Adidas ventured into the world of digital art and NFTs with its captivating campaign, “Into the Metaverse,” which took off in December. Collaborating with prominent projects like the Bored Ape Yacht Club NFT, Punks Comic, and pseudonymous NFT influencer gmoney, Adidas embarked on an exciting and unconventional journey.
The decision to partner with pseudonymous creators and explore the nascent and volatile NFT space was not without risks. Erika Wykes-Sneyd, then the global VP of marketing for Adidas Originals and now the global VP and GM of Adidas /// Studios (also known as Three Stripes Studios), believed in the power of a collaborative approach.
She recently revealed the daring choices made by the company in their foray into the NFT realm. Reflecting on the decision, she explained, “It really started with our values, and it did feel right at the time, even though there were many late nights where I was like: I could get fired for this.”
One particular decision that made her uneasy was Adidas signing a deal with the Bored Ape Yacht Club while its co-founders, Greg “Gargamel” Solano and Wylie “Gordon Goner” Aronow, remained completely pseudonymous. Recalling her concerns, she admitted, “That got me nervous.” Moreover, the approval of a public company like Adidas for the purchase of Ethereum (ETH) added another layer of unease. Despite the potential risks, Adidas chose to prioritize their values and embrace non-conformity in their NFT venture.
Adidas’ portion of royalties from secondary market sales were not included in the $23 million that was raised when the primary NFT drop of Into the Metaverse was sold out. The NFTs could be exchanged for limited-edition tangible clothing that had the logos of all the collaborators.
Adidas has kept developing in Web3, most recently with the release of ALTS, which allows users of Into the Metaverse to “burn” (or completely destroy) their original NFT in exchange for a new Adidas profile picture (PFP) NFT that is integrated into a narrative campaign. The ALTS NFTs may provide special access to upcoming events and product drops.
The businesses and creators that Adidas collaborated with have continued to expand after the release of Into the Metaverse. Yuga Labs, the company behind the Bored Ape Yacht Club, raised $450 million at a valuation of $4 billion and is currently in charge of multiple NFT projects. Punks Comic is creating diverse intellectual property, while gmoney developed his own tokenized clothing line called 9dcc.
“What we do best is lift up emerging creators, emerging cultures that don’t necessarily have the legitimacy yet or aren’t getting recognized by popular culture,” she said, “and we give them a bigger stage.”
Also Read: Adidas ‘Into the Metaverse’ to Advance to Phase 2
