Adidas NFT drop nets $23 million
On Saturday, Adidas launched its “Into the Metaverse” NFT collection in collaboration with other popular creators in the NFT space: the Bored Ape Yacht Club, Gmoney, and Punks.
30,000 NFTs were made available, with owners of Bored Ape Yacht Club, Pixel Vault, and Gmoney NFTs able to participate in the early-access mint, followed by a public mint.
The collection had a mint price of 0.2 Ethereum, or US$780. After a hiccup with some in the early access unable to mint, 20,000 NFTs sold before the public mint, netting Adidas just over US$15 million
The public mint of the remaining 9,620 NFTs also sold out fast, adding up to a payday of around US$23.5 million for Adidas, 380 NFTs will be held by Adidas and partners for future events.
According to the Adidas website, the “Into the Metaverse” NFTs offer holders four exclusive pieces of merchandise for free throughout next year, including a tracksuit (track top and track pants) hoodie and “gmoney’s classic orange beanie”.
Investor mints 330 Adidas NFTs using smart contract
Even though the public mint had a limit of two per person, one user managed to buy 330 NFTs using a smart contract.
Blockchain engineer Montana Wong provided a Twitter thread breaking down how the user managed to mint 328 NFTs over the cap.
The short is: the contract made 165 Ethereum wallets, which minted two NFTs each, which then sent them to the user’s main wallet before the wallet self-deleted. The user who deployed the contract, known only as “hasan”, backed Wong’s explanation.
According to Wong’s analysis, hasan paid around US$356,000 to mint the NFTs, US$252,000 for the NFTs themselves, then US$104,000 in gas fees. With the price of the NFTs now around US$3,000, the profit hasan could net is north of US$660,000.