Sportswear brand Adidas earned over $23 million in revenue from the NFT event, which it held in partnership with Bored Ape Yacht Club, Punks Comic and NFT collector gmoney.
Revenue Over $23 Million
Adidas earned about 6,000 Ethereums with its “Into The Metaverse” NFT event, which corresponds to an average value of $23.5 million. The event was interrupted for two hours due to some technical problems. However, Adidas has announced that ETH fees paid on failed transactions will be refunded. At the time of writing, the base price of the collection on OpenSea was 0.6 ETH.
Growing NFT Ecosystem
The value increases and the rise in the market value of Bitcoin in 2020 have brought cryptocurrencies into the focus of attention in an inflationary environment where the coronavirus pandemic has spread on a global scale. In 2021, NFTs have also reached a certain popularity and have directed a large number of investors from outside the crypto money market to this field. Here, not only individual content producers, but also some corporate companies were involved. Numerous digital content producers had the opportunity to showcase their NFTs and earn significant income from them through various platforms.
As it is known, Metaverse and Web3 concepts started to be talked about seriously this time, with the announcement of the founder of Meta (formerly Facebook) Mark Zuckerberg that the company will be renamed and rebranded and will allocate significant resources to the Metaverse field. Meanwhile, the cryptocurrencies of some Metaverse projects also showed high price performances, registering significant increases in value.
The information contained in this article does not constitute investment advice. Investors should know that cryptocurrencies carry risks due to their high volatility and should perform their transactions in line with their own research.