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While the Twitter post remains the only tip around to glean from, the likelihood of Adidas making its foray into the NFT and growing metaverse world is very high.
German multinational corporation, founded and headquartered in Herzogenaurach, Germany, Adidas AG (ETR: ADS) may be close to inking a partnership with popular Non-Fungible Token projects, such as Bored Ape Yacht Club (BAYC), Gmoney, and Punks Comic. This potential partnership with Adidas was teased by the BAYC official Twitter account through a tweet that featured one of the unique apes all clad in an Adidas tracksuit with the logos of Adidas, the Bored Ape Yacht Club, GMoney, and Punks Comic imprinted boldly on it.
— Bored Ape Yacht Club (@BoredApeYC) November 28, 2021
While the Twitter post remains the only tip around to glean from, the likelihood of Adidas making its foray into the NFT and growing metaverse world is very high. The apparel design and manufacturing company entered into a partnership with Coinbase Global Inc (NASDAQ: COIN) last week as the company also acquired a land in The Sandbox as unveiled in the past week.
These indications have validated the chances that Adidas may truly be entering into the metaverse as global brands are exploring avenues to catch in on the growing trend. The potential likelihood of Adidas’ partnership with these NFT icons was also hinted at by Gmoney, an NFT collector that rose to prominence when he paid 140 ETH for a CryptoPunks NFT earlier in the year. Gmoney also shared an all-black hoodie in which a wallet address was imprinted alongside the logos of all the major actors billed to be part of the partnership.
No one yet knows what the actual partnership will look like, however, as a clothing brand, we may see Adidas design a limited edition of outfits with the logos of these prominent NFT brands on them. If the details of the partnership become publicized beyond the current speculations, it will be known whether the outfits are billed to be available only to the respective NFT holders or to the general public.
Adidas BAYC Partnership: Modeling the Path for Other NFT Projects
NFTs represent a very unique innovation backed by blockchain technology. Essentially, they involve registering the ownership of digital items on the blockchain as tokens and many projects have gained massive valuations thus far. Since the BAYC NFT project was floated earlier in the year, it has raked in more than $800 million in sales, making it one of the most valuable NFT projects to date.
Beyond the high cost, however, investors will attach more importance to digital collectibles that open access to other benefits beyond just holding them. The BAYC partnership with Adidas is one of these models, one which is likely to set the right pace for other NFT projects around today.
The team behind the Bored Ape Yacht Club is particularly pushing new frontiers. As Coinspeaker reported earlier, the project signed a representation deal with Madonna and U2 manager, Guy Oseary to expand the reach of the NFTs. Deals such as this one are poised to increase the valuation of the BAYC NFTs in the near future, a model most NFT brands are likely to copy.