Adidas announces new NFTs, as sportswear giants enter metaverse

Adidas has revealed some of his initial plans to move into the Metaverse, which he teases with increasing regularity on social media over the past few weeks. After hinting at his impending Metaverse adventure – or “adiVerse” as it’s been called – with a Proof of Attendance Protocol (POAP) last month, in which he invited consumers to “join us As we travel into the Metaverse “(over 3,000 of adidas POAP tokens have been minted since the November 19 launch), adidas announced that it had acquired virtual land inside The Sandbox and donated a preview of a four-way collaboration with Bored Ape Yacht Club, Punks Comic and Gmoney.

The German sportswear giant has now confirmed that it will launch its first non-fungible tokens (“NFT”) – branded as part of its “Into the Metaverse” business – which will give keen shoppers the opportunity to obtain ” exclusive access to adidas Originals experiences and products ”, and will also allow them to“ help shape the types of products and experiences ”that adidas offers in the metaverse going forward. At the same time, the launch of NFTs will allow adidas to build a community of online brand enthusiasts (and crowd-source ideas) amid a greater push from brands ranging from sportswear entities. to luxury goods suppliers in the metaverse (i.e. the digital universe in which users can engage through a combination of technological advancements, including virtual reality, augmented reality and video) in order to connect with consumers.

As for what adidas’ impending NFT products will look like, they are expected to come in the form of a new adidas Originals collection that will include “virtual clothing for the blockchain-based gaming world The Sandbox and others. platforms, as well as physical products to match ”as part of its partnership with Bored Ape Yacht Club, Punks Comic and Gmoney, and will be available from 2022.

Adidas has revealed that the newly announced NFTs, which go on sale on Friday via its ecommerce site, will come with a price of 0.2 Ether (around $ 800), but the company declined to confirm how many tokens would be up. . for offer.

Reflecting on how brands can embrace the Metaverse, adidas Originals VP of Marketing and Communications Erika Wykes-Sneyd said in a statement, “As part of our ambition to celebrate the ideas that define a new era of originality, we have landed at the forefront of creativity, which is the open metaverse. With that in mind, “It’s a natural place for Adidas Originals to enter: a wild world where the possibilities are truly limitless and where everyone can express and be rewarded for their most original ideas. Doubling down on the new direction for the company, adidas chief digital officer Scott Zalaznik said this week that “the foundations we are building with Web3 will lead to new creative opportunities for partnerships, for engagement through digital goods and a path to a more inclusive future. . “Zalaznik added that” blockchain is one of the most innovative technologies of this generation, [and] we see it unlocking unlimited potential to connect with our members.

The news comes just days after Adidas’ closest rival, Nike, revealed its latest milestone in the metaverse: its acquisition of RTFKT, “a leading brand that leverages cutting-edge innovation to deliver items. collection of new generation that merge culture and play ”. The Nike acquisition – the first major M&A deal for a growing number of practically native fashion / sneaker brands – follows the Beaverton, Oregon-based sportswear titan’s filing of a certain number of trademark applications in the United States and beyond for some of its most famous brands for use on various virtual goods / services, and also comes in the wake of its launch of the Nikeland experience on the Roblox gaming platform.

In the immediate wake of Nike’s filings, Converse, another footwear company owned by Nike, Inc., filed a number of trademark applications on an intent-to-use basis for its word mark, its circular Chuck logo. Taylor All Star and his arrow and star logo for use on the same types of goods and services as Nike. Not to be outdone, Under Armor has since suggested making its own virtual move, with the Baltimore-based sportswear company filing a trademark application for a logo registration associated with NBA affiliate star Steph. Curry on December 10 for use on “downloadable virtual goods”, “Online retail store services featuring virtual goods, namely, clothing, [and] footwear ”, among others, and“ Entertainment services, namely, providing on-line and non-downloadable virtual clothing and footwear ”, etc.

And even Allbirds, the sustainable sneaker company that is rapidly expanding its offering to better compete with the most established names in the industry, recently filed for intent-of-use registration for its word mark for use on “virtual goods.” downloadable “and” non-downloadable virtual shoes.

The nascent game for virtual domination that is underway among some of the biggest names in sportswear is hardly surprising given their rivalry in the physical world and in light of the dollar numbers attributed to opportunities for brands in the metaverse. . The global social gaming market, alone, reached around $ 17.6 billion in 2020, according to a recent report by Global Industry Analysts, and is expected to reach nearly $ 40 billion in value by 2026. During this time, others are putting as much value as $ 1 trillion on the metaverse, with brands benefiting from increased new revenue streams (for virtual goods and services) and the ability to engage with a A growing pool of consumers, especially Gen Z or the even younger Generation Alpha, In the process.

Your move, Puma.

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