Published on: 17/11/2022
Adidas Originals releases NFT wearables Collection
Adidas Originals recently debuted Virtual Gear, the company’s first digital fashion collection, which will be available as NFTs. This new selection is part of the Adidas Capsule Collection.
Adidas Originals refers to Virtual Gear as an interoperable product, which is the next step of their Into the Metaverse strategy. The collection comprises eight silhouettes in 16 jacket variations, with the community deciding the rarities. The limited collection includes the “P.F.D – Personal Flotation Device,” a reflective red and green puffer coat, and “SPACE CRYSTAL,” a translucent, crystal-like hoody with the Adidas logo.
The collection features three limited-edition creator-driven clothing, each chosen to represent the stylistic flair of the Bored Ape Yacht Club (BAYC), Gmoney and Punks Comics, as part of the brand’s active cooperation with its Web3 partners.
“Adidas will explore every viable utility, platform, and experience within Web3 to unlock new possibilities for our wearables, with a focus on tangible value and immutable utility for our community members,” Adidas Three Stripes Studio VP Erika Wykes-Sneyd said.
Holders of the Adidas Originals capsule NFT collection, distributed via airdrop in May, were randomly assigned the items. Holders must burn their “Adidas Capsule Collection” capsules to reveal the Virtual Gear. Those who still need an Adidas Originals capsule NFT can only buy one from holders who have opted to sell their NFT. The pieces are designed to be worn by virtual avatars and are compatible even with projects that are currently being developed.
“As a brand, adidas has always been about exploring the edges of creativity and pushing the boundaries to find what’s beyond. Web3 offers our designers and collaborators a new outlet to imagine, and reimagine, how our brand can be represented in augmented and virtual worlds,” Adidas Originals creative direction SVP Nic Galway said.
Adidas’ journey to the virtual world
It has been one year since Adidas first ventured into the metaverse in December 2021. The brand issued 30,000 licensed Adidas Originals NFTs as part of its initial Web3 pledge.
Wykes-Sneyd said Adidas started its metaverse exploration by establishing a metaverse working group where anyone within the company could participate and contribute. Each step of the journey brought the platform closer to selling merchandise, virtual wearables and tokens via Web3 channels.
The company intends to generate secondary revenue from merchandise by including an NFT with each item purchased. The NFT’s blockchain records the transaction when holders resell their pairs of Adidas shoes. That blockchain will produce an agreement that gives Adidas a cut of the secondary sales.
Adidas has successfully launched an NFT collection of physical and digital products — revealed through comic books and created in collaboration with BAYC, Gmoney and Punks Comics — which sold out in hours and earned Adidas more than $23 million.
Members of its drop app got first dibs on the Into the Metaverse NFTs. According to a recent data aggregation, Adidas is one of the top brands among branded NFTs. As of August, Adidas had more than $11 million in revenue. The platform earned more than $176 million in secondary sales, surpassing all other branded NFT offerings.