Adidas Expands ‘Into The Metaverse’ Web3 Initiative with Chapter 1 of ALTS Dynamic NFTs

Adidas is not shying away from deep diving into Web3 exploration as a way to connect and engage with its younger and more tech-savvy customers. The shoes and apparel brand has announced the launch of its ALTS Dynamic NFT collection, as part of expanding its ‘Into The Metaverse' initiative that was kickstarted in 2021. Adidas is among several brands in the fashion and lifestyle industry that has established itself as an early adopter of the Web3 world.

The company, that has its global corporate headquarters in Germany, has listed over 16,000 Ethereum-built NFTs on the OpenSea NFT marketplace, with the floor price of ETH 0.75 or $1,438 (roughly Rs. 1.17 lakh).

From the looks of the NFTS on OpenSea, they depict what appears to be a person undergoing a transition atop a glowing Adidas logo.

People who purchased NFTs from Adidas' first two ‘Into The Metaverse' collection can burn their NFTs to receive a brand new NFT from the ALTS by Adidas collection. They will only be required to pay the gas fee and see their NFT evolve into a Dynamic ALTS collectible with eight different ALT[er] egos, explained a report by CoinDesk. All of the eight ALT[er] egos come with different interactive storylines and rarity quotients.

“Embarking on a new era in the Adidas Web3 journey, we are reaching the third and final phase of Into The Metaverse with ALTS by adidas: your identity and PFP (picture for proof)— an interactive storyline which will culminate with the reveal. Chapter 1 of this new adventure begins in April 2023 with further utility and enhanced holder benefits rolled out over the following months,” Adidas wrote on its OpenSea description.

At the end of Chapter 3 of this ALT Dynamic NFT series, Adidas will give a unique PFP loaded with multiple trait combinations as well as a rarity rank.

Adidas tweeted more information about this ‘evolving NFTs' collection via the Twitter handle of Indico Herz, which is actually an NFT itself. Adidas bought BAYC #8774, also named Indigo Herz in September 2022 for ETH 46 ETH — which as per ETH's current pricing amounts to $88,236 (roughly Rs. 72 lakh).

Presently, ALTS by Adidas #3424 has been purchased for the highest so far price of ETH 0.780 or $1,495 (roughly Rs. 1.22 lakh) on OpenSea. The collection has already roped in over 9,000 owners with 56 percent unique owners.      

NFT sales reportedly rose by a massive 117 percent in February 2023. Around March, the valuation of the global NFT market climbed to its nine-month high since June last year to over $2 billion (roughly Rs. 17,200 crore).

A new research report claims that the utility of NFTs in the Web3 world is the top reason why tech-savvy investors are turning their attention towards buying digital collectibles. The second most major reason why NFTs appeal to the buyers is the element of long-term profits that they hold.