{"id":316131,"date":"2023-04-10T17:29:00","date_gmt":"2023-04-10T16:29:00","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=316131"},"modified":"2023-04-10T17:29:00","modified_gmt":"2023-04-10T16:29:00","slug":"adidas-ramps-up-nft-strategy-amid-a-bearish-trend","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/adidas-ramps-up-nft-strategy-amid-a-bearish-trend\/","title":{"rendered":"Adidas ramps up NFT strategy amid a bearish trend"},"content":{"rendered":"<div class=\"group w-full text-gray-800 dark:text-gray-100 border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654]\">\n<div class=\"text-base gap-4 md:gap-6 md:max-w-2xl lg:max-w-xl xl:max-w-3xl p-4 md:py-6 flex lg:px-0 m-auto\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex flex-grow flex-col gap-3\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>Adidas has announced the final phase of its Into The Metaverse initiative, which features the introduction of its &#8216;ALTS' NFTs on the Ethereum network.<\/p>\n<p>On April 11, the brand will release Chapter 1, also known as Phase 3, with plans to unveil enhanced holder benefits and additional functionality in the coming months.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"flex justify-between lg:block\">\n<h2 class=\"text-gray-400 flex self-end lg:self-center justify-center mt-2 gap-2 md:gap-3 lg:gap-1 lg:absolute lg:top-0 lg:translate-x-full lg:right-0 lg:mt-0 lg:pl-2 visible\">Initiative of Adidas &#8216;ATLS' NFTs<\/h2>\n<div class=\"group w-full text-gray-800 dark:text-gray-100 border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654]\">\n<div class=\"text-base gap-4 md:gap-6 md:max-w-2xl lg:max-w-xl xl:max-w-3xl p-4 md:py-6 flex lg:px-0 m-auto\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex flex-grow flex-col gap-3\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>The final phase of Adidas' Into The Metaverse project <a href=\"https:\/\/collect.adidas.com\/\" target=\"_blank\" rel=\"noopener\">allows<\/a> users to burn Phase 1 and 2 tokens of ITM and initiate the use of the new ALTS NFTs. These tokens have dynamic user identification, which will change over time due to an interactive plot.<\/p>\n<div class=\"group w-full text-gray-800 dark:text-gray-100 border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654]\">\n<div class=\"text-base gap-4 md:gap-6 md:max-w-2xl lg:max-w-xl xl:max-w-3xl p-4 md:py-6 flex lg:px-0 m-auto\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex flex-grow flex-col gap-3\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>The official account based on the Bored Ape Yacht Club (BAYC) character, Indigo Herz, <a href=\"https:\/\/twitter.com\/indigo_herz\/status\/1645109671357820929\">confirmed<\/a> the launch date and revealed that the first moment affecting the dynamic NFTs would occur on April 15. Adidas has selected New York for the physical launch events.<\/p>\n<div class=\"group w-full text-gray-800 dark:text-gray-100 border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654]\">\n<div class=\"text-base gap-4 md:gap-6 md:max-w-2xl lg:max-w-xl xl:max-w-3xl p-4 md:py-6 flex lg:px-0 m-auto\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex flex-grow flex-col gap-3\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>Adidas highlighted that all of its Web3 launches would be hosted on collect.adidas.com. This platform will also enable users to mint the third and final phase of the Into The Metaverse NFT project.<\/p>\n<p>Owning NFTs from Phases 1 or 2 is required for participating in the final phase, even though there are no entry fees.<\/p>\n<p>Users have the option to burn multiple tokens in a single transaction. Currently, users can burn and mint tokens without any limit. However, ITM Phase 1 and Phase 2 tokens will lose their utility and future value if not burned.<\/p>\n<p>The ALTS collection has a total volume of 155 ETH, valued at over $288,000 during market hours, according to <a href=\"https:\/\/opensea.io\/collection\/alts-by-adidas\/activity?search%5beventTypes%5d%5b0%5d=AUCTION_CREATED\">OpenSea<\/a>. Currently, 7,111 individuals have invested in the collection, with a minimum price of 0.41 ETH.