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Adidas Enters The World Of Crypto With Coinbase Partnership

Adidas Enters The World Of Crypto With Coinbase Partnership

Adidas has announced its recent move into the world of crypto with a rather vague tweet. The tweet revealed that the brand will be working with crypto giant coinbase. 

Adidas wrote: “We’ve partnered with Coinbase. Probably nothing.”

Coinbase replied to the tweet with a “gm” greeting, which is short for good morning. Coinbase then tagged Adidas Originals, writing: “Welcome to the party, partner!”

The announcement follows the brand’s recent Adidas move to team up with metaverse player The Sandbox, buying a 144-parcel space in the game’s virtual space, with a map description explaining:

“Adidas Originals is diving into the Metaverse and headed for the Sandbox with our first immersive and always-on virtual experience. Join us as we take our first steps into this brave new world of originality.”

The Sandbox responded by tweeting, with reference to Adidas marketing:

“Impossible is nothing in the Metaverse. What if we invite all of the original thinkers and do-ers to design our future together?”

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Many in the crypto industry believe that the Coinbase partnership may be related with Adidas Orginals’ The Sandbox move. Some Twitter users have suggested that the sportswear-maker may be looking to launch a non-fungible token (NFT)-based line of virtual clothing to be used in metaverse spaces –in which Coinbase will act as a marketplace.

According to a spokesperson who is close to the brand, “It is a very positive development to see more companies enter the crypto economy. We look forward to seeing all of the opportunities for brands in this growing space,” 

Sportswear competition Nike has been looking to obtain patents for virtual clothing items this month, and has struck its own deal with Roblox Corporation, the maker of the Roblox game.

Firms like Southeby’s and Coca Cola have also partnered with Dencentraland (MANA), and metaverse insiders say that many more deals are coming –it seems that big brands are afraid of missing out on metaverse projects. 

Other members of the crypto space suggested that the Adidas Original move might have nothing to do with NFTs and the metaverse at all. Instead they mused that it could be an indication that Adidas could be ready to start accepting crypto payments for physical goods.

Ruby Layram

Ruby Layram

Ruby is a writer for Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. Ruby has been a professional personal finance and investment writer for 2 years and is currently building her own portfolio of altcoins. She is currently studying Psychology at the University of Winchester, specialising in Statistical analysis.