Adidas, the worldwide sportswear company, has announced a relationship with Coinbase, a Nasdaq-listed cryptocurrency exchange, in the same week that it opted to invest heavily in a plot of land in The Sandbox, a blockchain-based virtual game environment. While neither release provides any specifics or hints as to whether the two events are connected, it’s possible that the firm intends to spend cryptocurrencies in The Sandbox; if that’s the case, Coinbase might assist it in making the necessary investment.
Adidas announced on Twitter that it is cooperating with the cryptocurrency exchange Coinbase, but provided little information on the agreement, concluding with the words “Probably nothing,” which you hear a lot in the crypto industry. As it responded, Coinbase confirmed the collaboration “[Hello there]… Partner, thank you for coming to the celebration.”
Adidas also took notice of the Ethereum-based virtual reality game The Sandbox and proposed that it will develop something in the game’s virtual parcels of land, dubbed “AdiVerse.” Adidas currently owns property on The Sandbox, since its name can be seen on a parcel of land at these coordinates. It’s unclear if the corporation bought the property or if The Sandbox gave it to them.
The “metaverse is now one of the most fascinating trends in digital, making it an appealing platform for Adidas,” an Adidas spokeswoman told City A.M. in a recent statement. While that comment in and of itself is a clue to the company’s future ambitions, it’s worth remembering that Adidas just launched an NFT on POAP, implying that Coinbase is involved, especially if the sportswear giant aims to issue a broader line of non-fungible tokens (NFTs).
Meanwhile, Coinbase has been working on its own NFT marketplace, which Adidas may utilize in the future to distribute NFTs. The company might also utilize Coinbase to take bitcoin as a method of payment, similar to what many other businesses have done with Coinbase Commerce in the past, although this is all just speculation at this point.
Adidas’ foray into the metaverse looks to be a direct response to competitor Nike, which launched a virtual environment modeled after its headquarters on video gaming platform Roblox, becoming one of the first major brands to do so. The virtual world, dubbed “Nikeland,” allows gamers to customize their avatars with exclusive Nike merchandise and is open to all Roblox users.