Leading sportswear brand Adidas is the latest in the long line of mainstream brands entering the crypto space, announcing a partnership with US-bas
Leading sportswear brand Adidas is the latest in the long line of mainstream brands entering the crypto space, announcing a partnership with US-based crypto exchange Coinbase during the previous session. The announcement was shared via a tweet by Adidas Originals’ official Twitter account, although it does not have much information on what exactly the two firms will come together to offer.
Users are speculating that the apparel brand could be looking to launch a collection of NFTs via the partnership, given Coinbase’s recent interest in this space. It could also be a way for the company to start accepting payments in cryptocurrencies using the exchange’s payment gateway services.
Digital collectables based on the Adidas brand could perform really well in the market, according to analysts, if they were to launch. In recent times, we have seen many big brands venture into the space and generate a significant amount of revenue through the sale of NFTs in the primary and secondary markets.
What is even more interesting about Adidas’s partnership with Coinbase is that it comes shortly after a tweet by The Sandbox which tweeted a link to a 144-parcel Adidas Original space on its metaverse a few days ago. Valued at around 400 ETH, or more than $1.5 million, the parcels don’t come cheap and hint that the brand is looking to make a splash in the exciting world of the metaverse.
Adidas’s strategy for brand engagement on the metaverse follows rival Nike‘s similar move to collaborate with Roblox for virtual branding under the campaign NIKELAND. Whatever the reason behind Adidas‘s entry into the crypto market, it comes at just the right time as more brands try to take crypto adoption into the mainstream and meet consumers in the virtual world of the metaverse, a concept that is likely to see explosive growth in the coming year.
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