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Adidas Defies Metaverse Exodus: Doubles Down on NFTs as Other Brands Retreat

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  • April 22, 2024
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  • 2 years ago
Adidas remains committed to the metaverse, launching NFTs as other brands exit As interest in NFTs and the metaverse has cooled, many companies that ventured into these digital spaces are stepping back, with key figures either exiting or shifting their focus. A recent high-profile withdrawal includes the termination of Starbucks Odyssey's Web3 project. Adidas is bucking this trend by staying active in the metaverse through its recent partnership with the move-to-earn application STEPN. They have launched 1,000 NFTs representing Adidas sneakers on the Solana blockchain. These digital assets, necessary for participating in STEPN’s reward-earning activities, debuted at 10,000 GMT each, or approximately $2,400 at current exchange rates. Evgeniy Medvedev leads Adidas' efforts in Web3, bringing experience from his previous role at NFT company Rarible. Meanwhile, the brand was also featured in "Crypto The Game," a Web3 survival game show in which Adidas tracksuits were up for grabs in a special challenge. Justin Sun, founder of TRON, has been in the news for a new music release—a collaboration with famed composer Hans Zimmer. This comes amid legal scrutiny from the SEC, which is pursuing Sun for alleged securities violations. The collaboration, described as a landmark union of blockchain and musical creativity, was inspired by a detailed conversation between Zimmer and Sun early last year. In other industry news, Bitcoin’s digital art sales surged to around $24 million just before halved, significantly outpacing Ethereum. Meanwhile, PayPal is making changes. Effective May 20, it will exclude NFTs from its Purchase Protection Program. Additionally, the NFT marketplace Magic Eden is gearing up for a new partnership with the blockchain Base on April 25. Lastly, the controversial end to "Crypto The Game" saw one participant leave with 80 ether.

Is the metaverse losing its shine? You might think so. We’re seeing big names pump the brakes on their Web3 adventures, and the NFT hype seems to have cooled off faster than a freshly brewed latte. Remember Starbucks Odyssey? Yeah, that’s been shelved. But amidst this digital drift, one major brand is firmly planting its flag in the metaverse soil: Adidas.

Adidas: Still in the Metaverse Game? Absolutely.

Adidas isn’t just dipping its toes – it’s diving headfirst into the metaverse, launching new NFT projects while others are heading for the exits. This isn’t some small experiment either. They’re doubling down, showing a real commitment to the potential of digital spaces and blockchain technology. Let’s break down what Adidas is up to and why it matters.

  • Defying the Trend: While companies like Starbucks are scaling back Web3 initiatives, Adidas is increasing its metaverse presence.
  • Strategic Partnerships: Adidas is teaming up with STEPN, a popular move-to-earn application, to engage users in new ways.
  • NFT Launches: They’ve just dropped 1,000 unique Adidas sneaker NFTs on the Solana blockchain.

Sneakers in the Metaverse? Meet Adidas x STEPN NFTs

These aren’t just any digital collectibles. Adidas has launched NFTs that are integral to the STEPN ecosystem. Think of them as your digital pass to earn rewards within the STEPN app. Imagine earning crypto while you walk, jog, or run – and your Adidas NFT sneakers are your key to unlocking those rewards!

Here’s the lowdown on the Adidas x STEPN NFT launch:

  • Exclusive Access: These NFTs are essential for participating in STEPN’s reward-earning activities.
  • Solana Blockchain: Built on the Solana blockchain, known for its speed and efficiency.
  • Price Point: Debuted at 10,000 GMT each, which translates to roughly $2,400 at current rates.

That price tag might raise eyebrows, but it reflects the utility and exclusivity these NFTs offer within the STEPN platform. It’s not just about owning a digital image; it’s about accessing a digital experience and earning potential.

Who’s Driving Adidas’s Web3 Strategy?

Leading Adidas’s charge into Web3 is Evgeniy Medvedev. He brings valuable experience from his previous role at Rarible, a well-known NFT marketplace. Having someone with a deep understanding of the NFT space at the helm signals Adidas’s serious approach to this technology.

Beyond NFTs: Adidas in Web3 Gaming

Adidas isn’t limiting itself to just NFTs. They’re exploring other facets of Web3, including gaming. Remember “Crypto The Game”? This Web3 survival game show featured Adidas tracksuits as prizes in a special challenge. It’s a clever way to integrate the brand into the Web3 gaming world and reach a new audience.

Web3 World: A Quick Look at Other Developments

The Web3 space is constantly evolving. Here’s a quick snapshot of some other interesting happenings:

  • Justin Sun’s Musical Venture: Justin Sun, founder of TRON, collaborated with legendary composer Hans Zimmer for a new music release. This is happening even as Sun faces scrutiny from the SEC. It highlights the intersection of blockchain and creative industries, despite regulatory challenges.
  • Bitcoin Art Boom: Bitcoin-based digital art sales are surging, even surpassing Ethereum in volume recently. This suggests a diversifying landscape for NFT art and potentially new opportunities within the Bitcoin ecosystem.
  • PayPal’s NFT Policy Change: Starting May 20th, PayPal will exclude NFTs from its Purchase Protection Program. This is a significant policy shift that NFT buyers and sellers need to be aware of, potentially impacting transaction security and buyer confidence on certain platforms.
  • Magic Eden & Base Partnership: NFT marketplace Magic Eden is partnering with the blockchain Base. This collaboration could expand the reach of both platforms and introduce new users to the NFT space.
  • “Crypto The Game” Finale: The controversial end of “Crypto The Game” saw one winner walk away with a substantial 80 Ether. This event, while debated, underscores the high stakes and potential rewards within Web3 gaming and competitions.

Adidas: A Metaverse Believer or Just Smart Business?

Is Adidas genuinely a believer in the long-term potential of the metaverse, or is this a calculated business move to tap into a new market? Perhaps it’s a bit of both. Regardless of the underlying motivation, Adidas’s continued investment in NFTs and metaverse experiences is a significant signal. It suggests that despite the current market fluctuations and some brands retreating, the metaverse and NFTs are far from dead. For Adidas, it seems, the digital frontier is still ripe with opportunity.

Key Takeaway: Adidas’s steadfast metaverse strategy, marked by NFT launches and strategic partnerships, stands in stark contrast to other brands pulling back. This bold move highlights the enduring potential of Web3 technologies and suggests that for some forward-thinking companies, the metaverse is not just a fleeting trend, but a developing landscape worth exploring and investing in.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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