German apparel brand, Adidas Originals, has announced its partnership with a crypto exchange, Coinbase in a tweet. Although the specifics of the collaboration are not public, many speculations trail the announcement because of the vague details.
We’ve partnered with @coinbase.
— adidas Originals (@adidasoriginals) November 24, 2021
While some suggest that the partnership means Adidas is embracing a decentralized payment method, others suggest that the move is related to the ongoing Metaverse hype.
Growing Metaverse Conversations
Mark Zuckerberg’s announcement about the transition of Facebook to Meta sparked conversations about the Metaverse. As The Coinrise previously reported, projects like Decentraland and The Sandbox saw their metaverse tokens reach an all-time high. Another report showed an explosion of South Korean firms in the Metaverse.
Indeed, the Metaverse has become one of the most exciting developments in digital tech. The possibility of big brands building metaverses, where people interact with digital assets and environments, has also drawn the attention of the biggest companies.
Close rival Nike recently announced its intention to bring its sneakers into the Metaverse. The company plans to sell digital products in the Metaverse after years of research into the same. Already, the sports apparel giant secured a patent for its blockchain-based CryptoKicks.
Adidas Crypto-related Move Not So New
While Adidas could be dabbling into the Metaverse sector for the first time, it is not Adidas’ first foray into the crypto ecosystem.
Earlier in the year, the German brand firm partnered with Trevor Lawrence, the number one overall pick at the 2021 NFL draft to release several commemorative non-fungible tokens (NFTs). The proceeds from the 3D animated trading card collectibles were used to support communities in Jacksonville, home of the Jaguars that signed Trevor Lawrence.
More recently, the sportswear giants purchased a huge chunk of land on The Sandbox. The company also tweeted that it was considering developing an adiVerse with the Metaverse platform. In return, Sandbox suggested an arrangement that’ll see the two entities “design their future together.”
adiVerse anyone? 🤔
— adidas Originals (@adidasoriginals) November 22, 2021
The new partnership with Coinbase follows from that announcement.