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With Adidas launching NFTs, top sportswear giants tap metaverse

 

With Adidas launching NFTs top sportswear giants tap metaverseAs a part of its venture into the metaverse, German sportswear giant Adidas plans to release its first non-fungible tokens that will give eager buyers an opportunity to access Adidas Originals experiences and products. Buyers will get access to all the new products of the brand’s collection featuring virtual wearables for blockchain-based gaming world The Sandbox and other platforms, plus physical products to match.

Opportunities to build new partnerships

NFTs will enable holders to engage with the adidas brand. They will help the brand shape the products and experiences that Adidas launches in the metaverse in the future. Also, they will allow it to build an online community of brand enthusiasts including sportswear entities and luxury goods purveyors into the metaverse. As per Adidas, the newly-announced NFTs will be priced at 0.2 Ether (approximately $800). They will offer new creative opportunities to the company to build new partnerships besides helping it engage through digital tools, says Scott Zalaznik, Chief Digital Officer, adidas.

Other sportswear giants venturing into metaverse

Close rival Nike also launched its latest endeavor in metaverse. The brand’s acquisition follows from theWith Adidas launching NFTs top sportswear giants tap Beaverton, Oregon-based sportswear titan’s filing of trade applications in the US and beyond for the use of some of its most famous trademarks on various virtual goods/services. Converse, a footwear company owned by Nike has also filed a number of trade applications for its word mark, its circular Chuck Taylor All Star logo, and its arrow and star logo for use on the very same types of goods and services as Nike.

Baltimore-based sportswear company Under Armor has filed a trademark application for registration for a logo associated with affiliated NBA star Steph Curry on December 10 for use on ‘Downloadable virtual goods.’ Similarly, sustainable sneaker company Allbirds filed an intent-to-use application for the registration for its word mark for use on “Downloadable virtual goods” and “non-downloadable virtual footwear.

Recent Global Industry Analysts reports say, the global market for social gaming is projected to reach nearly $40 billion in value by 2026. Meanwhile, others expect the market to grow to $1 trillion with brands benefitting from the rise of new revenue streams for virtual goods and services.

 
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