Adidas has entered the crypto space with a partnership with Coinbase and the metaverse playground The Sandbox announced this week.
The agreements have been kept under wraps so far, but they represent the powerhouse apparel company’s first major entry into crypto and the thriving blockchain space.
Adidas, the well-known sportswear firm, recently took to its Twitter page to excite its community with the news of a collaboration with Coinbase, which it described as “probably nothing.”
Several top brands have made the move to liaise with crypto projects, and the German sportswear behemoth may be one step closer to accepting digital asset payments and making the first foray into “metaverse gear.”
Crypto Payments in View?
Adidas is rumoured to be partnering to facilitate crypto payments for the sportswear company, potentially introducing a digital asset payment gateway to the Adidas community.
Sandbox, a virtual Metaverse initiative, tweeted at Adidas recently, directing users to a 144-parcel Adidas Original place on its platform. Sandbox proposed a deal in which the two entities co-design their future.
After Adidas tweeted that it would be establishing an “adiVerse” utilizing the Metaverse platform, SAND, The Sandbox’s native coin, surged. Pieces of property on The Sandbox were purchased by the sportswear giant, showing its seriousness in the metaverse.
Nike’s Foray into Crypto in Sports
While Adidas may be dabbling in the non-fungible token (NFT) industry, it would be following in the footsteps of its competitor Nike, which is attempting to bring its sneakers to the Metaverse.
Adidas has long trailed behind companies like Nike, which recently teamed with Roblox on a virtual branding project called ‘NIKELAND.’ Nike also has a long history with patents, with numerous recent requests to the US Patent & Trademark Office indicating that the company may be expanding its footprint in NFTs and the metaverse. In late 2019, the leading sports gear manufacturer was granted a patent for “CryptoKicks.”
Coinbase is Leading Crypto Adoption
This will not be Coinbase’s first collaboration with a sports or esports group. The crypto firm has been leading a crypto adoption in the sporting community and has announced several partnerships in the past. They formerly collaborated with Team Liquid, one of the top professional esports teams in the world.
Excitement in the Air
Thousands of people have already expressed their excitement at this news, indicating that it might have a significant impact on the crypto market. These types of collaborations have a significant impact on the value of cryptocurrencies, particularly those listed on Coinbase.
It’ll only be a matter of time before other brands adopt cryptocurrency and embrace the Metaverse concept. Overall, the Adidas and Coinbase relationship is a win for crypto traders, implying widespread adoption is a foregone conclusion.