Adidas is Betting Big on the Metaverse; Here’s How
- Coinbase previously announced a partnership with Adidas
- Adidas purchased digital property in blockchain-based virtual gaming world The Sandbox
Adidas revealed its collaboration with popular non-fungible token (NFT) collection Bored Ape Yacht Club on Thursday, signaling another move from the company to venture into the metaverse.
However, this is not the sportswear brand’s first foray into digital collectibles. Last week, the sneaker giant announced partnerships with Coinbase.
Coinbase’s partnership with Adidas is part of the clothing company’s strategy to gain a foothold in the metaverse. “The Metaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas,” a spokesman for Adidas recently told CityAM.
Two days prior, The Sandbox, a blockchain-based virtual gaming world, also announced that the popular shoe company has a plot of virtual land named after the brand on Nov. 22. However, it is unclear what the digital real estate will be used for or how much it is worth.
“Hey @adidasoriginals, impossible is nothing in the Metaverse. What if we invite all of the original thinkers and do-ers to design our future together?” The Sandbox said in a tweet.
The slew of Adidas news follows Nike filing a trademark “virtual goods,” according to an application filed with the US Patent and Trademark Office.
In other NFT news today, Defiance ETFs launched a Defiance Digital Revolution ETF (NFTZ) that will be traded on the New York Stock Exchange and offer investors exposure to NFTs, blockchains and cryptocurrency by investing in NFT marketplaces and issuers, as Blockworks reported.
Adidas AG stock is trading up 0.32% at $145.27 per share, as of press time.
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Morgan ChittumMorgan Chittum is a New York-based reporter covering markets, NFTs, the metaverse and digital assets. Before Blockworks she was a street reporter at New York Daily News, where she wrote about homicide, extremist groups, state politics and other critical topics in New York. She was a Media and Journalism Fellow at the Poynter Institute, where she dabbled in data and investigative journalism. She is published in American Banker, Yahoo News, Chicago Tribune and more.