Adidas teams up with crypto exchange Coinbase, laces for the metaverse

Adidas teams up with crypto exchange Coinbase, laces for the metaverse

BUSINESS | Nov 30, 2021 | WOZINGA NEWS

Adidas teams up with crypto exchange Coinbase, laces for the metaverse

  • Adidas announced on Twitter that it is collaborating with the crypto exchange Coinbase.

By Elah Mae Ariate Wozinga Staff

Adidas is venturing into the realm of cryptocurrencies. The German multinational shoe and sportswear corporation established a collaboration with crypto exchange Coinbase.

According to the report, this comes just two days after the Sandbox tweeted about the popular shoe brand . Also published a video clip showcasing Adidas real estate in the Sandbox metaverse.

The Sandbox is a virtual metaverse on the Ethereum blockchain where gamers can create, own, and also monetize their gaming experiences.

Adidas is making use of NFTs

Adidas stated on Twitter that it is collaborating with the cryptocurrency exchange Coinbase. In addition, it purchased a piece of virtual land dubbed “adiVerse” in the blockchain-based environment. The Sandbox two days ago, implying that the business may provide virtual reality products.

“That’s significant because it’s also a foreshadowing of what’s about to hit the fan in the NFT area in a few of months. Adidas sneakers and also other branded virtual garments like, shoes, and objects,” said Ipek Ozkardeskaya, senior analyst at Swissquote, as quoted by Reuters.

Nike prepares to enter the metaverse

“The metaverse is one of the most fascinating trends in digital right now.  Hence, it became an interesting platform for Adidas,” an Adidas official told City A.M.

On the other hand, according to Bloomberg, Adidas rival Nike has filed seven trademark applications as it prepares to enter the metaverse.

The company also stated in the application that it intends to create and sell virtual branded sneakers and clothes.

According to CNBC, Nike owns a variety of well-known trademarks, including the “Just Do It” phrase. Also, its SNKRS logo, the Air Jordan “Jumpman,” and the Nike swoosh.

All of which can be used as “downloadable virtual goods,” such as computer programs. These include, footwear, apparel, hats, eyeglasses, bags, sports bags, backpacks, sports equipment, art, toys, and also accessories for use online and in virtual worlds.

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