Last December 17, adidas Originals ventured into the Metaverse with its debut NFT collection that sold out almost immediately.
Titled into the Metaverse, the project was launched by Bored Ape Yacht Club, gmoney, and PUNKS. The sale generated over $23 million USD in revenue (6,000 ETH) according to Cryptobriefing, owing to 30,000 NFTs priced at 0.2 ETH each. Each NFT purchase delivered virtual event access in the Metaverse as well as physical merchandise including a hoodie and tracksuit.
The NFT collection is an extension of adidas’ ongoing experimentation with blockchain technology, which includes collaborations with Parley for the Oceans to raise awareness about ocean plastic pollution and G-Star RAW to develop blockchain-based supply chains.
“As the adidas Group continues to innovate and offer new products, we are excited to unveil our latest milestone in the world of fashion, set within a gaming experience by incorporating cutting-edge AR/VR technology with blockchain to strengthen user engagement and elevate virtual experiences for brands,” says Kim O’Donnal, adidas Group’s VP of Digital.
Adidas isn’t the only fashion company making waves in the crypto-fashion industry either. Earlier this month, Gucci announced that it would be accepting crypto payment for luxury products on its website. This announcement followed news that it will be collaborating with digital asset wallet app Yeezy, which makes it possible for customers to buy items using cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) through their mobile app.Crypto-fashion is set to become a major industry in the coming years as fashion companies look for novel ways to engage with their customers and tap into new revenue streams. This is evidenced by the fact that Fashion 2040, a blockchain initiative which focuses on Fashion Metrics such as carbon footprint and water waste in the fashion industry, has partnered with Microsoft Azure for high-profile events like Blockchain Summit Singapore and BlockShow Europe 2019 in order to generate awareness about the potential of blockchain in fashion.