The Morning After: Adidas’ first NFT drop made $23 million

by Shivendra Singh · December 20, 2021

If you’ve started to generally understand the ebbs and flows of cryptocurrencies, the volatility of Bitcoin and the rest, and started to comprehend why blockchain tech has a big future beyond Dogecoin, well, it probably means you’re late to the NFT party. Non-fungible tokens are, well, unique. (That’s what non-fungible means.) They’re sort of like a digital trading card in a lot of ways.

These digital goods are shaking up the art world, sports collectibles and many other fields. And you’re late to the party because, well, Adidas is making bank, and Nike is chasing the NFT bucks as well. (We have a deeper dive on NFTs right here.)

Over the weekend, Adidas’ first NFT effort made over $23 million in Ethereum, from a $15.5 million Early Access phase and $7.5 million in general sales. It wasn’t entirely smooth sailing — Adidas had to halt early transactions due to a technical hitch. It did, however, prove there’s an audience for NFT collaborations, starting with this partnership with Bored Ape Yacht Club (an existing collection of Bored Ape NFTs).

https://www.engadget.com/adidas-nft-drop-earnings-165112219.html

— Mat Smith