Key Takeaways
- Sportswear giant Adidas has come up with an apology for its NFT drop gas fees glitch
- Some users minting a token from Into The Metaverse paid high gas fees but failed to receive a token
- The company raised over $23 million through the NFT sales
YEREVAN (CoinChapter.com) – Sportswear giant Adidas became one of the biggest companies to enter the nonfungible tokens (NFT) fray this year. The companies debut NFT collection “Into The Metaverse” generated over $23 million. The launch sold 30,000 NFTs for 0.2 Ether each. Adidas launched the NFTs in partnership with Bored Ape Yacht Club, Punks Comics, Piel Vault, and GMoney.
The presale was available only for those who own nonfungible tokens from these partner organizations.
The eye-catching launch placed Adidas’s among the top NFT collection sales on OpenSea. With a trading volume of nearly 13,000 ETH, Adidas has flipped the popular CryptoPunks to the top post. There are currently 20,478 Adidas metaverse NFT owners. It currently ranks first on the list of TOP NFT sales in the last 7 days.
However, while the NFT mint was a phenomenal success, it did not go without glitches. 20 minutes into the launch, Adidas had to pause the NFT minting process. As a result, a large number of transactions failed. However, the Ethereum network still charged buyers the transaction fees, aka gas fees. This left many hopeful owners unhappy as they had ended up paying for nothing.
“i just lost 0.06 of gas eth and got my transaction rejected, who refunds that for me?, while you guys made mils i lost 2months salary worth of gas, yeah in my country i can live 1 month with 100$, why? cause bunch of rich people set their gas to 600$?,”
one angry buyer lashed out.
Others received a message that their transaction was successful. However, they failed to receive the NFT in their wallets.
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Adidas says sorry, promises a refund
As accusations of possible malpractice surfaced, Adidas hurried to issue an apology for the glitch. The company informed they are gathering details of those who lost gas fees and will reimburse them.
“Those of you who lost gas during the Early Access pause, you 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,”
Adidas tweeted.
One NFT collector managed to mint 350 NFTs in one go, despite the official limit of two mints per wallet. This may have been one of the reasons for the complication.
With all the NFTs sold out, Adidas raised a total of 5,924 ETH (around $23.7 million) from its first NFT drop. Out of the nearly 6000 ETH, Adidas kept 27%, while Punks Comics and BAYC got 21% each. Another 10% of the amount raised went to Pixel Vault.
Earlier this month, Adidas rival Nike also entered the Metaverse race when it purchased RTFKT a company specializing in digital collectibles, including virtual sneakers.
Meanwhile, there will be more drops coming from Adidas. “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 promises.
