Adidas AG is expanding its metaverse with the release of its Chapter 1 ALTS Dynamic NFT collection. Through this digital drop, all holders of Adidas' “Into The Metaverse” NFTs will be able to burn their existing tokens to get new ones from the ALT collection to join the new dynamic non-fungible token ecosystem via the brand’s metaverse.

This Adidas Chapter 1 ALTS NFT collection is the third and final stage of the sneaker maker’s “Into The Metaverse.” The release reportedly stirred the digital industry, and the attention has brought Adidas to the top of the rankings in the booming Web3 space.

CoinDesk reported that Adidas unveiled it's Into The Metaverse NFT collection in December of 2021. The company made a promise to holders that they will be given exclusive access to collaborative merchandise and virtual land experiences all through 2022.

Adidas’ first Web3 exploration involves a partnership with NFT influencers such as Bored Ape Yacht Club, gmoney, and PUNKS Comic. This gave holders authorization to burn their NFTs to get a new ERC-1155 token from the succeeding phase of the project. Holders will also be able to redeem physical versions of the clothing items.

Thus, with the third phase, which is the Chapter 1 ALTS NFTs, holders from the first two phases of the Into The Metaverse collection can now burn their NFTs, and they are guaranteed to receive a new digital token from the Ethereum-based ALTS from the Adidas collection.

The new collection will offer many benefits to holders, such as a stake in the ALTS by Adidas ecosystem, access to virtual wearables, entry to exclusive community gatherings for holders, commercial, intellectual property (IP) rights to their avatar/character, and access to token-gated Discord accounts.

Finally, the new Adidas ALTS NFT collection is composed of 16,031 digital collectibles. The ownership number shortly after the drop was 9,030, with 56% being unique owners.

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