Adidas joins the metaverse through NFT partnerships


TL;DR Breakdown

  • Adidas AG teams up with NFT brands BAYC and Punks Comic.
  • Adidas also announced another partnership with Coinbase, hoping to join the metaverse.

Adidas sets out to join the metaverse through high-profile team-ups, including Coinbase, BAYC, and Punks Comic. The multinational company said through Twitter that they are glad to take a step towards joining the exciting metaverse.

The company made these comments on 2nd December 2021, in a tweet that captured massive attention. The Tweet also has a landing page that confirms that the sports accessories company will hop in the ongoing metaverse craze.

Adidas and their main competitor

About a fortnight ago, the global sportswear manufacturer made a bold move towards joining the crypto sphere by buying NFTs worth a sizable amount of cash. The company said that it would hold on to that collection in faith that it may help them later on.

Later on, they went ahead to join hands with Coinbase, and now they have announced a newer partnership with NFT projects. The Bored Ape Yacht Club(BAYC) also said they would collaborate with Adidas by posting a signature Ape with Adidas sportswear. Their posting is an NFT union that also includes Punks comic and Gmoney.

However, further details about the collaboration between these metaverse enthusiasts are scarce. The dates of the upcoming Adidas NFT collection are also not available. But the current unity between Adidas and these NFT projects gives it an important advantage in the project.

To make matters more interesting, the news about the new challenge for Adidas came when Nike has also confirmed joining the metaverse. The two corporations are long-time competitors, and with their new endeavor, the end to their duel seems far out of sight.

Nike is also preparing to make an NFT collection by collaborating with Roblox and the Swoosh. One of their newest products will be a virtual universe called Nikeland, allowing users to dress their characters with Nike products.

Nike is already making its second-ever release through an innovative Go FlyEase sneaker NFT. The NFT is a shoe whose design is to aid people with disabilities. Due to the high demand during its first release in February 2021, many of its targets missed it. Now, they plan to re-release it to serve more enthusiasts. However, it remains to be seen what the first project by Adidas will be now that Nike has put the bar high.

Adidas reveals to be holding NFTs worth over $200k

Away from making NFTs, Adidas is also holding some NFTs. The company said that they hold 13 unique NFTs from 11 BAYC collections. Apart from the BAYC collection, the sports company also has ‘The Hunt for the Lost Robbies’ from Punks comic. The piece from Punks Comics is worth about 7 ETH.

The same wallet with these NFTs also holds other BAYC pieces with floor prices under $600 per DappRadar. The sports items manufacturing company has also come out to claim ownership of this wallet, stating that they have plans for it. These developments may be a sign of the fast growth of the blockchain era. However, it is good to DYOR before joining any of such projects.

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Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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