Adidas has made a splash into crypto, establishing a partnership with Coinbase as well as with Metaverse playground The Sandbox this week.
Adidas Originals did not respond to a request for more information about the partnership. However, the brand showed interest in the Metaverse in a tweet two days prior to the partnership announcement. It suggested, “adiVerse, anyone?”
“It is a very positive development to see more companies enter the cryptoeconomy. We look forward to seeing all of the opportunities for brands in this growing space,” a Coinbase spokesperson told The Block. The firm did not provide more information about the partnership.
This is not the first partnership that Coinbase has had with sports or esports organizations. Previously, they also partnered with Team Liquid, one of the best professional esports organizations in the world.
The move comes just days after Adidas Originals teamed up with Metaverse player The Sandbox. By buying a 144-parcel space in the game’s virtual space, with a map description explaining: “Adidas Originals is diving into the Metaverse and headed for the Sandbox with our first immersive and always-on virtual experience. Join us as we take our first steps into this brave new world of originality.”
The Sandbox responded by tweeting, with reference to phrases used in Adidas marketing: “Impossible is nothing in the Metaverse. What if we invite all of the original thinkers and do-ers to design our future together?”
However, given Coinbase’s recent maneuver in focusing intensely on NFTs, our team speculates that arguably the scope of this partnership is highly likely to be focused on NFTs. Intellectual property in NFTs has been a topic of hot contention within the crypto community legal chatter. In real life, we know individuals are willing to pay a premium for brand names. Don’t be surprised if the same is true in the metaverse, too. Even simple Adidas collectibles could command a premium, depending on the rollout strategy.