Adidas made a bold move by venturing into the world of NFT with its campaign “Into the Metaverse.” They collaborated with prominent projects such as Bored Ape Yacht Club NFT, Punks Comic, and NFT influencer gmoney. This decision was not without risks as the NFT space is nascent and volatile. Adidas’s global VP and GM of Adidas///Studios, Erika Wykes-Sneyd, believed in a collaborative approach and prioritized their values, which led them to embark on this unconventional journey. Despite potential risks, Adidas embraced non-conformity in their NFT venture.
One particular decision that made Wykes-Sneyd uneasy was Adidas signing a deal with Bored Ape Yacht Club while its co-founders remained pseudonymous. Adidas’s portion of royalties from secondary market sales were not included in the $23 million that was raised during the primary NFT drop of Into the Metaverse. However, Adidas chose to prioritize their values and embrace non-conformity in their NFT venture.
Adidas has continued to develop in Web3, recently launching ALTS, which allows users of Into the Metaverse to exchange their original NFT in exchange for a new Adidas profile picture NFT, integrated into a narrative campaign. Furthermore, Adidas chooses to give emerging creators and cultures a bigger stage.
Businesses and creators that Adidas has collaborated with have continued to expand after the release of Into the Metaverse. For example, Yuga Labs, the company behind Bored Ape Yacht Club, raised $450 million at a $4 billion valuation and is currently in charge of multiple NFT projects. Punks Comic is creating diverse intellectual property, while gmoney has developed his own tokenized clothing line called 9dcc.