Adidas enters the metaverse with the launch of NFT and hints at partnership with the Sandbox

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Adidas enters the metaverse with the launch of NFT and hints at partnership with the Sandbox By Hannah perez

Adidas released a POAP NFT and later hinted that it would partner with The Sandbox to launch its own metaverse. The news prompted a 30% price increase on the SAND token.

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Adidas has officially entered the metaverse with the release of a token non-expendable (NFT).

The renowned sporting goods brand announced a few days ago the launch of a one-of-a-kind POAP NFT collectible in which the iconic blue logo can be seen rotating on a background with the date ‘2021’. The digital article of Adidas was posted on the collectibles market POAP.gallery next to the following description:

For those looking for new playing fields where the possibilities are limitless, we invite you to join us on our journey into the metaverse.

Adidas enters the metaverse with the launch of NFT and hints at partnership with the Sandbox

It should be noted that POAPs, or Proof of Attendance Protocol, are unique NFTs verified in the sidechain of Ethereum xDai. These digital collectibles are often used to link the virtual world with physical space. For example, POAPs have been used as tickets to virtual events, as well as to demonstrate attendance.

In the particular case of the POAP NFT of AdidasIt is unknown if this will eventually unlock a unique feature for users; although undoubtedly many already anticipate holding a virtual event with the famous brand.

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Adidas hints at partnership with the Sandbox

Shortly after this first exploration into the digital collectibles and metaverse space, the company took to Twitter to hint at a partnership with one of the major decentralized metaverse platforms. This week, the brand tweeted about a possible development of a “adiVerse” in association with The Sandbox.

AdiVerse, anyone? What should we build together at @TheSandboxGame?

As if that were not enough, the sports company also seems to have bought a virtual field in the metaverse of The Sandbox, such as they pointed out various users of the cryptocurrency community on Twitter. Adidas did not make any official announcements about the possible association or the acquisition of a virtual land.

The Sandbox is a platform based on Ethereum where players can “Play, create, own and rule a virtual world“According to its website. Players can own in-game assets in the form of NFTs, such as plots that they can build on.

The metaverse startup has already closed deals with big names, including rapper Snoop Dogg, the television series “The walking dead” and the game brand Atari. It also closed at the beginning of the month an investment round of USD $ 93 million led by SoftBank.

Market responds: SAND token soars 25%

Although the agreement with Adidas, the news seems to have motivated an optimistic mood among investors. Shortly after the announcement on Twitter, the price of native token of The Sandbox, SAND, soared about 30%.

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According to data from CoinMarketCap, SAND cryptocurrency is currently trading at $ 6.74 with a 25% increase in the last 24 hours.

Adidas enters the metaverse with the launch of NFT and hints at partnership with the Sandbox
source: CoinMarketCap

The money of The Sandbox It has been experiencing a staggering price rally since last month, rising more than 600% since the social media company Facebook announced about its name change to ‘Meta’. At that time, the token it was priced less than a dollar. The expectations about the metaverse industry growth has given a huge boost to the platform market.

The price of the currency has not been the only one favored, since the virtual lands of The Sandbox they have also registered an increase in recent weeks. According to data from OpenSeaOn average, the last land has been sold for 2.5 ETH, that is, more than USD $ 10,000. On the other hand, the platform’s NFT sales volume has also skyrocketed, according to data from DappRadar.

The token has also benefited from the highly anticipated metaverse event of playing to win, The Sandbox Alpha, which is expected to be released by the end of November.


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Sources: Twitter, CoinDesk, CryptoBriefing, DappRadar

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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