Adidas is, without a doubt, among the biggest mainstream companies to join the NFT space this year. The debut Adidas collection “Into The Metaverse” generated over $23 million, but the NFT community isn’t exactly happy about that.
In fact, many Twitter influencers argue that the giant sportswear producer has ‘taken away’ 6,000 ETH from collectors. However, one Twitter user debunked the myth, revealing how Adidas actually distributed this revenue among its partners.
Did Adidas just take money from the NFT community?
In short, it didn’t – or at least not according to @economist, a Twitter user and NFT collector. In a recent thread, he explained that Adidas raised a total of 5,924 ETH (about $23.7 million) from its first NFT drop. So where did all the money go?
This chart reveals the answer, and I’ll explain:
Accordingly, the company kept 27% of the liquidity as ETH, USDC, as well as other ERC-20 tokens. Obviously, the team will continue its journey on the NFT market using this revenue.
Another 21% of the sales went to the $PUNKS Treasury, while 21% will go to Gmoney too. This sum of money will probably be used for future crypto investments.
In addition, the BAYC also received 21% of the sales, as a result of the two companies’ partnership.
At last, Pixel Vault received 10% of the payment too. You can think of this company as the essential link which managed to make the Adidas NFT project into what it is today.
Overall, it seems like all of Adidas’ partners for its NFT debut benefited from the $24M sale. According to @economist, it’s a fair division – and we probably see it more often than ever now that big companies get involved in the crypto space.
A controversial drop
Although its earnings weren’t actually “taken” from the community, Adidas is still making headlines with its drop. For example, an NFT collector somehow managed to mint 350 digital assets at once, sidestepping the official limit of two mints per wallet.
Meanwhile, MAYC holders were surprisingly unable to mint, which caused an unexpected pause in minting. Although the team solved the issue quickly, it was more than enough to cause a stir among NFT collectors.
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This article is educational material.
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