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Adidas Announces Interesting Partnerships With Coinbase

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Adidas, the worldwide sportswear brand, is going all-in on cryptocurrency, announcing a collaboration with Nasdaq-listed cryptocurrency exchange Coinbase the same week it decided to spend a lot of money on a plot of land in the blockchain-based virtual gaming world of The Sandbox. While neither release provides any information and does little to indicate if there is any intended link between the two occurrences, it is possible that the corporation intends to spend cryptocurrencies in The Sandbox; if so, Coinbase may assist it in making the necessary investment.

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Adidas announced on Twitter that it is collaborating with the cryptocurrency exchange Coinbase, but provided little information about the nature of the collaboration, concluding the statement with a phrase seen frequently in the crypto industry — “Probably nothing.” Coinbase confirmed the collaboration in its response “[Good day]… Partner, welcome to the party!”

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Adidas also took note of the Ethereum-based VR game The Sandbox and proposed that it will construct something on the game’s virtual parcels of land, dubbed “AdiVerse.” Adidas already has property on The Sandbox, as evidenced by the presence of its name on a parcel of land at these coordinates. It is unclear whether the corporation purchased this land or if The Sandbox allocated it to the company.

In a recent comment to City A.M., an Adidas spokeswoman noted that the “metaverse is now one of the most fascinating trends in digital, making it an appealing platform for Adidas.”

While that comment is a hint to the company’s future goals, it is worth noting that Adidas just launched an NFT on POAP, implying that Coinbase might be involved in that effort, especially if the sportswear giant plans to release a broader line of non-fungible tokens (NFTs). Meanwhile, Coinbase has been attempting to build its own NFT marketplace, and we may see Adidas use that marketplace to distribute NFTs in the future.

The company might also use Coinbase to take cryptocurrency as a method of payment, as many other companies have done in the past via Coinbase Commerce, although this is all speculative for the time being.

Adidas’ foray into the area looks to be a quick response to rival-brand Nike, which launched a virtual environment modelled like its headquarters on video game platform Roblox, becoming one of the first major companies to make an official entry into the metaverse. The digital environment, dubbed “Nikeland,” allows players to adorn their avatars with exclusive Nike merchandise and is open to the public on Roblox.