Adidas Announces Coinbase Deal Days After Accessing Metaverse –

Adidas, the global sportswear manufacturer, is going all-in on crypto, announcing a partnership with Nasdaq-listed cryptocurrency exchange Coinbase, the same week it decided to spend big on a plot of land in the blockchain-based virtual world. gaming world of The sandbox.

While neither announcement offers any details and little indication of whether there is an intended connection between the two events, it is plausible that the company plans to issue cryptocurrency in The Sandbox; if yes, then Coinbase can help make the required investment.

Adidas took to Twitter to declare that it is partnering with crypto exchange Coinbase, but revealed little about the nature of the partnership, ending the tweet with a phrase you hear quite often in the crypto world: “Probably nothing.

Coinbase confirmed the partnership, as it replied[Good morning]…Welcome to the party, mate!”

Adidas also took note of the Ethereum-based VR game The Sandbox and suggested it build something in the game’s virtual plots, calling the concept “AdiVerse.”

Adidas already owns property on The Sandbox, as the name can be seen on a plot of land at these coordinates. It is unclear whether the company purchased this land, or whether the land was assigned to the company by The Sandbox.

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In a recent statement from an Adidas spokesperson who spoke to City AM, the company stated that the “metaverse is one of the most exciting developments in digital right now, making it an interesting platform for Adidas.”

While that statement in itself is a hint at the company’s future plans, it’s worth noting that Adidas very recently launched an NFT on POAP, suggesting Coinbase could be related to that effort, especially if the sportswear giant is planning a larger line. from non-fungible tokens (NFTs).

Meanwhile, Coinbase was trying to launch its own NFT marketplace and we could see Adidas using that marketplace to distribute NFTs in the future.

The company could also use Coinbase to accept cryptocurrency as a means of payment, similar to what many other companies have done in the past through Coinbase Commerce, but all of this is just speculation for now.

Adidas’ movement into space also appears to be a quick reaction to rival brand Nike, which unveiled a virtual world modeled after its headquarters on the video game platform Roblox, becoming one of the first major brands to have official entry into the metaverse. marked.

The digital space, called “Nikeland”, allows players to outfit their avatar with special Nike products and is free for everyone to visit on Roblox.

Interested in cryptocurrencies? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast.
Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts from.

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