Sportswear giant, Adidas, has joined the cryptocurrency world. The German sportswear and apparel brand announced its partnership with the crypto exchange Coinbase via Twitter.
The company tweeted, “ We have partnered with Coinbase,” then included popular crypto references, it’s “probably nothing.”
Coinbase went ahead to confirm the partnership by replying to Adidas’ Tweet, “gm @Adidasoriginals. Welcome to the party, partner!” Coinbase also tweeted a handshake below the Adidas Tweet thread as an affirmation of the deal.
The partnership comes only a few days after Sandbox tweeted about Adidas and shared a video clip. The tweet stated, “Hey @adidasoriginals, impossible is nothing in the Metaverse. What if we invite all of the original thinkers and do-ers to design our future together?”
The Sandbox is a blockchain-based virtual gaming platform where gamers can build, own and monetise their gaming experience. Sandbox tweet followed Adidas purchasing a piece of virtual land called “adiVerse” in the gaming platform. It shows Adidas is looking to offer virtual reality products.
The official Meta (formerly Facebook), one of the leading Metaverse supporters, Twitter account also joined in the conversation. It replied on the thread, “Impossible is nothing, but these possibilities are everything.”
These are strategic partnerships that allow Adidas a foothold into the Metaverse. An Adidas spokesperson speaking to CITYAM said, “The Metaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas”.
Through the Sandbox partnership, the company will have the platform offer tokenised Adidas wearables. Even though it isn’t established, there are hopes that Adidas will launch a larger Non-fungible tokens (NFTs) line. At the same time, its deal with Coinbase also has no concrete details, however, it is expected to help accept cryptocurrency payments.
Other brands joining Metaverse
Apart from Adidas, several other global brands are looking to join the Metaverse. Facebook was one of the earliest companies to embrace the new virtual world. The company rebranded to Meta and is looking to invest more in achieving a virtual world where people can hang out, trade and work. To achieve this, Meta is looking to employ more than 10,000 European workers.
In what would be a direct competition with Adidas, another world-leading sports brand, Nike has also joined the Metaverse and NFTs world. The company has filed four requests to trademark “virtual goods” with the US Patent and Trademark office. Among the digital goods, it has listed eyewear, headgear, backpacks, bags and sports equipment. It also included some of its popular trademarks like the Nike Swoosh, the “Just Do It” tagline and the Air Jordan “Jumpman”.
Metaverse lands like the Sandbox, Decemntraland and Axie Infinity have become popular in recent times and continuously grow in demand. Several companies are willing to pay millions to own part of these virtual lands.
The Metaverse and Web3.0 are the future of the internet. Adidas partnering with Coinbase and Sandbox is an indication of what the future holds for most brands.