The world-renowned sportswear company, Adidas announced its venture into the crypto market, along with its partnership with a Nasdaq-listed cryptocurrency exchange company, Coinbase.
Adidas recently announced its investment in Sandbox, a blockchain-based virtual game. However, there was no mention of any link between the two businesses the company ventured into, it is not out of order if the company intends to invest cryptocurrencies in the Sandbox, which is where Coinbase would display its expertise in investment decisions.
The partnership with the cryptocurrency company was announced informally, while Addidas did not reveal much about the details of the collaboration, its spokesperson noted that the metaverse was a fascinating innovation in the digital world, which makes it worthwhile for Adidas to consider.
Adidas also revealed that it intends to develop something within the virtual narrative of the Ethereum-based virtual reality game, Sandbox, which it names ‘Adiverse’. With its investment in the Sandbox, the company now owns a property on the metaverse, although how the company came by ownership of the land, whether via direct purchase or awarded by Sandbox, remains to be known.
While all these may be pointers to the direction in which Adidas is headed, it is worthy of note to mention the recent launch of its Non-fungible token (NFT) on Proof of Attendance Protocol (POAP), which indicates that the sports clothing giant intends to go big with its NFTs, therefore aligning its purpose with that of its partner, who has also in recent time been attempting to build its own NFT marketplace.
The benefits seem endless for Adidas, as it could snag up the advantage of using Coinbase to sell its NFTs as well as accepting cryptocurrency as a means of payment for items just like many others have done.
Adidas’s move into the space might be a response to its rival, Nike’s announcement of a virtual world inspired by its headquarters on a Roblox video game, the Nikeland allows players to customize their avatar with exclusive Nike merchandise.