Adidas Announces Partnership With Coinbase By Obtaining Sandbox Metaverse Land
German footwear and apparel company Adidas is one of many firms that have shown public interest in the Metaverse. His interest was confirmed after The Sandbox mentioned Adidas in a tweet on November 22.
The link in the tweet indicates that Adidas already has a piece of land in The Sandbox, as it contains the coordinates of a plot of the game destined for Adidas Originals. However, it is not clear whether he has bought the land or has been given it.
Recently, Sandbox also tweeted a video showing Adidas grounds in the Sandbox metaverse. Interestingly, the multinational responded with a partnership with one of the largest cryptocurrency exchanges, Coinbase.
Sandbox is a blockchain-based virtual gaming world. According to the description on its platform, it is a place where players can play, own and monetize their gaming experience. Reports have indicated that Nike, a competitor of Adidas, is working to enter the world of the Metaverse and non-tangible tokens. This is said to be the reason why Adidas is stepping up its efforts in the virtual gaming world.
Adidas sees the Metaverse as an exciting development
In an Adidas spokesperson interview with City AM’s Lily Russel Jones, it was explained that the company considers Metarverse to be one of the most exciting developments in the digital realm, making it an interesting platform for the company. So far, Adidas has become the first fashion brand to partner with Sandbox, although many other companies have also taken the step.
Sebastien Borget, Co-Founder and COO of Sandbox , explained how companies can make use of their virtual world.
The Sandbox platform allows any creator, whether or not a LAND, to mint their assets made with VoxEdit, our 3D modeling and animation tool, on the Market and put them up for sale as NFTs [non-fungible tokens]. By extension, any brand can mint their NFTs and turn their LAND into a store. The difference is that other users can view and preview their 3D NFTs directly from the virtual world.
Facebook CEO Mark Zuckerburg recently hinted that he would change Facebook’s name to Meta. Since then, the world of virtual reality, in which people interact with avatars and environments, has gained a lot of attention with a greater possibility of big brands building Metaverses.
It should be noted that Adidas has not revealed what to expect from its Adi-verse. However, many other companies are planning to build a blockchain-based Metaverse in which the digital and physical concept of ownership come together. This means that shoppers will receive digital receipts in the form of NFTs after purchasing clothes in the real world. These NFTs will provide buyers with Metaverse avatars in the same clothing in the virtual world.