Adidas doubles down on NFTs despite the market downturn

Adidas has introduced the last stage of its “Into The Metaverse” project, which brings forth its “ALTS” NFTs. While some companies have distanced themselves from NFTs since the peak of the crypto market in 2021, Adidas continues to delve into this trend.

Chapter 1 of this launch was released in April 2023, and the following months will bring more functionality and enhanced holder benefits. With the ALTS NFT, users can start Phase 3, which enables them to burn Phase 1 and 2 tokens of ITM. The NFT has a dynamic user identification (PFP), which changes over time due to an interactive plot.

The ALTS token is an ERC-721 standard for non-fungible tokens (NFTs). The release of Chapter 1 is scheduled for April 11, and “The first moment that will influence your dynamic NFT will start on April 15,” as the story unfolds. Adidas has pinned New York for the physical launches.

All web3 launches from Adidas are now available on collect.adidas.com, where users can also mint Phrase 3. There are no entry fees for the final phase, but it is essential to have NFTs for Phrase 1 or 2. Additionally, users will have to pay the gas fees in the process on the Ethereum network.

Users can burn multiple tokens in one transaction, and at present, they can burn and mint tokens without any limitations. However, there will be no future utility for ITM Phase 1 and Phase 2 tokens if they are not burned.

According to OpenSea, the ALTS collection’s total volume is 155 ETH, estimated at market hours over $288,000. At press time, 7,111 people own a piece of the collection, with a floor price of 0.41 ETH.

Meanwhile, NFT Stats reports that in the last seven days, 108 Adidas Originals ITM NFTs have been sold, amounting to $76,900 in total sales. The average price of the collection is $712.30.