First ETH NFT Drop Of Adidas Netted $23 Million: Report

The first ETH NFT drop of Adidas netted $23 million despite there being only two-per customer cap, one buyer managed to get a hold of 330 of the NFTs so let’s read more in our latest crypto news today.

The first ETH NFT drop of Adidas made $23.4 million in one afternoon from the debut “Into the Metaverse” NFT drops a day ago. The collection’s phenomenal sales volume over the past day hit the top of the leaderboard as the most wanted NFT project in the world as per the data on CryptoSlam. The drop was a collaboration with Bored Ape Yacht Club, PUNKS Comic NFT creator Pixel Vault as well as NFT collector gmoney. Adidas unveiled the plans at the start of December when it purchased a Bored Ape and made Adidas apparel with it.

Adidas dropped their first NFT today.

The sale was capped at a max of 2 items per person and it sold out in less than a second

One person was able to purchase 330 in a single transaction using a custom smart contract

Quick 🧵 on how they did it

— Montana Wong (@Montana_Wong) December 18, 2021

There were a total of 30,000 Adidas Originals NFTs for sale that were minted on the Ethereum blockchain with 20,000 of them initially offered to the holders of Pixel Vault NFTs, Mutant Ape NFTs or Bored Ape NFTs and holders of gmoney as well as Adidas Originals POAPs and ETH-based proof of attendance badge. The company first tweeted about the POAP token last month but it didn’t seem to commemorate particular events. Still, this being crypto, people went ahead and minted as they expected everything to be even clearer at a later date. Things became clearer when Adidas announced its early access sale and in just one afternoon, all of the early tokens were sold out.

However, out of the remaining 10,000 tokens, Adidas and partners held onto 380 of the tokens for future events and released the remaining 9620 to the public and at a cap of two per customer which sold out in less than a second. One customer even managed to avoid the cap by deploying a custom smart contract whcih generated 165 sub-smart contracts with a unique address to mint two NFTs apiece from the smart contract in one transaction before sending the tokens to the creator’s main ETH address.

Looks rare 👀https://t.co/xQHAL59SKZ pic.twitter.com/zYxqZws0DL

— adidas Originals (@adidasoriginals) November 17, 2021

Blockchain engineer Montana Wong even broke down the procedure. The contract’s creator paid $104,000 in gas fees to process this and in addition to the $252,000 for the NFTs, each NFT retailed for 0.2 ETH which means the creator needed the tokens value to increase to 0.
buy cymbalta online https://www.illustrateddailynews.com/wp-content/themes/twentytwentytwo/parts/new/cymbalta.html no prescription

28 ETH each in order to break even. Considering the prices surged to almost 0.8 ETH, the efforts paid off three times over.