Ownership of one’s creative property has been a spicy topic in the crypto community and NFT has allowed specific possession of the intellectual property on the blockchain.
German multinational corporation Adidas has entered the crypto world with a recent collaboration with Coinbase along with the Metaverse playground The Sandbox. The famous design and shoe production company marked its first dive into the crypto and blockchain waters with this collab.
The recent news is most likely to be Adidas’ premiere step into ‘metaverse apparel’. The inclusion of the world’s top brands in Facebook’s recent virtual reality world has gained a lot of attention all over the world. The idea behind metaverse apparel comes from the requirement of digital clothing in the virtual universe. Apparels are a necessity when using digital avatars in the Metaverse, and hence digital fashion.
Adidas hinted at something brewing with Coinbase when it tweeted a small message on the social networking site. However, it successfully gave away nothing in the tweet, leaving the audience to find the details for themselves.
While there was no help from the famous sports brand, Coinbase’s recent indulgence into the Non-Fungible Token (NFT) space led to rife speculations about the extent of this collaboration. Ownership of one’s creative property has been a spicy topic in the crypto community and NFT has allowed specific possession of the intellectual property on the Blockchain.
Since people in the real world also prefer brands with expensive price tags over copied cheap products, we can predict that a brand like Adidas will ensure a high price range for digital collectibles once it starts distributing NFTs in the digital space.
There are also conjectures of the collaboration between Coinbase and Adidas aimed at a different payments pathway, delivering a different kind of crypto payment integration to the Adidas shopping environment.
A Sandbox tweet, which linked to a 144-parcel Adidas Originals space on its platform, depicted the 144 parcels charging north of 400 ETH very promptly, which is approximately $1.7M. Sandbox claimed that the partnership of the two brands will “design their future together”.
The sportswear giant recently purchased a major piece of land on The Sandbox. Adidas in a recent tweet, also confirmed that it would be erecting an “adiVerse” in the Metaverse. The Sandbox’s indigenous cryptocurrency is known as SAND.
Adidas’s immediate rival Nike is all set to dabble into the crypto world too. The company is planning to furnish the Metaverse with its popular sneakers. Nike partnered with Roblox earlier this week to work on virtual branding, called the ‘NIKELAND’. With a strong past record for patents, it is speculated that the company has huge plans for the NFT and metaverse space. The first-ever patent acquired by Nike was for ‘CryptoKicks’ in 2019.
Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.