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"flex justify-between lg:block\">\n<div class=\"text-gray-400 flex self-end lg:self-center justify-center mt-2 gap-2 md:gap-3 lg:gap-1 lg:absolute lg:top-0 lg:translate-x-full lg:right-0 lg:mt-0 lg:pl-2 visible\">\n<figure id=\"attachment_316155\" aria-describedby=\"caption-attachment-316155\" style=\"width: 842px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-316155 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-10-091211.jpg.optimal.jpg\" alt=\"NFTs\" width=\"842\" height=\"333\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-10-091211.jpg.optimal.jpg 842w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-10-091211.jpg.optimal-300x119.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-10-091211.jpg.optimal-768x304.jpg 768w\" sizes=\"(max-width: 842px) 100vw, 842px\" \/><figcaption id=\"caption-attachment-316155\" class=\"wp-caption-text\">Source: OpenSea<\/figcaption><\/figure>\n<div class=\"group w-full text-gray-800 dark:text-gray-100 border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654]\">\n<div class=\"text-base gap-4 md:gap-6 md:max-w-2xl lg:max-w-xl xl:max-w-3xl p-4 md:py-6 flex lg:px-0 m-auto\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex flex-grow flex-col gap-3\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>According to <a href=\"https:\/\/www.nft-stats.com\/collection\/adidasoriginals\">NFT Stats<\/a>, the past week has seen 108 sales of Adidas Originals ITM NFTs, with a total sales value of $76,900. The collection's average price during this period was $712.30.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2>The NFT race<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"flex justify-between lg:block\">\n<div class=\"text-gray-400 flex self-end lg:self-center justify-center mt-2 gap-2 md:gap-3 lg:gap-1 lg:absolute lg:top-0 lg:translate-x-full lg:right-0 lg:mt-0 lg:pl-2 visible\">\n<p>Last year, Nike, a leading athletic apparel competitor of Adidas, also launched a new Web3 platform called &#8216;.Swoosh' on Polygon to release its <a href=\"https:\/\/twitter.com\/i\/web\/status\/1561630116035305474\">NFT products<\/a>. As a result, Nike became the world's highest-earning brand in terms of sales of non-fungible tokens (NFTs) last year.<\/p>\n<p>In February of this year, Puma, another sportswear company, <a href=\"https:\/\/www.forbes.com\/sites\/stephaniehirschmiller\/2023\/02\/14\/why-puma-is-launching-nft-pfps-with-10ktf\/?sh=266d12e26747\">announced<\/a> its renewed Web3 roadmap to coincide with its 75th anniversary. The company also introduced the debut of Super PUMA PFP NFTs.<\/p>\n<div class=\"group w-full text-gray-800 dark:text-gray-100 border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654]\">\n<div class=\"text-base gap-4 md:gap-6 md:max-w-2xl lg:max-w-xl xl:max-w-3xl p-4 md:py-6 flex lg:px-0 m-auto\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex flex-grow flex-col gap-3\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>Adidas is one of the many merchants exploring Web3 initiatives. As for NFT sales, Ethereum remains the leading blockchain, followed by Solana, Binance Smart Chain, and Polygon, according to <a href=\"https:\/\/www.cryptoslam.io\/\">Crypto Slam's rankings<\/a>. Ethereum recorded a volume of $14.4 million, up 16% in the last 24 hours.<\/p>\n<p>ALTS currently ranks at #54 on the Crypto Slam rankings.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Adidas has announced the final phase of its Into The Metaverse initiative, which features the introduction of its &#8216;ALTS&#8217; NFTs on the Ethereum network. On April 11, the brand will release Chapter 1, also known as Phase 3, with plans to unveil enhanced holder benefits and additional functionality in the coming months. Initiative of Adidas [&hellip;]<\/p>\n","protected":false},"author":1411,"featured_media":316160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76232],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Adidas ramps up NFT strategy amid a bearish trend<\/title>\n<meta name=\"description\" content=\"Adidas highlighted that all of its Web3 launches would be hosted on collect.adidas.com.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/adidas-ramps-up-nft-strategy-amid-a-bearish-trend\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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