Adidas has announced the final phase of its Into The Metaverse initiative, which features the introduction of its ‘ALTS’ NFTs on the Ethereum network.
On April 11, the brand will release Chapter 1, also known as Phase 3, with plans to unveil enhanced holder benefits and additional functionality in the coming months.
Initiative of Adidas ‘ATLS’ NFTs
The final phase of Adidas’ Into The Metaverse 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.
The official account based on the Bored Ape Yacht Club (BAYC) character, Indigo Herz, confirmed the launch date and revealed that the first moment affecting the dynamic NFTs would occur on April 15. Adidas has selected New York for the physical launch events.
Adidas highlighted that all of its Web3 launches would be hosted on collect.adidas.com. This platform will also enable users to mint the third and final phase of the Into The Metaverse NFT project.
Owning NFTs from Phases 1 or 2 is required for participating in the final phase, even though there are no entry fees.
Users have the option to burn multiple tokens in a single transaction. Currently, users can burn and mint tokens without any limit. However, ITM Phase 1 and Phase 2 tokens will lose their utility and future value if not burned.
The ALTS collection has a total volume of 155 ETH, valued at over $288,000 during market hours, according to OpenSea. Currently, 7,111 individuals have invested in the collection, with a minimum price of 0.41 ETH.
According to NFT Stats, the past week has seen 108 sales of Adidas Originals ITM NFTs, with a total sales value of $76,900. The collection’s average price during this period was $712.30.
The NFT race
Last year, Nike, a leading athletic apparel competitor of Adidas, also launched a new Web3 platform called ‘.Swoosh’ on Polygon to release its NFT products. As a result, Nike became the world’s highest-earning brand in terms of sales of non-fungible tokens (NFTs) last year.
In February of this year, Puma, another sportswear company, announced its renewed Web3 roadmap to coincide with its 75th anniversary. The company also introduced the debut of Super PUMA PFP NFTs.
Adidas is one of the many merchants exploring Web3 initiatives. As for NFT sales, Ethereum remains the leading blockchain, followed by Solana, Binance Smart Chain, and Polygon, according to Crypto Slam’s rankings. Ethereum recorded a volume of $14.4 million, up 16% in the last 24 hours.
ALTS currently ranks at #54 on the Crypto Slam rankings.
The post Adidas ramps up NFT strategy amid a bearish trend appeared first on CryptoSlate.
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