• adidas launches third phase of ALTS NFT collection
• Fashion brands are very active in the NFT world
• Nike achieved the highest revenue in 2022
adidas sticks with NFTs
With the launch of the ALTS NFT collection, adidas has launched the third and final phase of its “Into The Metaverse” project, which began in 2021 and provides shoppers with exclusive fan shop items. Unlike many other companies that offered their own NFTs (Non-Fungible Tokens) during the crypto market peak in 2021 and then abandoned the sector, adidas continues to embrace blockchain-based technology. In April 2023, the first chapter of phase three was unveiled, and more features will be added in the coming months that will bring benefits to NFT holders. In order to participate in the new phase and receive new ALTS tokens, users can destroy their tokens acquired in the previous two phases. In order to participate in the third phase, it is mandatory to own at least one NFT of the first or second phase. In addition, owners have to pay gas fees to start the process on the Ethereum network. However, it is possible to destroy any number of tokens at once to create new tokens, requiring only a single transaction.
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Nike generated the highest revenue from NFTs in 2022
According to beincrypto.com, the ALTS collection from adidas currently only ranks 54th among the NFTs with the largest trading volumes. The Bored Ape Yacht Club collection is the collection with the highest trading volume. Competitor Nike also achieved the highest revenue from the sale of NFTs in the world last year, according to beincrypto.com. Other sporting goods and fashion brands also topped the rankings, including Gucci and Dolce & Gabbana.
NFTs are digital works of art or collectibles based on blockchain technology. Unlike traditional cryptocurrencies like Bitcoin, NFTs are unique and cannot be easily substituted for other entities. NFTs are often used for digital artworks, music albums, video game items, and other digital assets that are considered unique collectibles. An NFT is stored on the blockchain as a unique digital ID and can serve as proof of ownership for the particular digital asset.
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