With the rise of the metaverse, many lifestyle brands are looking to enter into this new world of limitless possibilities. Recently, sportswear brand Adidas Originals announced its partnership with two players in the NFT space — Bored Ape Yacht Club and Pixel Vaults Punks Comic. In addition, the company has also partnered with crypto investor Gmoney for its metaverse entry.
When asked about why Adidas chose to enter the metaverse, a spokesperson for the company said: “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.”
NFTs are digital-only collectibles that can be minted, bought, and sold on the blockchain. These NFTs are the currency of the metaverse and therefore will be important for brands to adopt them in their lives. Bored Ape Yacht Club is a series of over 10,000 NFTs that have been created by Pixel Vaults Punks Comic. With a vast collection of NFTs, Adidas Originals has become one of the early adopters inside this world. Critics say that having Bored Ape Yacht Club at such an early stage may help solve many questions around technicalities which brands could face while entering into the metaverse. On the other hand, Pixel Vaults Punks Comics merges the world of NFTs and physical comic books to create new-age crypto comics.
Gmoney is a known cryptocurrency and NFT influencer who has been featured on Fortune’s NFTy 50. When asked about the importance of NFTs, Gmoney said: “NFTs are the backbone of the metaverse economy. They represent an important step in the evolution of digital assets and will play a crucial role in the way we interact with content and experiences online.”
With Adidas Originals’ entrance into the metaverse, it joins other notable brands such as Nike and Balenciaga that are also planning to launch metaverse-related projects in the coming days. The metaverse is still in its early days, but it’s clear that this is where the future of branding and consumerism lies. For Adidas, it’s a chance to not just enter this new frontier but also to lead the charge.