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Is Adidas about to reveal a new NFT collection in their metaverse?

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TL;DR Breakdown

  • Adidas is about to reveal a new collection for their metaverse.
  • This is likely driven by OpenSea’s annoucement of the new royalty model.

Sportswear giants Adidas is teasing the launch of a new collection in their metaverse. The brand has launched a countdown on its metaverse site outlining that a mysterious new collection will be revealed next week. The site is also visualising a range of 3D Adidas clothing avatars. 

This is a major indication that the brand is about to launch a new range of NFT collections in its metaverse space. However, no details on the features of these non-fungible collections have been released yet. This tease from Adidas comes after an announcement from OpenSea yesterday, where the NFT marketplace announced significant changes to their royalty model. 

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OpenSea is promoting more incentives for the NFT creators 

The leading non-fungible token marketplace OpenSea has announced that it will establish a new royalty model to generate more profits for the creators. Over the last few months, creators and artists have been demanding separate fees for their contributions to the NFT space, which would allow them to more freely contribute to the wider non-fungible token market. 

As a response, the platform will enforce on-chain fees for creators from November 8th. These fees will only be enforced on new collections. There won’t be any changes to the royalty model of existing collections in the marketplace until December, as enforcing on-chain fees for existing designs can be technically challenging.

OpenSea has also emphasized that platforms with zero royalties will be blacklisted, and every on-chain platform has to enforce a separate creators fee for new collections. However, projects must meet certain criteria to be eligible for royalties. 

This initiative will provide more control for creators over the marketplace, which would consequently promote wider adoption of non-fungible tokens. It is highly likely that Adida’s decision to launch a new collection in their metaverse is aimed at benefiting from this new royalty model. The brand has recently suffered significant financial losses after cutting ties with Kanye West. Adidas has long partnered with Kanye’s popular sneaker collections ‘Yeezy’, and ending this partnership will potentially cost the brand $246 million in profits this year. It is likely that the brand will aim to recover its financial losses from the rising NFT and web3 market, and this new collection could be a step in that direction. 

Mohammad Shahid

Mohammad Shahid

An IT and Cybersecurity graduate with specialized knowledge of cryptocurrency and blockchain, Mohammad joins the Repo elite team. He has worked on several blockchain development projects and is an enthusiastic crypto trader.

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