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Adidas announces partnership with cryptocurrency exchange Coinbase, laces up for metaverse

Adidas took to Twitter to state that it is partnering with the cryptocurrency exchange Coinbase.

By: Tech Desk | Pune |
Updated: November 30, 2021 6:42:32 pm
Adidas HR head resigns as company addresses diversity issuesAdidas took to Twitter and announced that it is partnering with the crypto exchange Coinbase. (Photo: Adidas)

Sneaker giant Adidas is stepping into the world of cryptocurrencies. The German multinational shoe and sportswear company announced its partnership with cryptocurrency exchange Coinbase.

This development comes two days after the Sandbox tweeted about the popular shoe company and shared a video clip of Adidas real estate in the Sandbox metaverse.

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

Adidas took to Twitter and announced that it is partnering with the crypto exchange Coinbase. The company tweeted — “We’ve partnered with @coinbase. Probably nothing.” Coinbase confirmed the partnership, and replied: “Good morning..Welcome to the party, partner!”

Interestingly, two days ago, Adidas bought a piece of virtual land called “adiVerse” in the blockchain-based world The Sandbox, hinting that the company will offer virtual reality products.  “That’s something big because it is also a hint of what’s about to hit the fan in a couple of months in the NFT space: the Adidas sneakers and other branded virtual clothes, shoes and objects,” said Ipek Ozkardeskaya, senior analyst at Swissquote, as quoted by Reuters.

“Metaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas,” an Adidas spokesperson told City A.M.

As of now, it is unknown whether the sportswear giant plans to release a larger line of non-fungible tokens (NFTs). An NFT, is a Blockchain-based tokenisation of a collectible item or an art piece. It is transparent which makes it easy for everyone to see the ‘owner of the token’.

Meanwhile, Adidas rival Nike, has filed seven trademark applications as it prepares to enter the metaverse, according to Bloomberg. As part of the application, the company indicated its intent to make and sell virtual branded sneakers and apparel.

According to CNBC, a number of well-known trademarks Nike owns are also included such as the “Just Do It” tagline, its SNKRS logo, the Air Jordan “Jumpman,” and the Nike swoosh. All of which can be leveraged as “downloadable virtual goods, namely, computer programs featuring footwear, clothing, headwear, eyewear, bags, sports bags, backpacks, sports equipment, art, toys, and accessories for use online and in online virtual worlds.”

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