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Adidas' First NFT Drop Rakes in More Than $22 Million

All 30,000 of Adidas' NFTs were minted within hours, but there were some technical hiccups along the way.

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On Friday, Adidas managed to mint all 30,000 of its NFTs in a matter of hours. The collection ⁠— dubbed "Into the Metaverse" ⁠— was the first NFT drop ever from the company, and was a collaboration between NFT figures Gmoney, Punks Comic and Bored Ape Yacht Club. Each NFT cost 0.2 ETH (which is currently around $763), which adds up to more than $22 million from sales.

Minas Panagiotakis | Getty Images

In its FAQ, Adidas mentioned that the NFTs will have utility in both the physical and digital spaces.

"NFT pioneers gmoney, PUNKS Comic and Bored Ape Yacht Club help guide adidas Originals Into the Metaverse. The limited edition digital collectible celebrates our partnership and offers holders exclusive collaborative physical merchandise and ongoing digital utility," Adidas wrote.

Although Adidas managed to sell nearly all of its NFTs (“Adidas and partners” held on to 380 NFTs for “future events”), there were some technical difficulties along the way. Some early access holders weren't able to mint NFTs for a couple of hours because of transactional failures. However, those who lost ETH due to the difficulties will be refunded.

Adidas tweeted about some of the ways it ensured a smooth process, including the measures it took to avoid bots and educate about risks.

Related: Adidas Sells Reebok for More Than $2.4 Billion

For those who managed to mint one of Adidas' NFTs, they will also be able to access four exclusive physical products, which include a hoodie, beanie and two-piece tracksuit, at no additional cost. However, these items won't be available until 2022.

"Even with all the measures we took, it wasn’t perfect," Adidas tweeted. "But, for the first time, thousands of new adopters experienced the thrills and risks of Web3. We’ll never stop learning."

Adidas isn't the only apparel giant looking for domination in the metaverse. Earlier this month, Nike announced its acquisition of virtual sneaker and collectible company RTFKT for an undisclosed amount.

Related: Nike Gets Bullish on the Metaverse and Acquires a Digital Fashion House