Adidas Launches Final Phase of Into The Metaverse with ALTS NFTs

Adidas has revealed the third and final stage of its Into The Metaverse project, introducing its 'ALTS' NFTs. Many companies that began offering NFTs during the crypto market peak in 2021 have since distanced themselves from the sector.

In April 2023, the sports brand unveiled Chapter 1 of the launch, with more features and enhanced holder benefits to be introduced in the following months.

The ALTS Evolution by Adidas

Users can now activate Phase 3 and burn Phase 1 and 2 tokens of Into The Metaverse (ITM). According to the details, ALTS features a dynamic user profile picture (PFP) that will evolve over time due to an interactive storyline.

ALTS is an ERC-721 token, a standard created for non-fungible tokens (NFTs).

The official account for the BAYC character, Indigo Herz, confirmed that Chapter 1 would launch on April 11. As the narrative unfolds, "The first moment that will influence your dynamic NFT will begin on April 15." Adidas has chosen New York for the physical launches.

All Adidas web3 launches are now hosted on collect.adidas.com, according to the company. Users will also mint Phase 3 here. While there are no entry fees for the final phase, owning NFTs for Phase 1 or 2 is required. Additionally, users will need to cover the gas fees on the Ethereum network.

Users can burn multiple tokens in a single transaction. For now, users can burn and mint tokens without limits. However, if ITM Phase 1 and Phase 2 tokens are not burned, they will not receive any future utility.

OpenSea reports that the ALTS collection's total volume is 155 ETH, worth over $288,000 at market hours. At the time of writing, 7,111 individuals owned a piece of the collection, with a floor price of 0.41 ETH.

In the past week, NFT Stats recorded 108 sales of Adidas Originals ITM NFTs. The collection's total sales amounted to $76,900, with an average price of $712.30 per item.

NFT Competition Continues

Nike, an athletic apparel competitor, also launched a new Web3 platform last year. Nike introduced '.Swoosh' on Polygon for its NFT offerings. The iconic American brand led the world in NFT sales last year.

In February, sportswear company Puma unveiled its web3 roadmap for its 75th anniversary, including the launch of Super PUMA PFP NFTs.

Adidas is among the many merchants advancing their web3 goals. Ethereum remains the top blockchain for NFT sellers in terms of volume, followed by Solana, BNB, and Polygon, according to Crypto Slam rankings.