Adidas Originals Has Put a Halt to its NFT Mint Collaboration

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Key Takeaways:

  • Adidas Originals has put a halt to its NFT mint collaboration.
  • Adidas Originals had sold 9,255 of the 30,000 available NFTs before the outage, giving them 1,851 ETH (about $7.2 million).
  • The corporation will have made almost $23 million when the mint closes.
Adidas Originals Has Put A Halt To Its Nft Mint Collaboration
Adidas Originals Has Put a Halt to its NFT Mint Collaboration

From its collaborative “Into the Metaverse” drop with Bored Ape Yacht Club (BAYC), the non-fungible token (NFT) collector gmoney, and the crypto-focused media firm PUNKS Comic, Adidas Originals received 5,924 ETH, or $23.5 million.

Holders of an Adidas Originals proof-of-attendance protocol (“POAP,” which are handed to virtual or physical events), gmoney POAP, a BAYC or Mutant Ape Yacht Club NFT, or a Pixel Wallet NFT obtained admission to the Early Access minting stage on December 17.

“Early access is not closed, but minting has been paused while the developers investigate issues with Mutant Ape Yacht Club not being able to mint. We will update you as soon as we can,” tweeted by Adidas originals.

Before the interruption, Adidas Originals had sold 9,255 of the 30,000 available NFTs, netting them 1,851 ETH (approximately $7.2 million). The company will have made roughly $23 million when the mint closes. Adidas did not react in time to a request for clarification on whether the mint’s revenues will be held in ETH or converted to fiat money.

380 NFTs are being held by Adidas Originals and its partners for future events.

Adidas Originals’ Early Access mint was delayed shortly after its launch, as The Block previously reported, due to a difficulty with Mutant Ape Yacht Club. However, users with unsuccessful transactions will mint once the sale resumes, and the business has promised to pay the cost of delayed gas expenses.

“We’re working hard to resume the Early Access mint. Everyone with failed transactions will be able to mint after the sale resumes. And for those of you who lost gas fees, we are gathering your details and will reimburse you. Thanks for bearing with us,” the company claimed.

For the NFT release, Adidas Originals teamed up with the popular NFT collection Bored Ape Yacht Club, NFT collector gmoney, and crypto-focused media firm PUNKS Comic.

The four partners provide tangible items and upcoming metaverse events to owners of these NFTs at no additional cost.

It’s unclear whether Adidas plans to release more NFTs in the future, but the company teases that “this is just the beginning” on its website. Given how quickly the first batch sold out — and how much money Adidas gained in a matter of hours.

It’s unlikely that this will be Adidas’ only NFT offering, and it will almost surely want to compete with archrival Nike, which just purchased a virtual shoe and NFT firm.

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Aadrika Sharma

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