The topic of NFTs has been running hot on the internet and companies are noticing. Big corporations such as the NBA, Taco Bell, Coca Cola were early and began to dabble in the concept. Since then it has become much more mainstream with many brands following suit, including clothing companies.
Adidas decided to partner up with some of the biggest names in the NFT-landscape; Bored Ape Yacht Club, Punks Comics, and GMoney. Together they launched the project “into the Metaverse”. This gave early access to holders of BAYC (bored ape yacht club) GMoney tokens, Mutant Ape Yacht Club NFTs, and Pixel Vault NFTs.
The Metaverse concept and product have closely followed the NFT boom. Services and games have harnessed new technologies to bring new experiences to customers and users, taking the ‘real-life’ to a new level within digital platforms. For instance, live casinos allow users to see a human table dealer – suited in their casino-best – and interact with them thanks to chatrooms and livestreaming hardware and software. Indeed, recognition software can translate physical cards into digital versions so players at home or on-the-go can have the experience of being treated as if they were in a real-casino, seamlessly.
The Metaverse, then, is in this vein, and being able to express yourself through fashion and art is an expectation for users.
Photo by Jason Blackeye on Unsplash
Adidas Project Launch
As the project went live on Friday, December 17th significant anticipation and hype was already built up around the project. Adidas and their partner’s NFT project consisted of a total of 30,000 NFTs. Just within hours of being launched the project was completely minted with an exception of 380 NFTs that Adidas and the partners decided to hold at their own discretion. These are “held for future events”.
The mint for each NFT was 0.2 Ethereum, which at the time of the launch was worth approximately $765. As you can imagine the project was a massive success and the conglomerate behind the “into the Metaverse” netted roughly $22 million. This is a considerable amount of money that has initiated a new NFT talk, but now even more big corporations are starting to pay attention.
With the launch of the “into the metaverse” project, Adidas have taken big steps towards the digital world and proven that NFTs hold some legitimacy even among non-crypto-related companies. With many companies making note of these we can certainly expect some more big projects going forward.
Photo by Pawel Czerwinski on Unsplash
NFT and Clothing
The NFT market is being built on the idea of hype, culture builds and creates communities and subcultures. It displays a lot of similarities to some of the biggest fashion brands in the traditional market today. This specifically pertains well to the clothing industry which has a strong cultural footing. Brands such as Nike, Supreme, Jordan brand, Louis Vuitton and more are primed for what the NFT landscape has to offer.
These and other similar brands already have the right prerequisites to launch successful NFT projects. The culture within these brands already exists on social media. Pushing these communities over to the NFT world wouldn’t be much of a stretch, all it would take is a nudge.
Furthermore, enthusiasts of these brands are already showing how they are willing to pay premiums for exclusive and limited drops of clothing. We have many common examples of Air Jordan Travis Scott’s Edition, various exclusive Supreme drops, limited Louis Vuttion purses and more. This exclusivity factor resonates well with the NFT space – it’s virtually the same thing, but in a digital format.
Concluding Remarks
The NFT space is still new and incredibly exciting for several reasons. The concept is so new that we haven’t even begun to scratch the surface of its potential. We can already see how early adopters are being handsomely rewarded. How this hype will translate for lifestyle breeds into the Metaverse in the future is something we just have to observe as it’s happening.
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