Adidas is learning from its first NFT drop last week, which is the latest example of the potential shady nature of non-fungible tokens for brands experimenting in the metaverse.
The much-anticipated collection, released in partnership with Bored Ape Yacht Club, brought in more than $22 million in sales.
But Adidas hit issues early on when it opened up the NFTs to early access, with some owners not being able to mint the NFTs, which is essentially the process to turn a digital file into a crypto collectible. It forced Adidas to pause the minting process. It also encountered at least one buyer who far exceeded the limit of NFTs someone could purchase, potentially creating an issue with how many of the tokens were available.
Still, Adidas is deeming the launch a success for its first move into the metaverse.
"To achieve our shared goal, we limited tokens/transaction and transactions/wallet. To evade bots, we announced the time as near to the drop as possible. To warn about the risks of evolving Web3, we worked with our partners to create educational material, FAQ and a Discord," the company wrote in a Twitter thread yesterday. "Even with all the measures we took, it wasn’t perfect. But, for the first time, thousands of new adopters experienced the thrills and risks of Web3. We’ll never stop learning."
Adidas is promising those who lost gas fees—the fees taken to mint an NFT—will be refunded "as soon as we complete the process of checking all transactions."
"Those who felt hurt by gas in the public sale, we are learning from it," the company added in its tweet. "Those who think we’re going to pocket the money and run, that’s not Web3. Have faith. Those who felt the timezone wasn’t in your favor, our journey here is just beginning."
For Adidas, the snafus aren't stopping its move into virtual goods. "This NFT drop is the beginning of Into the Metaverse, not the end. We have more in store to share in the new year," the company wrote.