Adidas, a renowned sports brand, has recently unveiled the third and final phase of its groundbreaking Into The Metaverse (ITM) project, featuring its unique ALTS NFT collection.
Despite the ups and downs of the crypto market in 2021, Adidas remains at the forefront of NFT offerings, pushing the boundaries of what’s possible in the metaverse.
Phase 3 of the ITM project, which has been eagerly anticipated by NFT enthusiasts, allows users to burn their Phase 1 and 2 tokens to mint ALTS NFTs. These tokens are built on the ERC-721 standard, designed specifically for NFTs, and offer a fresh and engaging approach to the market.
🔴Welcome to Rift Valley Motel – my path has led me here, has yours?
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Connect your wallet at https://t.co/v8ecmZu7Lc to burn your Phase 2 NFT and mint into ALTS by adidas🫀
🌬Change is here, Episode 1 dropping April 2023. New York. pic.twitter.com/rMYF6Kguat
— ALTS by adidas (@altsbyadidas) March 25, 2023
Exciting Features of ALTS NFTs
ALTS NFTs feature a unique user identification (PFP) that evolves over time, influenced by an interactive narrative. The official account, featuring the BAYC character Indigo Herz, has confirmed that Chapter 1 of the narrative will be launched on April 11, with the first event that will influence the dynamic NFTs set to commence on April 15.
The physical launches for ALTS NFTs will take place in New York City, adding to the excitement and exclusivity of this unique collection.
Adidas’ Centralized Web3 Platform for ALTS NFTs
Adidas has designated collect.adidas.com as the centralized platform for all Web3 launches, including Phase 3 of the ITM project. Users can mint their Phase 3 tokens on this platform, although possession of NFTs from Phases 1 or 2 is required for entry.
While there are no entry fees for the final phase, users must cover the gas fees associated with the Ethereum network.
Limited Time for Burning and Minting Tokens
Users can currently burn and mint tokens without any limitations. However, it’s important to note that Phase 1 and Phase 2 tokens of the ITM project will lose their future utility if they remain unburned, making it essential for holders to take advantage of the opportunity while it lasts.
Growing Popularity of ALTS Collection
The ALTS collection has quickly gained widespread popularity, with a total trading volume of over 160 ETH, equivalent to over $295,000 during market hours, as reported by OpenSea. As of now, 7,231 individuals hold a share of the collection, with a floor price of 0.43 ETH.
NFT Stats also recorded 127 sales of Adidas Originals ITM NFTs in the past seven days, reaching a total sales value of $91,000, with an average price of $717, showcasing the strong demand for this unique collection.
Competition in the Web3 Space
Adidas is not the only athletic apparel company embracing Web3 platforms and NFT collections. Rival brand Nike launched its ‘.Swoosh’ platform on Polygon last year, becoming the highest-earning brand globally in terms of NFT sales. Puma also joined the Web3 space, debuting the Super PUMA PFP NFT collection as part of its 75th-anniversary roadmap.
As more companies, including Adidas, continue to explore the possibilities of Web3, Ethereum remains the leading blockchain for NFT sales volume, followed by Solana, BNB, and Polygon, as per rankings by Crypto Slam.
ALTS NFTs
Adidas has been actively involved in the world of NFTs, and the ALTS collection is just the beginning. With plans for further utility and enhanced holder benefits in the coming months, the future for ALTS NFTs looks promising.
As collectors and enthusiasts eagerly await new developments and opportunities, Adidas’ continued push into the Web3 space is sure to bring excitement and innovation to the world
of NFTs. The burn and mint feature introduced in Phase 3 of the ITM project adds a unique dynamic to the collection, allowing users to evolve their PFP based on an interactive narrative.
This gamified approach adds a layer of engagement and creativity for ALTS NFT holders, making it an appealing choice for collectors looking for something different.
As ALTS NFTs gain popularity and value, the competition among athletic apparel brands in the Web3 space continues to grow. Adidas faces competition from other major players like Nike and Puma, who have also ventured into the NFT market with their own collections.
This competition is driving innovation and creativity, with each brand striving to offer unique and compelling NFT collections to their fans.
Ethereum remains the leading blockchain for NFTs, and Adidas’ choice to build the ALTS collection on the ERC-721 token standard demonstrates its commitment to leveraging the power of Ethereum in the NFT market.
This provides a solid foundation for the future of ALTS NFTs, as Ethereum continues to be the preferred blockchain for NFT sales and trading.
Looking ahead, Adidas has plans to further enhance the utility and benefits for ALTS NFT holders. This may include exclusive access to events, experiences, and merchandise, creating a sense of community and ownership for the holders.
The innovative and dynamic approach of Adidas in the Web3 space sets the stage for an exciting future for ALTS NFTs, with new developments and opportunities on the horizon.
Conclusion
Adidas’ foray into the NFT market with the ALTS collection has opened up exciting possibilities for the future. With Phase 3 now live and plans for further utility and benefits for holders, ALTS NFTs are gaining popularity and value in the NFT market.
As competition among athletic apparel brands in the Web3 space heats up, Adidas is leading the way with its innovative approach, leveraging the power of Ethereum and offering unique features to their NFT holders.
The future for ALTS NFTs looks promising, with continued growth, creativity, and innovation on the horizon.
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