Adidas raises $22m in NFT sale

Adidas Originals has raised around $22 million in its latest non-fungible token (NFT) sale.

The sportwear giant’s collection of over 30,000 NFT’s sold out within minutes, at a cost of 0.2 Ethereum tokens (ETH) each, which was roughly $769 according to yesterday’s prices for the cryptocurrency.

An NFT is a unit of data stored on a digital ledger - or a blockchain - that certifies the uniqueness of a digital asset.

Adidas saved 380 virtual pieces for future events.

Owners of the NFTs will have access to special physical merchandise according to Adidas, which will become available in 2022.

The sale was hit by some technical issues which saw Adidas pause the NFT “minting” process, where the asset becomes set on the public blockchain, after around 20 minutes in.

This caused some customers to lose their “gas”, or transaction fee, from the minting process.

Adidas are not the only fashion company to enter the space in recent months, boohooMAN entered the Metaverse with the launch of its first collection of NFTs early this week.

Meanwhile, Nike last month filed several new trademark applications for ‘downloadable virtual goods.’

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