Adidas announces its first cryptocurrency cooperation with Coinbase and The Sandbox, and SAND rises 50%.
Adidas has announced a new cooperation with Coinbase and The Sandbox, a Metaverse game initiative.
The athletic gear company looks to be experimenting in NFTs and the Metaverse.
The SAND token surged 50% in response to the Adidas news, reaching an all-time high of $8.
Adidas, a well-known sportswear firm, recently announced a new relationship with Coinbase, which it described as “probably nothing.” The German sportswear behemoth may be one step closer to accepting digital asset payments and making a first foray into “metaverse gear.”
Adidas enters the Metaverse
Adidas revealed their Coinbase relationship on Twitter, saying it is “probably nothing.” So yet, the sportswear behemoth has disclosed very little information, but it appears that the company has taken a significant stride forward in the bitcoin and blockchain industries.
Adidas is said to be collaborating with BitPay to facilitate crypto payments for the sportswear company, potentially introducing a digital asset payment integration to the Adidas ecosystem.
Sandbox, a virtual Metaverse initiative, tweeted at Adidas recently, directing users to a 144-parcel Adidas Original place on its platform. Sandbox proposed a deal in which the two companies “co-design their future.”
After Adidas announced that it will be establishing a “adiVerse” utilizing the Metaverse platform, SAND, The Sandbox’s native coin, surged. Even a piece of property on The Sandbox was acquired by the sportswear behemoth.
While Adidas may be experimenting in the non-fungible token (NFT) business, it would be following in the footsteps of its competitor Nike, which is attempting to introduce their footwear to the Metaverse.
Nike plans to sell digital items in the Metaverse after years of study on mechanisms that would allow the company to do business there. In 2019, the sportswear behemoth was granted a patent for “CryptoKicks.”