German Sportswear brand, Adidas, has reportedly announced a partnership deal with popular crypto exchange Coinbase. The partnership was announced on Twitter, with the crypto platform dropping an emoji of a handshake in what seems a confirmation of the deal.
In a separate tweet, the leading crypto platform welcomed Adidas to the party. At the moment, it’s not known what the deal fully entails, but crypto enthusiasts are speculating that it has to deal with NFTs.
Adidas Has Plans to Launch Its Metaverse
Earlier this week, the Sportswear brand announced that it would develop its own metaverse, adiVerse in partnership with blockchain gaming platform Sandbox. The apparel company then went ahead to purchase a piece of land in the game.
It is still unclear what the company will use the land for, but the deal made Adidas the first fashion brand to enter into the metaverse. The tweet contributed to the rally of the Sandbox token SAND and a surge in demand for lands on the Sandbox platform.
In early November, rival Sportswear brand Nike, filed to publicly register its digital items in the United States. Two years prior, the company acquired rights for ‘Cryptokicks’, an NFT marketplace.
The sports brand wasted no time in joining the NFT industry too, as it launched POAP NFTs for ETH wallets. Though not an Adidas NFT, POAP confirmed with Adidas that users can add the collectible to their ETH wallets.
POAP is a platform that issues crypto badges. These unique badges are given out to attendees of virtual and real-world events. Adidas holds ownership for the platform and its NFTs.
Coinbase Has Been Involved with the Sports Industry
Surprisingly, the deal with Adidas isn’t the first from the exchange. The leading platform has been involved with the sector to expand its operations.
In October, Coinbase struck a long-term deal with the NBA for the upcoming 2021/22 season to provide a digital interactive experience for its massive fan base across the globe. The deal will also see Coinbase sponsor the WNBA, the G league, and the 2K league and become the exclusive partner.
Further details weren’t provided by the crypto exchange, but the major aim for the partnership was to enhance fan experience and develop new ways of engagement. The news came after the company announced the launch of its NFT marketplace.
Outside the sports industry, Coinbase had secured a deal with UnitedMasters, a music distribution company to provide their music artists diverse ways to receive crypto payments for their music.
Apparel brands are moving out of their comfort zones into the crypto industry. It’s obvious that the industry has an abundance of opportunities that these brands have identified and are willing to capitalize on.