By
Chimamanda U. Martha
April 22nd, 2024
The brand hopes to showcase its unwavering commitment to taking digital art and collectibles to the next level.
Global sneaker brand Adidas is keen on expanding its metaverse presence and will be hoping to do so with its recent launch of a new ALTS by Adidas collection.
Recall that the brand’s first foray into the metaverse was in December 2021 when it launched its “Into The Metaverse” collection. At the time, Adidas claimed that holders of the NFTs would enjoy “exclusive access to collaborative merchandise and virtual land experiences throughout 2022.” However, the launch was only the beginning of what now appears to be a long-term plan for Web 3.0 and the metaverse.
Since the first collection, Adidas has gone on to partner with notable names in the space to improve its chances of succeeding at its Web 3.0 exploration. Some of the partners include popular NFT influencer gmoney, PUNKS Comic, and Bored Ape Yacht Club (BAYC). And by these partnerships, holders of its NFTs could burn their NFTs to get new ERC-1155 tokens and exclusive physical clothing items in return.
The ALTS by Adidas
Having had a good stint with its first two phases of the “Into The Metaverse” collection, Adidas is now looking to go even deeper. However, it will be doing so with its innovative ALTS by Adidas NFT collection.
According to Adidas, Holders of NFTs from the previous two phases may simply transition into the ALTS by Adidas collection by burning their NFTs. The brand also confirms that when holders burn their old NFTs, they’ll receive a new Ethereum-based NFT, incurring only gas fees. The ingenious collection features dynamic NFTs with eight different “ALT[er] egos.” That is, they are uniquely distinct in their rarity traits and storylines.
Adidas will be looking to use this approach to improve user experience. But more importantly, the brand also intends to further showcase its unwavering commitment to taking digital art and collectibles to the next level.
As of publication, the Into the Metaverse collection has a floor price of 0.75 ETH (nearly $1,400). The ALTS by Adidas collection, on the other hand, has a floor price of 0.78 ETH (nearly $1,500).