Adidas Originals nets $23 million after closing its first NFT drop

The German sportswear brand Adidas Originals earned 5,924 ETH, or $23.5 million, from its collaborative “Into the Metaverse” drop with Bored Ape Yacht Club (BAYC), the non-fungible token (NFT) collector gmoney and the crypto-focused media group PUNKS Comic.

Adidas Originals began its Early Access minting stage on December 17, in which holders of an Adidas Originals proof-of-attendance protocol (“POAP,” which are given to attendees of virtual or physical events), gmoney POAP, a BAYC or Mutant Ape Yacht Club NFT or a Pixel Wallet NFT gained entry. The Early Access stage minted 20,000 NFTs for 0.2 ETH — $15.5 million — and finished a little after 5pm ET. 

Those without these assets could still mint one of the 9,620 “Into the Metaverse” NFTs in a general sale beginning at 6pm ET. Upon completion, that added about $7.5 million to the total mint earnings. Adidas Originals and its partners are holding 380 NFTs for future events. 

As The Block previously reported, Adidas Originals paused its Early Access mint soon after its launch due to an issue with Mutant Ape Yacht Club. The brand assured users that those with failed transactions will be able to mint once the sale resumes and that they’ll cover the cost of lost gas fees.