The Into The Metaverse collection was first released by the brand in December 2021, offering NFT holders exclusive access to collaborative merchandise and virtual land experiences throughout 2022. It launched a collaboration with NFT influencer gmoney, PUNKS Comic and Bored Ape Yacht Club, which allowed holders to burn their NFTs to receive a new ERC-1155 token from the next phase of the project and claim physical clothing items.
Now, holders of NFTs from the first two phases of the collection can burn their NFTs to receive a new NFT from the Ethereum-based ALTS by Adidas collection, paying only for gas fees. The new stage in Adidas' Web3 journey involves a dynamic NFT with eight different "ALT[er] egos" that correspond to different rarity traits and interactive storylines.
The new collection will offer various utilities for holders, including a stake in the ALTS by Adidas ecosystem, some commercial intellectual property (IP) rights to their character, access to exclusive virtual wearables, entry to holder-only community gatherings and token-gated Discord channels, among others.
As of writing, the Into The Metaverse collection has a floor price of 0.57 ETH (about $1,000) and has done 48,771 ETH (about $93.4 million) in trading volume since its launch. The ALTS by Adidas collection has a floor price of 0.59 ETH (about $1,100) and has done 320 ETH (about $613,000) in trading volume so far.
Adidas continues to bring its sporty style to Web3 through digital apparel collections and a virtual styling tool for existing profile picture (PFP) NFTs. It has also released several NFT collections, including the sports-themed Blue Pass, an art collection titled Raws x Adidas, and a council badge for the 15 members elected to advise the company on its Web3 expansion.
Adidas previously partnered with Italian luxury house Prada on a Polygon-based NFT collection, and most recently, the brand showed off new styles in Decentraland during the platform's Metaverse Fashion Week. According to a Dune Analytics dashboard, Adidas continues to be one of the top brands in the NFT space.
