Adidas has jumped into the crypto space by building collaboration with The Sandbox (a metaverse-based playground) as well as Coinbase this week. The contracts do not provide enough details at this time but certainly offer a way for the company to take a step into the world of blockchain technology and cryptocurrency. The respective move is seemingly the earliest step for Adidas to enter metaverse apparel, which is now frequently being discussed in the crypto industry as being a higher trend at this time.
Adidas is getting ready
A Twitter post from the account of Adidas Originals has provided a gist of the future, however scarce details signify that there is much to come. Nonetheless, with the recent maneuver of Coinbase to focus its attention toward NFTs, there is a chance that the respective collaboration will span around the NFTs. NFTs and the intellectual property within themselves have been known to be the subjects of great importance across the crypto community’s legal discussions. In actual life, people know that individuals willfully pay a premium in return for the brand names and it is likely to be the case with metaverse. A premium could be commanded by even the normal collectibles of Adidas, concerning the rollout approach.
Another speculation regarding the initial reports has additionally revealed that the partnership among Adidas as well as Coinbase could also include payments at its base, probably signaling the integration of some crypto payment mechanism in the shopping ecosystem of Adidas. The OTC market stock of Adidas has had not presented any significant reaction after the respective collaborations with the Sandbox and Coinbase, however, a worth mentioning point is that these declarations are not accompanied by a great press rollout.
The upsurge in the metaverse
The announcement of Coinbase was preceded by a tweet from Sandbox during the recent days, hyperlinking to Adidas Originals’ 144-parcel (which immediately ran up to 400 ETH making it around $1.7M) on The Sandbox. This succeeded in the record purchase of up to $2.4 million for a Decentraland-based digital real estate plot. The move of Addidas always traces the interests of Nike (known as NIKELAND).
There is a great history of Nike regarding patents, as indicated by many recent filings with the Patent & Trademark Office of the United States that the company could be expanding the presence thereof in NFTs as well as the metaverse. The prominent sports apparel organization initially obtained a patent in the later period of 2019 for CryptoKicks.