Home NFTs Adidas ramps up NFT strategy amid a bearish trend

Adidas ramps up NFT strategy amid a bearish trend

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Adidas has announced the final stages of its Into The Metaverse initiative. It features the introduction of the “ALTS” NFT on the Ethereum network.

On April 11th, the brand will release Chapter 1, also known as Phase 3, announcing enhanced owner benefits and additional features in the coming months.

adidas “ATLS” NFT initiative

The final stages of Adidas’ Into The Metaverse project allow Users write ITM Phase 1 and 2 tokens to start using their new ALTS NFTs. These tokens have dynamic user IDs and change over time with interactive plots.

Bored Ape Yacht Club (BAYC) character Indigo Hertz official account. Confirmed We announced the launch date, revealing that the first moment to impact dynamic NFTs will occur on April 15th. Adidas chose New York for its physical launch event.

Adidas has emphasized that all of its Web3 launches will be hosted at collect.adidas.com. The platform will also allow users to create the third and final phase of their Into The Metaverse NFT project.

To participate in the final phase, you must own a Phase 1 or 2 NFT, but entry is free.

A user can burn multiple tokens in a single transaction. Users can now burn and mint unlimited tokens. However, ITM Phase 1 and Phase 2 tokens will lose their usefulness and future value if not burned.

The total amount of the ALTS collection is 155 ETH, worth over $288,000 during market hours. high seasCurrently, 7,111 individuals have invested in this collection and the lowest price is 0.41 ETH.

Source: OpenSea

according to NFT statisticsAt , 108 Adidas Originals ITM NFTs sold last week for a total sale of $76,900. The average price for the collection during this period was $712.30.

NFT racing

Last year, Adidas’ main athletic apparel rival, Nike, also launched a new Web3 platform called “.Swoosh” with Polygon, and its NFT productsAs a result, Nike last year became the world’s highest-grossing brand in terms of non-fungible token (NFT) sales.

In February of this year, another sportswear company, Puma, announced Web3 Roadmap updated for its 75th anniversary. The company also announced the debut of the Super PUMA PFP NFT.

Adidas is one of many merchants considering the Web3 initiative. Ethereum remains the leading blockchain when it comes to NFT sales, followed by Solana, Binance Smart Chain and Polygon. Crypto Slam RankingEthereum recorded a 16% increase in volume to $14.4 million in the last 24 hours.

ALTS is currently ranked 54th in the Crypto Slam ranking.

The post of Adidas beefing up its NFT strategy amid a bearish trend first appeared on CryptoSlate.

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