As we reported earlier this month, Adidas has struck deals with three producers of non-fungible tokens (NFTs) on the Ethereum blockchain: Bored Ape Yacht Club (BAYC), gmoney and PUNKS comic. The fruit of those initiatives, a first collection of NFTs under the Adidas Originals brand of lifestyle products is slated for release today through adidas.com/metaverse at a price of 0.2 ETH a piece, or the equivalent of about €700. As of this writing 1 ETH is trading at about about €3,395, but the cryptocurrency markets are volatile.
According to Adidas’ press release, those who purchase ”Into the Metaverse” NFTs will receive “exclusive access to Adidas Originals experiences and product including virtual wearables for blockchain-based gaming world The Sandbox and other platforms, and exclusive physical product to match – a hoodie, a tracksuit and gmoney’s iconic orange beanie.”
The Sandbox is a platform for networked gaming that functions on the Ethereum blockchain with a token called $SAND. Since late November it has been hosting a 144-parcel Adidas Original space, where the German sportswear giant’s NFTs will presumably be on sale at some point.
That is not the extent of Adidas’ recent crypto ventures. Two days before coming to terms with The Sandbox, the company struck a deal with the cyptocurrency exchange Coinbase. “The foundation we are building with Web3,” says Scott Zalaznik, Adidas’ chief digital officer, “will lead to new creative opportunities for partnerships, engagement through digital goods.”
