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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Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.
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Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
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