Haider Jamal

Apr 22, 2024

Adidas Remains Committed To NFTs Despite Lack Of Institutional Interest

Adidas has decided to persist in its dedication to the metaverse, debuting various NFTs (non-fungible tokens) as other companies retreat. While interest in NFTs and the metaverse has waned, numerous companies are scaling back their involvement, with prominent departures such as the termination of the Starbucks Odyssey Web3 initiative.


Adidas Going All In

Adidas bucks this trend by staying engaged in the metaverse through its recent collaboration with the move-to-earn application STEPN. So far, they have introduced 1,000 NFTs representing Adidas sneakers on the Solana blockchain. These digital assets, essential for engaging in reward-earning activities via STEPN, debuted at 10,000 GMT each, equivalent to approximately $2,400 at current exchange rates.

Evgeniy Medvedev spearheads the Web3 initiatives for Adidas, leveraging his prior experience which he earned during his time at Rarible. Additionally, the brand was featured in Crypto The Game, a Web3 survival game show offering Adidas tracksuits as prizes in a special challenge. Lastly, the contentious conclusion to Crypto The Game saw one participant walk away with a whopping 80 Ether.


Interest In NFTs Still Persists

Several sports companies have delved into the realm of NFTs, embracing the digital trend. Among them, Adidas stands out with its release of NFTs representing sneakers on the Solana blockchain, alongside its partnership with tSTEPN. Additionally, other notable players like Nike, UFC, and the NBA have all explored the potential of NFTs, leveraging them for fan engagement, collectibles, and digital memorabilia.

Outside the realm of sports, TRON Founder Justin Sun made headlines with a new music release, collaborating with renowned composer Hans Zimmer. This development occurs amidst legal scrutiny by the SEC, which is pursuing Sun for alleged securities violations. The collaboration, described as a groundbreaking fusion of blockchain and musical creativity, stemmed via an in-depth conversation between Zimmer and Sun early last year.

Elsewhere, PayPal is instituting changes, as it will no longer cover NFTs under its Purchase Protection Program starting May 20th. Moreover, the NFT marketplace Magic Eden is preparing for a new partnership with the blockchain Base on April 25th.


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