Cryptocurrency1 hour ago (Dec 09, 2021 02:30AM ET)
Adidas Joins Nike in the Metaverse for 'Wear-to-Earn' Model
Bored Ape Yacht Club, gmoney NFT, and PUNKS Comic collaborated with Adidas (OTC:) to jump into the Metaverse on Dec. 2, 2021. Converse’s involvement would allow the company to continue building a presence in the virtual world.
After purchasing an NFT from the Bored Ape Yacht Club, Adidas became the latest well-known brand to enter the Metaverse. As of this writing, Adidas had paid 46 ETH, or $156,000, for a digital artwork of this nature. As far as NFT projects go, The Board Apes is one of the best. The Board Ape NFT project generated over $1.3 billion in secondary trading activity with the introduction of 10,000 distinct NFTs in April of 2021.
Top companies like Universal Music Group (AS:) and other top celebrities own the Board Ape Yacht Club initiative or are affiliated with the project. Ownership of a Board Ape allows collectors to profit from the avatar’s appearance and engage in social interactions with other Metaverse users. The sportswear brand has also announced its aim to promote cutting-edge metaverse concepts that allow virtual residents to develop and express their most creative views while being genuine.
Read also: eBay (NASDAQ:) considers crypto payments and NFT sales
Adidas has been working hard to establish itself as a significant participant in the metaverse before this announcement. Earlier this year, the business announced cooperation with Coinbase (NASDAQ:), which launched an NFT marketplace. Adidas also owns “Adidas” on the blockchain-based virtual game environment The Sandbox, a virtual plot of land with Adidas. It will be possible to construct a virtual experience in the 144-parcel space.
The utmost Adidas’ goal remains unknown. However, these initiatives indicate that the firm is betting on the success of the Metaverse. Using this, the clothing company would market its real stuff as virtual items. These developments mean that the virtual world will offer new vistas and avenues for connecting with customers and advertising, sale, and ownership of unique items.
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