Adidas Expands Its Metaverse Project With Chapter 1 Of ALTS NFTs

Adidas, the world's second-largest sportswear manufacturer after Nike, has stepped up its prominence in the metaverse non-fungible token (NFT) ecosystem with the launch of the ALTS by Adidas collection.

The German multinational first released it's Into The Metaverse (ITM) collection in December 2021, assuring NFT holders "exclusive access to collaborative merchandise and virtual land experiences throughout 2022." The latest collection is the third and final phase of the Into The Metaverse project, according to CoinDesk.

This is Chapter 1 of the ALTS launch, with the sports brand planning on introducing additional functionality and improved holder benefits over the next few months.

"ALTS by Adidas is a dynamic NFT which will evolve based on your decisions and engagement," Indigo Herz, the official account based on the BAYC character, wrote on Twitter.

Owners of the NFTs from the first two phases of the project can burn their NFTs to initiate Phase 3 and receive a brand new NFT from the Ethereum-based ALTS by Adidas collection. ALTS will give a dynamic user identification (PFP) that will transform over time due to an interactive plot. Users will, however, be required to pay gas fees in the process on the Ethereum network. ALTS is an ERC-721 token, a standard introduced for non-fungible tokens, according to BeinCrypto.

"The first moment that will influence your dynamic NFT will start on April 15," Adidas said, confirming New York as the site for physical launches.

The ALTS collection has a total volume of 155 ETH, priced at over $288,00, according to OpenSea.

The new collection is offering a wide variety of utilities for holders of NFTs, including a stake in the ALTS by Adidas ecosystem, access to exclusive virtual wearables, token-gated Discord channels, entry to holder-only community gatherings and some commercial intellectual property rights to their character among others.

Adidas has made a strong Web3 presence since its Into the Metaverse announcement in 2021, which aims to explore the potential of interactive experiences, NFTs and blockchain in the fashion and gaming sectors. The sportswear manufacturer also has digital apparel collections and a virtual styling tool for existing profile picture NFTs in place. It has released a number of NFT collections such as an art collection named Raws x Adidas and sports-themed Blue Pass.

In January 2022, Adidas partnered with Italian luxury brand Prada to launch a Polygon-based NFT collection. "Prada sees the emergent metaverse as a new space for the brand to re-define luxury for the next generation and cultivate shared experiences that honor the brands' spirit of experimentation and creativity," Lorenzo Bertelli, Prada's marketing director and head of corporate social responsibility, said in a statement at the time.

Besides Adidas, a number of brands are launching new collections to accomplish their Web3 ambitions. In February, sportswear manufacturer Puma renewed its Web3 roadmap and introduced Super PUMA PFP NFTs as part of its 75th anniversary.