Adidas Is All Set Make Its Appearance In Metaverse By Operating Along With The Coinbase

Adidas, the manufacturer of global sportswear, announced its entry into a crypto market in partnership with Coinbase - Nasdaq-listed cryptocurrency, in the same week that it decided to make big in the blockchain-based virtual gaming world of The Sandbox. However, the details regarding the deal are not revealed so far, yet speculators are trying to establish a connection between the two events. Adidas is planning to spend a whopping sum of money in the Sandbox.

The company has announced its partnership with Coinbase on Twitter but didn't reveal much of the nature of this partnership. When asked, Coinbase confirmed the association.

Reportedly, Adidas considered the Ethereum-based VR game, The Sandbox, and has suggested that it would be partnering with the game's virtual parcels of lands, calling the concept "Adverse." On the other hand, Adidas owns property on the Sandbox as the company's name emerges on the parcel of land at these coordinates. However, it is unclear whether the company purchased the ground or allocated the land to The Sandbox.

An Adidas spokesperson told a new service that "The metaverse is one of the most happening and exciting digital developments and a viable and interesting platform for Adidas."

While the statement is seen as a hint for the company's future course-of-actions, it is worth recognizing that Adidas launched an NFT on POAP very recently, suggesting that Coinbase could be related to that effort, especially if the sportswear giant plans to release a larger line of non-fungible tokens (NFTs). Meanwhile, Coinbase is striving hard to launch an NFT marketplace of its own, and it could lend support from Adidas as the company can play a role in distributing NFTs in the future.

The company may use Coinbase to accept cryptocurrency as a payment model similar to what other companies have done through Coinbase Commerce. However, the information is more speculative; nothing is yet confirmed so far.

Adidas's entry into this space appears to be a counter-attack to the strategies followed by rival-brand Nike, which revealed a virtual world entry through headquartering Roblox, the video game platform. Nike became one of the first big brands to enter the metaverse market officially. The digital space, called "Nikeland," allows players to outfit their avatar with special Nike products and is free for anyone to visit on Roblox.