Adidas Dives into Crypto Craze: A Web3 Watch Special!

As the NFT market and Meta’s push into the metaverse peaked in 2021, numerous established companies ventured into Web3-related or metaverse initiatives. However, as enthusiasm for NFTs and the metaverse waned, many of these legacy firms have quietly wound down their Web3 projects. Key personnel involved in these projects have either departed or shifted to different roles within their organizations. One of the most recent examples of such a wind-down is Starbucks Odyssey.

In contrast to the trend, Adidas seems to be maintaining its engagement in the metaverse. This week, the move-to-earn app STEPN announced a “long-term collaboration” with the international sportswear giant. This partnership has initially produced 1000 generative NFTs based on Solana blockchain, depicting Adidas sneakers. To participate in the STEPN app, which rewards user movement with GMT and GST tokens, users are required to own a sneaker NFT. These Adidas NFTs were launched for sale at 10,000 GMT each, which is approximately $2400 given the current exchange rates.

On social media, ALTS by Adidas expressed enthusiasm about venturing into the future alongside STEPN. Moreover, in another related development this month, the Web3 online survival game show Crypto The Game offered its users the opportunity to bid on Adidas-branded tracksuits as part of an immunity challenge.

Leading Adidas’ foray into Web3 strategies is Evgeniy Medvedev, who brings his experience from working in business development at the NFT platform Rarible.

In another noteworthy development, the acclaimed film score composer Hans Zimmer, known for his work on The Lion King, Dune, and Interstellar, has collaborated with blockchain entrepreneur Justin Sun to produce a “song for the Web3 generation.” This partnership signifies an unusual blend of traditional film score artistry with the innovative sphere of blockchain technology. This initiative comes amidst legal challenges for Sun, as the Securities and Exchange Commission (SEC) has recently filed documents implicating him in charges of “fraud and other securities law violations.”

Another fascinating statistic emerging in the crypto sphere is related to Bitcoin digital art sales, which surged to roughly $24 million the day before the Bitcoin halving event. This volume was about triple that of Ethereum’s, according to data from CryptoSlam.

In related developments, PayPal has announced that NFTs will be excluded from its Purchase Protection Program, effective May 20. This move could potentially impact buyer confidence in NFT transactions. Meanwhile, the popular NFT platform Magic Eden is preparing for an upcoming partnership with the layer-2 blockchain Base, set to launch on April 25. Lastly, the online survival game show Crypto The Game wrapped up with considerable controversy, as the victor walked away with 80 ether.

For those interested in staying abreast of the latest developments in the crypto world, subscribing to professional newsletters can provide valuable insights and updates directly from industry experts.


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