time to read 1 minutes

What are Adidas and Coinbase up to?INTL

What are Adidas and Coinbase up to?

Burger King, El Salvador’s national currency, and now crypto makes its way through to the sneakers game. A few days ago, Adidas (ADS) and the crypto-exchange platform Coinbase (COIN) announced a potential partnership together that’s reportedly in the works.

There’s not a whole lot of information surrounding the scope of the partnership (all we literally have is a single tweet) but rumors are that it could have something to do with the metaverse. Almost at the same time that news of Adidas’ crypto plans broke out, the company also announced that it’ll be partnering with the metaverse platform, The Sandbox, to develop a sports-themed metaverse called the adiVerse. A partnership with a crypto platform brings over blockchain technology to Adidas’ metaverse plans — imagine digital NFT receipts instead of physical ones the next time you buy those Stan Smiths.

why it matters

Adidas is the second-largest sportswear manufacturer in the world with its products being the least linked to anything remotely virtual. So, the fact that it’s exploring things like metaverses and crypto-partnerships is hugely telling of how blockchain, NFTs, and everything in between within the virtual world is becoming mainstream.