Heads up Adidas NFT holders, you can redeem one physical merchandise for every NFT you hold!
Last December 20221, the brand’s successful Debut NFT Collection “Into the Metaverse” sent shockwaves to the NFT space after bagging $23 Million. It was a collaborative project with NFT pioneers gmoney, Bored Ape Yacht Club, and PUNKS Comic. Thus, it’s no surprise that the floor price on OpenSea has reached 1.36 ETH or almost $4000.
How can Adidas NFT Holders Redeem Physical Items?
In a tweet, Adidas Originals announced that while they are crafting Into the Metaverse’s roadmap, they have a special treat for NFT holders. Starting March 2022, NFT holders can redeem physical items at no additional cost. So gear up for the iconic adicolor Firebird tracksuit (as seen on Indigo Herz and Courtney), a graphic hoodie (as featured in PUNKS #2), and gmoney’s classic orange beanie.
gm Into the Metaverse community 👋
We’re working hard to bring you our first ever Into the Metaverse (ITM) roadmap. In the meantime, we have some exciting updates for you.
1/5— adidas Originals (@adidasoriginals) January 19, 2022
If you hold an ITM NFT, the website will enable you to connect your wallet and order one physical product per NFT held by that wallet. This will burn the ERC-1155 NFT in your wallet and place an order for the physical item. You will also receive a Phase 2 Into the Metaverse ERC-1155 token.
There will be a gas fee for each redemption. However, there’s no rush to claim so holders can choose to wait until the gas price is low. The team explained that they chose this “mintpass-style” approach so that secondary market buyers understand if Adidas NFTs have already been redeemed for physical products. In addition, this will show which products the NFTs remain eligible for.
Stay tuned because updated FAQ and physical product redemption window dates are coming soon. So make sure you follow the brand’s Twitter page.
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