JAKARTA - Adidas announced the final stages of the 'Into The Metaverse' initiative with the introduction of NFT 'ALTS' on the Ethereum network. Chapter 1 or Phase 3 will launch on April 11 with plans to disclose the benefits of enhanced holders and additional functionality in the coming months.
This initiative allows users to burn Phase 1 and 2 tokens from 'Into The Metaverse' and starts using a new NFT ALTS, which has dynamic user identification that will change over time. Users must have an NFT of Phase 1 or 2 to participate in this final stage, but there is no entry fee.
Web3 launches will be held on the collect.adidas.com platform, where users can also print the third phase of the NFT Into The Metaverse project. Currently, users can burn and print tokens without restrictions, but the ITM Phase 1 and Phase 2 tokens will lose their utility and future value if they are not burned (burned).
Additional information, the NFT burning mechanism, or burning NFT, is a process in which NFT holders remove or "burn" the NFT token they own, usually with the aim of gaining the benefits or access to special features provided by the project or platform that publishes the NFT.
ALTS' NFT collection currently has a total volume of 155 ETH, worth more than US$288,000 (Rp4.2 billion) during market hours. The project has also attracted around 7,111 investors by buying ALTS at a minimum price of 0.41 ETH.
In the past week, there were 108 sales of NFT Adidas Originals ITM with a total sales value of 76,900 US dollars (Rp1.1 billion) and an average collection price of 712.30 US dollars (Rp10.6 million), according to NFT Stats.
On the other hand, Adidas' main competitor in sportswear, Nike, has also launched a Web3 platform called 'Swoosh' on Polygon's finger to release its NFT product. Then, Puma announced an updated Web3 roadmap and released the NFT PFP Super PUMA in celebration of its 75th birthday.
Adidas is one of many traders exploring NFT initiatives as part of an industry race to leverage blockchain and metaverse technology.
By presenting the ALTS NFT in the final stages of the 'Into The Metaverse' initiative, Adidas hopes to attract fans and collectors to attend a physical launch event in New York on April 15 and provide an interesting interactive experience for NFT holders.
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