The Morning After: Adidas’ first NFT drop made $23 million
You may be late to the NFT party if you have begun to understand the volatility of Bitcoin, the ebbs, and flows of cryptocurrency, and are beginning to understand why blockchain tech has a huge future beyond Dogecoin. Non-fungible tokens can only be used for specific purposes. That’s what nonfungible means. In many ways, they’re akin to a digital trading card.
Digital goods are changing the face of art, sports collectibles, and many other areas. You’re late because Adidas and Nike are making big bucks, while you’re still behind the curve. (We offer a deeper dive into NFTs here. )
Adidas’ first NFT initiative generated over $23,000,000 in Ethereum during the weekend. This was from a $15.5million Early Access phase and $7.5million in general sales. It wasn’t all smooth sailing. Adidas had to stop early transactions because of a technical issue. However, it did prove that there is an audience for NFT collaborations. Adidas had to stop early transactions due to a technical glitch.