After announcing its collaborative NFT drop with well-known crypto figures, the German sportswear brand Adidas paused its inaugural mint shortly after its start.
“Early access is not closed but minting has been paused while the developers investigate issues with Mutant Ape Yacht Club not being able to mint. We will update you as soon as we can,” Adidas Originals tweeted.
"We're working hard to resume the Early Access mint. Everyone with failed transactions will be able to mint after the sale resumes. And for those of you who lost gas fees, we are gathering your details and will reimburse you. Thanks for bearing with us," the company later said.
Before the pause, 9,255 of the 30,000 total NFTs have been minted — which already nets Adidas Originals 1,851 ETH (roughly $7.2 million USD). The firm stands to gain around $23 million once the mint closes. Adidas did not respond in time to clarify whether the firm will hold the proceeds of the mint as ETH or convert it into fiat currency.
Adidas Originals had partnered with the popular NFT collection Bored Ape Yacht Club, the NFT collector gmoney and the crypto-focused media group PUNKS Comic for the NFT drop.
Owners of these NFTs get access to physical items and forthcoming metaverse events from the four partners at no additional cost.
As cryptocurrencies become increasingly mainstream, regulators, the media and policymakers are paying more attention to the financial crime risks associated with them. But what are the biggest compliance challenges crypto firms face, and what does a best practice AML program look like?
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.