• Adidas Bought a Bored Ape NFT Because the Metaverse Is Cool Now

  • Adidas has revealed more information about its upcoming plans to enter the Metaverse. The iconic clothing brand is teaming up with Bored Ape Yacht Club, Punks Comic, and NFT collector gmoney—and it’s even adopted its own Bored Ape.

    Adidas is the latest major corporation to double down on Metaverse hype, and it’s starting with a membership in the Bored Ape Yacht Club.

    Adidas Discloses Metaverse Expansion Plans

    There is a newcomer to the Metaverse.

    Adidas has revealed details of its upcoming collaboration with Bored Ape Yacht Club, Punks Comic, and influential NFT collector gmoney, just days after announcing a partnership with Coinbase and the purchase of a plot of virtual land in The Sandbox.

    The apparel company’s shift to Web3 was first hinted at by teasers posted by Bored Ape Yacht Club, Punks Comic, and gmoney on Sunday. Throughout the week, speculation about the brand’s entry into the space grew, until a series of digital Adidas items were revealed via MetaHero, an NFT project from the team behind Punks Comic.

    Adidas has now confirmed additional details about its plans. The company announced the partnership on Twitter on Thursday, saying it would be venturing “Into The Metaverse with @BoredApeYC, @gmoneyNFT, and @punkscomic.” Adidas also hosted a Twitter Spaces call with a group of employees, a Bored Ape Yacht Club representative, and gmoney as speakers. During the call, a team member asked several speakers to summarize what the Metaverse means in one word. They also mentioned the tagline “Into The Metaverse,” which Adidas has turned into a Twitter hashtag, and invited listeners to interact with their social posts and post reaction emojis during the call.

    In a subsequent tweet, Adidas said it was time to “enter a world of limitless possibilities” and shared a link to a Metaverse-themed landing page on its website. While there are few details on the landing page, a note reads, “adidas Originals voyages Into the Metaverse, led by NFT pioneers gmoney, the Bored Ape Yacht Club, and PUNKS Comic.” Let’s get started.” The page also includes a QR code that connects to CONFIRMED, the brand’s app for early access to limited drops. There’s also a sign-up bar if you want to join the Adidas mailing list.

    Interestingly, the company also revealed that it had purchased a Bored Ape, which it is now using as its Twitter avatar. Though the rest of the company’s plans for the Metaverse are still unknown, the most recent updates indicate that it intends to double down on the Web3 movement. One employee on the call discussed the Metaverse’s “opportunity,” while another revealed that its plans had been in the works for five months.

    Of course, Adidas isn’t the only major corporation that has rushed to join the Metaverse in recent weeks. Mark Zuckerberg announced in October that Facebook would be rebranding to Meta, causing a Metaverse frenzy in the cryptocurrency industry. KuCoin has announced a $100 million Metaverse fund, while Solana Ventures, Lightspeed Venture Partners, and FTX have also committed to a Web3 gaming fund. Throughout November, games like Decentraland and The Sandbox outperformed almost the entire market. Meanwhile, Grayscale published a report last week estimating the value of the Metaverse at $1 trillion.

    The growing interest in the Metaverse, NFTs, and Web3 has benefited Bored Ape Yacht Club. Since the project’s launch in April, the value of Bored Ape NFTs has skyrocketed, with the cheapest currently selling for around $200,000 in Ethereum on the secondary market. Several celebrities have joined the Bored Ape Yacht Club by purchasing their own apes, including Jimmy Fallon, Steph Curry, and DJ Khaled. They’ve all used their Twitter avatars to show off their NFT purchases to their followers, just like Adidas.

    As major firms and capital continue to pour into the space, it appears that the Metaverse hype isn’t going away anytime soon—at least not while the market is still hot.

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