Adidas tweeted its partnership with Coinbase and the Metaverse gaming project, the Sandbox, sending SAND, the native crypto of Sandbox to an all-time new high at $8.
With Mark Zuckerberg’s Meta and Fashion industry’s plunge into fashion NFTs, the race to Metaverse is stronger than ever. And it seems Adidas doesn’t want to miss out on all the fun.
While the company called this move “probably nothing”, it foretells Adidas’ step towards accepting crypto payments and launching blockchain-based applications. So, it is safe to say that the German-based sports brand is looking to build its presence in the metaverse.
What Would Adidas Metaverse Entail?
So far, the company has revealed no significant plans for the initiative, but there’s speculation that it seeks to enable crypto payments and build the company’s presence in the online gaming world, a second home for millions of GenZ consumers.
Adidas isn’t just making random tweets about what it could do; the company is walking the walk. The company has booked its very own space on the virtual Metaverse project, with 144-parcel Adidas Original Space in the Sandbox.
In a tweet, Sandbox hinted at an arrangement where the two companies can “design their future together”. Something big is clearly in the works. Since the announcement where the company called its partnership “Adi-verse”, SAND, the cryptocurrency of the Sandbox Metaverse, has surged in value (up to 57%). It previously surged up to 600% after Mark Zuckerberg announced Facebook’s reincarnation as Meta.
If there will be an Adi-verse, it could give the sports giant a unique competitive edge against its rivals. Other sports brands too have entered the Metaverse in some capacities, with Nike registering patents for selling goods in the Metaverse (Nike registered a patent for “Cyberkicks” in 2019 and other trademarks for the Metaverse) and Vans launching its playground within Roblox.
A spokesperson for the company confirmed this partnership to City A.M. stating, “the Metaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas.”
Currently, Adidas shares are at 1.27% to 268.40 euros and Coinbase is down by 1.46% to $312.56.
Is Metaverse Good For The Future?
Blockchain and cryptocurrencies cause tremendous environmental damage through energy consumption [source]. While many crypto companies have taken this damage into account, there is no remedy to eradicate the aftereffects of mining cryptocurrencies that take up immense computing power. With big brands like Adidas and Nike incorporating cryptocurrency payments, the damage could only become worse as that would solidify crypto’s position in financial markets. These big brands have yet to announce how they intend to propose solutions for crypto-induced environmental damage.
What do you think of Adi-verse?
