The leading lifestyle and sneaker collection manufacturer, Adidas, is set to release the dynamic nonfungible (NFT) ecosystem. The sneaker brand is expanding into the metaverse-based NFT ecosystem by introducing the ALTS collection.
Adidas Advancing Metaverse Collection Through Introduction of ALTS Dynamic NFTs
The statement conveyed to the media reveals that Adidas’ holders can opt to burn tokens to join the metaverse-based dynamic NFTs ecosystem.
The company’s statement recalled the previous achievement concerning the December 2021 introduction of the Metaverse collection. The collection allowed holders of guaranteed and exclusive access to the virtual land experiences and the Adidas collaborative merchandise.
The statement reveals that Adidas’ pioneer product in Web3 exploration involved the collaborated project featuring gmoney Punks Comic a renowned NFT influencer. Also, the project had the input of the Bored Ape Yacht Club.
Adidas Introducing Ethereum-based ALTS Edition
The collaborated project would allow the holders to burn NFTs in exchange for new ERC-1155 tokens. The next phase would enable the holders to claim physical merchandise restricted to physical clothing items.
Adidas representatives indicated that NFTs holders from the initial Metaverse collection could consider burning NFTs in exchange for the Ethereum-based ALTS edition. However, the holders receiving the new Adidas ALTS will incur gas fees.
Adidas lauded its developers’ team for expediting Adidas’ journey into the NFTs ecosystem. In particular, it commended the pursuit of greater success by including dynamic NFTs. The phase would involve eight unique “ALT[er] egos”. Each would correspond to unique rarity traits while harbouring interactive storylines.
Benefits that Holders of Dynamic NFT Collection
Holders of the dynamic NFT collection would benefit significantly from utilities besides the guaranteed stake within the ALTS. Also, the holders would benefit from commercial, intellectual property (IP) rights customized to suit their character.
Holders could consider accessing the physical merchandise alongside the virtual wearables. Also, the holders have entry to the members-only community assembly and the Discord channels operating through token gates.
At press time, the ALTS-Adidas collection still trails the metaverse collection, whose floor price hovers around 0.57 ETH, translating to a $1000 price tag. Nevertheless, the uptake of the metaverse collection is evident, with 48771 ETH transactions executed being a $93.4 million trading volume.
At a floor price approximating 0.59 ETH, the ALTS Adidas collection is exchanging hands at roughly $1100 with over 320 ETH trading volume completed. Such translates to $613000 proceed.
Adidas Journey into Web3 Realizing Successful NFT Projects
Adidas’ journey into the Web3 ecosystem portrays a unique pathway and unique sporty style. The inclusion of the new style into the digital apparel tool is evident alongside the virtual style integrated into the profile picture (PFP) NFTs.
Adidas’ journey into Web3 and NFTs portrays remarkable success. The journey has brought along the sports-oriented Blue Pass. Today, Adidas has the council badge targeting 15 members advising Adidas into Web3 expansion. Previously, the global sneaker manufacturer released Raws x Adidas, an art collection.
In the past, Adidas had announced partnering with Prada, a renowned brand of Italian luxury products. The partnership targeted releasing polygon-based NFTs.
The journey to date features Adidas showcasing new styles within Decentraland introduced during the recently concluded Metaverse Fashion Week. Scrutiny of Adidas reveals the brand occupies a pole position in the NFTs, as illustrated by the Dune Analytics dashboard.