Sportswear Giant Adidas Swooshes In On NFTs, Launches Collection
Adidas has entered the NFT league. On Friday, the sportswear firm will debut a new line of NFTs called Into the Metaverse, which will grant consumers access to a virtual fan club. NFT owners will be able to purchase limited-edition apparel, and Adidas claims that members will help define the products and experiences that the business creates for its NFT community.
Adidas Leads NFT Adoption
Adidas has unveiled Originals: Into the Metaverse, a non-fungible token (NFT) collection created in collaboration with non-fungible token (NFT) collections Bored Ape Yacht Club, PUNKS Comic, and crypto influencer Gmoney. Nearly 30,000 NFTs will be offered for purchase at a fixed price, with 20,000 reserved for early access sales to owners of partner collections.
Erika Wykes-Sneyd, VP of Brand Communications, Adidas Originals said,
“This is where people spend their time, how they want to express themselves and what’s going to force brands to act in ways that no one’s comfortable with yet, and it is already in our DNA to be a true collaborator brand.”
During the last week of November, the sneaker and sportswear company announced a team up with Coinbase, calling the metaverse “exciting.” Adidas also hinted at collaborating with The Sandbox, a metaverse game. Adidas announced a partnership with the Bored Ape Yacht Club (BAYC), the cryptocurrency investor Gmoney, and the comic series Punks Comic during the first week of December.
Last month, the footwear giant sold a collector token that might be used to redeem a future reward. Except that it was unclear when and how much would be redeemable, leaving customers perplexed and prompting some to wonder if Adidas was rushing into NFTs to keep up with other brands.
The Originals collection, on the other hand, which debuted less than a month after Adidas’ first token appearance, is far more on-brand. Furthermore, given the reach and popularity of its partners, Adidas’ launch puts it in a strong position to compete with brands with more established ventures in this market.
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Adidas has also purchased a “Indigo Herz” NFT from the Bored Ape Yacht Club (BAYC). According to the wallet’s NFT summary, the BAYC NFT Indigo Herz is formally known as Bored Ape Yacht Club #8774, and Adidas has a tiny collection of NFTs.
“Leading up to the launch, Adidas confirmed members were given the chance to redeem a POAP (Proof of Attendance Protocol) NFT status badge, commemorating their presence at the start of the brand’s metaverse journey,” the company’s NFT collection announcement details.
“It’s so refreshing to see a culturally influential brand like Adidas Originals work so closely hand-in-hand with the NFT community,” said Gmoney. “At every step, they’ve included the right partners from the crypto, metaverse, and NFT community and listened to their thoughts at an early stage.”
Nike, Adidas major competitor, stated last month that it is interested in the Metaverse as well. On November 18, Nike published a blog post titled “Nikeland,” detailing how the company has established itself in the popular virtual environment Roblox.
Nike made a major step on Monday by purchasing NFT company RTFKT, which is recognized for its digital sneakers and robust NFT community.