Adidas is doubling down on its exploration of non-fungible tokens (NFTs), despite the current bearish trend in the market. The sportswear company has announced the third and final phase of its Into The Metaverse (ITM) project, featuring the introduction of its “ALTS” NFTs on the Ethereum network. The ALTS collection has a total volume of 155 ETH, valued at over $288,000 during market hours, according to OpenSea. To participate in the final phase, users must own NFTs from Phases 1 or 2, which will lose their utility and future value if not burned.
Adidas Launches ALTS NFT Collection with Enhanced Features Chapter 1 of Phase 3 of the ITM project allows users to burn Phase 1 and 2 tokens of ITM and initiate the use of the new ALTS NFTs. These tokens have dynamic user identification, which will change over time due to an interactive plot. Adidas plans to unveil enhanced holder benefits and additional functionality in the coming months. The brand has selected New York for the physical launch events, with all of its Web3 launches hosted on collect.adidas.com. The platform also enables users to mint the third and final phase of the ITM NFT project.
Adidas Competes with Nike and Puma in the NFT Race Adidas is not alone in its exploration of Web3 initiatives and NFT sales. Nike, a leading athletic apparel competitor of Adidas, launched a new Web3 platform called ‘.Swoosh’ on Polygon last year to release its NFT products. Nike became the world’s highest-earning brand in terms of sales of NFTs last year. In February of this year, Puma announced its renewed Web3 roadmap to coincide with its 75th anniversary and introduced the debut of Super PUMA PFP NFTs. Ethereum remains the leading blockchain for NFT sales, followed by Solana, Binance Smart Chain, and Polygon, according to Crypto Slam’s rankings. ALTS currently ranks at #54 on the Crypto Slam rankings.
Adidas Pushes Forward with Web3 Initiatives Amidst Market Turmoil Despite the current bearish trend in the NFT market, Adidas is demonstrating its commitment to exploring Web3 initiatives. The final phase of the ITM project is a significant step for the sportswear company as it expands its offerings in the digital space. The company’s focus on enhancing the user experience through dynamic user identification and interactive plots shows its dedication to the long-term potential of NFTs. With the continued growth of the NFT market, it will be interesting to see how Adidas and other sportswear companies will continue to explore this new frontier of digital sales and marketing.