Adidas is diving right into the Metaverse. Last week, we reported how Adidas bought virtual land in the Sandbox; later in the week, it announced a partnership with Coinbase. Last evening, Adidas partnered with the most widely known NFT-collection Bored Ape Yacht Club.
BAYC has become the fourth-largest NFT project, with gross sales crossing $800 Million since the launch. Punk comic and G-money also tweeted their avatars bearing the Adidas logo. Punk Comic is an NFT collection that creates comic book characters out of CryptoPunk characters. It is a derivative project of CryptoPunks that has crossed more than $1.6 Billion in sales.
While institutional adoption of crypto is growing, Nike is also making similar moves as it recently filed a request to trademark "Virtual goods" with the US Patent and Trademark Office. These virtual goods include digital goods, including headwear, eyewear, bags, backpacks, and sports equipment.
"The Metaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas" said Lily Russell-Jones, Adidas spokesperson.
How might this work? We assume that soon we might be watching a virtual shopping mall in The Sandbox where you can get tokenized Adidas wearables. Till then, let's wait and watch.