Well that was fast! For anyone that was able to grab an NFT from the drop that's about the quickest 4x you could ask for. Almost immediately following the drop NFT's listed for as much as .08 ETH.
Adidas Sells Out Genesis NFT Collection
For anyone else trying to use the Ethereum blockchain on Friday, sorry about that!
Gas fee's were as high 2k gwei at some point, maybe higher. But the sale popped off an was sold out mighty fast. But firsts things first, I called the mint size of 30k spot in in my post Adidas Connects NFT's with Exclusive Hype Clothing Drops, how about that!
Looks like I've got my finger on the pulse.
The benefit of a such a large mint, assuming you have some success, is the amount of holders. I can appreciate that Adidas kept the mint limit to 2 per wallet with their drop, helping to ensure a better distribution to see those NFT's in the hands of as many people as possible.
19.7k Owners Aint Bad
The drop contained 30k pieces and is in the hands of 20k wallets, that's commendable.
Even with a self imposed limit of 2 per minter there was at least one person who was able to circumvent this limit with some creative smart contract shenanigans.
With some handy work an individual or team (you never know) was able to mint at least 150 or more of the NFT's.
What they did was create a smart contract that was able to create additional smart contracts and wallets to mint near instantly. Now feed it $150k USD in gas to get it ahead of the line and bingo you're minting first!
Apparently he might have minted as much as 330 of the NFT's for an average price of .28 ETH.
The floor is currently 0.75 ETH so he's still up, like way up! Not to mention I think these are basically instant blue chip NFT's that you hold for the long term. Lock those up in your hedge fund for a rainy day!
A Couple Glitches
It should be mentioned there were a couple glitches along the way.
This Adidas drop was a collab with Bored Yacht Ape Club and a couple other blue chip projects, allowing holders of those NFT's access to the presale of 20k NFT's.
Unfortunately for BYAC holders they weren't actually able to mint and lost their gas fee's. The mint was paused, and fixed, and relaunched a couple hours later, and supposedly those gas fees will be reimbursed, Adidas should be good for their word on that one.
Once pre-sale was complete, main sale of the remaining 10k sold out in a matter of minutes, the rest is history.
Wen Nike, Rebook, Under Armor?
Your guess is as good as mine, but I have a feeling this should open a flood gate for large brands to enter.
It always takes someone with some balls to go first, take the risk, take the reward, and pave they way for everyone else to follow. Fun times!
Ciao for now,
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