Nike and Adidas Take Notice of the Metaverse with NFT Drops

NFTs have caught everyone's attention, including now the 2 biggest apparel brands who have demonstrated their interest in virtual clothing.

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NFTs have caught everyone’s attention, including now the 2 biggest apparel brands who have demonstrated their interest in virtual clothing.

In December 2021, Adidas sold 29, 620 NFTs from its ‘Into the Metaverse’ collection within hours of making them available.

Each NFT went for 0.2 ETH which at the time came out to around $765, meaning Adidas made over $22 million from the digital tokens.

Adidas made the NFTs in partnership with Bored Ape Yacht Club, Punks Comics, and GMoney (a pseudonymous crypto enthusiast).

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SEE ALSOEXPLAINER: Debunking Non-Fungible Tokens (NFTs) and What Makes Them Valuable

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As a perk, people who bought the NFTs will be able to get a (real) tracksuit, graphic hoodie, or orange beanie in 2022 “at no additional cost.”

Adidas foray came after Nike announced it had acquired RTFKT, an organization of creators making virtual sneakers and collectibles – merging the world’s of fashion and gaming.

The gaming world is a major inspiration behind the idea of a metaverse, and RTFKT (pronounced R – ATIFAKT) drew NIKE to leverage the latest in game engines, NFTs, blockchain authentication, and augmented reality to create one of a kind virtual products and experiences. 

The fee was not disclosed but Nike said it plans to invest in and grow the RTFKT brand as it also extends Nike’s digital footprint and capabilities.

Both companies have signalled that they will be making more moves in NFTs.

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RECOMMENDED READINGLess Than 30% of Original NFTs Sold Are Profitable, Says Latest Chainalysis Report

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