Adidas Teams Up with Coinbase... But For What?
Market Musings

Adidas Teams Up with Coinbase... But For What?

The popular sportswear brand announced the news on Twitter, mischievously adding: "Probably nothing."

Adidas Teams Up with Coinbase... But For What?

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Adidas has entered into a partnership with Coinbase — but there's just one problem: we're not entirely sure what this means.

The popular sportswear brand announced the news on Twitter, mischievously adding: "Probably nothing."

Crypto enthusiasts commonly use this phrase when discussing bullish developments in the news — understating their importance.

In turn, Coinbase replied to the adidas tweet with a shaking hands emoji.

The short and sweet tweet has been retweeted more than 13,000 times.

Realistically, this partnership will end up being one of three things.

It's likely that adidas may be collaborating with Coinbase as it prepares to launch an NFT marketplace. Other, less probable scenarios include the exchange helping the retailer to accept crypto payments. Who knows — adidas may also have followed in Tesla's footsteps by investing in Bitcoin and using Coinbase's institutional arm to complete the purchase. 

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Entering the Metaverse

In other developments, adidas has announced that it is entering into a partnership with The Sandbox.

It's clear that the company wants to be one of the first movers in the world of "metaverse apparel" — an indication that the world of fashion isn't just reliant on physical clothes anymore.

News of the collaboration helped SAND rally further — and the token has already been on a tear since Facebook changed its name to Meta.

Last week, Nike got a headstart when it unveiled NIKELAND — a virtual world that's based on the Roblox platform.

An array of mini-games are offered including dodgeball and the floor is lava — and in a cool twist, visitors to Nike's metaverse can use the accelerometers in their smartphones to translate real-life movement into online play.

With Grayscale recently estimating that the metaverse could one day be worth $1 trillion in annual revenue — and a chunk of virtual real estate selling for $2.4 million in Decentraland — this new sector is shaping up to become the next big thing in crypto, just like DeFi and NFTs before it.