Adidas Joins NFT Race, Teams Up with Bored Ape and PUNKS Comic

Adidas Joins NFT Race, Teams Up with Bored Ape and PUNKS Comic

Adidas Joins NFT Race, Teams Up with Bored Ape and PUNKS Comic

Footwear giant Adidas recently announced it has entered the Metaverse, partnering scene stalwarts Bored Ape Yacht Club (BAYC), Gmoney and PUNKS Comic, while adding to the growing list of companies who have already taken the leap.

On Dec 2, 2021, Adidas shared its brand new profile picture, a BAYC NFT #8774 on Twitter. Heart-shaped sunglasses, a gold hoop earring, a "bored" expression, a fisherman's hat, and blue fur are the unique features of this particular BAYC. In addition, the BAYC is wearing a custom neon yellow Adidas jacket with the classic three-stripe logo.

Adidas also shared a trailer on Twitter previewing its new partnership with Gmoney, a well-known NFT collector, and PUNKS Comic, an unofficial NFT project based on the popular CryptoPunks.

The company said the following in an article on the Adidas mobile app:

“This autumn, Adidas, known for celebrating ideas at the bleeding edge of originality, is settling in at the frontier of creativity: The Metaverse. Our goal there? To see every one of its inhabitants thrive. The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain [and NFTs], those pioneers can own a piece of what they create.”

On the Adidas website, the iconic Louis Armstrong song "What a Wonderful World" plays while a trailer shows 3D avatars inspired by Gmoney, a PUNKS Comic original character and Adidas's new BAYC NFT dropping into a world with a luminous Adidas emblem on it.

Adidas Wallet Holds More Than $200K in NFTs

At the time of settlement, the sportswear giant's purchase of BAYC #8774 had a last-sold value of 46 ETH or around $156,000K.

According to records, the address that purchased the BAYC has also 13 different NFTs from 11 different collections. If Adidas owns the wallet, it also owns PUNKS Comic: "The Hunt for the Lost Robbies," which costs 6.95 ETH. The most expensive NFTs in the wallet are the PUNKS Comic and the recently purchased BAYC #8774. The other NFTs in the wallet have a floor value of between $17 to $549 per NFT.

Adidas made its first foray into NFTs when it launched a POAP (Proof of Attendance Protocol) token given to customers who visited a specific web page. The POAP allows token holders to trade their digital assets for an unrevealed object in the future. More than 3,300 copies of the same free token were printed as animated badges, with 3832 in re-sales thus far.

Earlier, Adidas had already tweeted on Nov 24 2021 that it had teamed with Coinbase, the largest bitcoin exchange in the United States, as a sign of larger things to come:

Adidas Isn’t The First Brand Turning To The Metaverse

Adidas isn't the first brand to have entered the Metaverse, however, which according to Bloomberg Intelligence is a market that may be worth $800 billion.

Adidas rival, Nike, announced last month that it is also interested in the Metaverse. Nike released a blog post on Nov 18 on "Nikeland," explaining how it has established itself in the popular virtual world, Roblox.

According to Cointelegraph Research, NFT sales are expected to hit a record high of $18 billion by the end of the year, making the sector one of the crypto industry's top performers.

This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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