Do you remember Adidas Originals NFTs? Adidas made $38 million from selling their JPEGs and then walked away with it like nothing. the beginning (2021) > Adidas went all in on NFTs at peak hype > they partnered with the biggest names possible (Bored Ape Yacht Club, Mutant Ape Yacht Club, gmoney, PUNKS Comic) > minted ~30,000 NFTs on Ethereum at 0.2 ETH each (~$750-800 at the time) > sold out in hours > $23 million in primary sales alone, $38.48 million total including royalties > one of the biggest brand NFT drops in history The promised utilities > exclusive physical merch drops > digital wearables for your PFP > experiences in The Sandbox metaverse > future events and perks > floor hit over 0.7 ETH at peak What nobody talks about > launch had glitches, mint pauses, and one buyer literally bypassed the 2-per-wallet limit and snagged 330+ NFTs through a smart contract exploit > Adidas still made their $23M tho so The decline (2023-2025) > crypto winter arrived and did what crypto winter does > floor crashed from 0.7 ETH to under 0.03 ETH ($50-60) > ~$750 entry tickets now worth $50-60 on a good day To their credit Adidas didn't fully rug > they launched "ALTS by adidas" in 2025, holders could burn their old NFTs to mint new ones with updated utility > old Phase 1 and Phase 2 holders who didn't burn are no longer supported on the new roadmap > basically: upgrade or get left behind Where it stands now (2026) collection still trades on OpenSea, very low volume and floor price of pennies Adidas made $38M, kept the brand association, and evolved out of it Everytime a brand enters our NFT space, most of the time they're not here to build with you, they're here to sell to you.