Adidas Unveils the Final Phase of Its NLTS NFT Project Into The Metaverse’
Adidas has unveiled the final phase of its Into the Metaverse NFT project. The tokens feature an introduction of its ‘ALTS’ NFTs hosted on the Ethereum network.
Yesterday, Adidas released Chapter 1 which is also referred to as Phase 3. The brand is also planning to release enhanced holder benefits and additional functionality in the next few months.
The Adidas ‘ALTS’ NFTs Initiative
The final phase of Adidas’ Into The Metaverse project will enable holders to burn Phase 1 and Phase 2 tokens of Into The Metaverse to launch the use of the new ALTS NFTs.
The Adidas tokens have dynamic user identification and this will be changing over time according to an interactive plot.
The launch date was confirmed by the official account Indigo Herz with the first moment which affects the dynamic NFTs set to occur on April 15. The physical launch events for the tokens will take place in New York.
🫀 What is ALTS by adidas?
Your identity/PFP – a dynamic NFT which will evolve over time through an interactive storyline.
🎬 Chapter 1 releases April 11. 48 hours left.
🧨 The story will progressively unfold in the next few days and carry through April. The first moment that… pic.twitter.com/0BcMxPFR6N
— Indigo Herz (@indigo_herz) April 9, 2023
Adidas announced that all the Web 3 launches will be hosted on collect.adidas.com. Through this platform, users will be able to mint the third and final phase of Into the Metaverse NFT project.
To participate in this final phase, users must own NFTs from both Phase 1 and Phase 2. There are no entry fees for participants.
Users are even able to burn multiple tokens in one transaction. At the moment, users are able to mint and burn tokens limitlessly. With the ITM Phase and Phase 2, tokens lose their utility and future unless they are burned.
The total volume of the ALTS collection is 155 ETH worth more than $288,000 in the market, according to OpenSea. Some 7,111 users have invested in the token collection so far. The minimum price is 0.41ETH.
NFT Stats shows there have been 108 token sales of the Adidas Originals ITM NFTs so far. The total sales value of this is $76,900. During this time, the average price of the collection was $712.30.
Adidas isn’t the only sportswear brand to take a Web 3 plunge. Last year, its main competitor, Nike, launched a web 3 platform dubbed .Swoosh on Polygon where it releases its NFT products. That launch transformed Nike into the world’s top-grossing brands in NFT sales in 2022.
Puma also unveiled a renewed Web 3 roadmap in February this year which coincided with its 75th anniversary that saw it debuting the Super PUMA PFP NFTs.
A lot of mainstream brands are increasingly exploring Web 3. The Ethereum blockchain still leads in NFT sales. It is followed by Solana, Binance Smart Chain and Polygon. Ethereum is currently doing more than $10 million in NFT sales daily. According to Crypto Slam rankings, Adidas’ ALTS is ranked #54.