Adidas has launched its final phase of the Into The Metaverse project, introducing its latest NFTs called ‘ALTS’. While many companies have turned their backs on NFTs since the height of the crypto market in 2021, Adidas has plunged deeper into the trend.
Chapter 1 of the launch was released in April 2023, with additional functionality and improved holder benefits being rolled out over the following months. Users can initiate Phase 3 and burn Phase 1 and 2 tokens of Into The Metaverse (ITM). ALTS have dynamic user identification (PFP) that will change over time due to an interactive plot.
ALTS is an ERC-721 token, a standard that was introduced for non-fungible tokens (NFTs). Users can burn and mint tokens indefinitely in a single transaction, and no future utility will be provided for ITM Phase 1 and Phase 2 tokens if they are not burned.
The total volume of the ALTS collection is 155 ETH, estimated at market hours at over $288,000, with 7,111 people owning a piece of the collection and a floor price of 0.41 ETH. In the last seven days, there have been 108 sales of Adidas Originals ITM NFTs, with a total sales of $76,900, and an average price of $712.30.
All web3 launches from Adidas are now housed on collect.adidas.com, and users will also mint Phrase 3 here. While there are no entry fees for the final phrase, users must have NFTs for Phrase 1 or 2, and pay the gas fees in the process on the Ethereum network. The physical launches are expected to take place in New York.
