Blockchain Journal

One can only imagine the shock and awe in the adidas executive suite after one of its brands – adidas Originals – ran an "Initial NFT Offering" (INO, an acronym that most big brands and enterprises should get to know) under the heading "Into the Metaverse." The INO – launched with the support of Yuga Labs (Bored Ape Yacht Club), non-fungible token (NFT) influencer gmoney, and Punks Comic – generated over $22 million in the span of an afternoon in December 2021 (right around the historical height of NFT euphoria). It involved the sale of 29,620 ERC1155-compliant NFTs through the OpenSea marketplace at a primary market price of 0.2 ETH (approximately US$765 per NFT based on the USD value of Ether at the time of the sale).