Key Takeaways:
- Adidas to launch physical products in the world of Metaverse.
- Users will be able to redeem the products in four phases.
One of the largest sportswear manufacturers in the world, Adidas is all set to celebrate its partnership with NFT pioneers like money, PUNKS Comic, and Bored Ape Yacht Club by launching a limited edition digital collectible only for Metaverse users. The brand will be honoring the guidance provided by its partners and will offer NFT holders access to their exclusive physical merchandise collection and “ongoing digital utility” that will be available on their ‘Into the Metaverse’ website.
Adidas has planned a roadmap for this launch and has divided it into four phases. Throughout the year, during the specified time the holders will be able to redeem their merchandise once their token ownership gets verified.
The system involved in the process of buying physical products has been mentioned in the FAQ section of the brand. It says that the merchandise will come at the cost of the NFT of the holder. This defines the ‘Phase 1’ of the process. As soon as a user avails of the first-stage token, it will be damaged and will be replaced with a ‘Phase-2’ token. Similarly, the user will be allowed a Phase 3 ERC-1155 token and a Phase 4 ERC-721 token in the final phases. However, users will not be able to use the final phase token i.e. ERC-721 to purchase any product. In case, any user fails to make use of the redemption period their NFT remains safe.
Adidas has also added a few clarifications regarding the phasing system. First, users are not obliged to ‘phase up’ their NFTs. So, if they do not want to redeem a physical product, they can hold their token. Next, the manufacturer says that they have created the phases for “clarity on the secondary market” and the convenience of the users. And lastly, the phase numbers against each NFT will not be considered while transferring any future benefits, and the phases are significant only in the secondary market.
The brand also mentions that “Holding an ‘Into the Metaverse NFT unlocks future digital and physical benefits”, and that there are no plans of morphing or revealing any artwork as of now.
Adidas & Metaverse
Last year in early December, Adidas announced its collaboration with the creators of Bored Ape Yacht Club to step foot into the world of Metaverse. The brand also shared its new profile picture that was the result of its new collaboration. Apart from this, Adidas also partnered with Coinbase and also owns a ‘virtual block of land in The Sandbox‘.
Other Happenings
- The first NFT drop of Adidas was a huge hit. The brand managed to earn $23.5 million and sold 30,000 NFT tokens of the brand on the ‘Into the Metaverse’ platform.
- Block also reported that the NFT tokens that were created in collaboration with Bored Ape Yacht Club, Punks Comics, and GMoney were sold for 0.2 ETH each, and the company earned a revenue of 5,924 Ethereum (ETH)
The sportswear giant has been making consistent efforts to expand in Metaverse and so far all the ventures have been successful. Adidas customers are excited to receive exciting benefits from similar future endeavors of the brand.
