Adidas is launching its Non-Fungible Token (NFT) collection named ‘Into the Metaverse’ on December 17 as the global apparel brand looks to extend its foothold in the NFT space.
Buyers of the Adidas NFT will be well-positioned to gain access to exclusive physical and virtual merchandise drops. The company's plans for NFT holders will gradually unveil, and the community pulled together through the NFT drop will also be vital in shaping the future value given to the NFT holders.
“Adidas is in the metaverse,” said Tareq Nazlawy, Adidas’ senior director of digital growth, “We want to figure out what would be the dopest thing to do in that space and start involving the communities we’re activating through this [NFT] in how we should manifest in the virtual world.”
Adidas’ foray into the NFT space has been very definitive this year as the company acquired a Bored Ape Yacht Club (BAYC) which it renamed Indigo Hertz. The partnership with BAYC serves as a springboard for additional collaborations with big players in the NFT space including GMoney and Punks Comic. These three players will be featured in an Adidas tracksuit with their brand images imprinted on the suit.
“There will be other experiences we’re putting together,” Erika Wykes-Sneyd, VP of marketing for Adidas Originals, told The Verge. “The intent is this thing, this NFT, you belong to a community, and we continue to add value to that over time, and it’s gonna also evolve with what we’re learning about the community and how they’re changing and evolving.”
Based on the current hype in the NFT and metaverse ecosystems, the Adidas drop is bound to see a wide embrace amongst collectors. Adidas has shielded some key details about this drop citing necessary “security protocols.” Users lucky enough to take part in the drop will have to prepare a purchase fee of 0.2 ETH, plus other necessary network charges to outcompete other buyers.
Last month, Adidas launched digital tokens which will offer holders early access to the NFT drop.