Adidas will ‘Scope Out’ token-gated sneaker drops

Adidas will Scope Out token-gated sneaker drops

The Web3 lead at Adidas hinted that there are more creative ways to use crypto than just adding a payment option. Instead, it’s about being a part of a community.

Adidas’s plans for Web3 could soon include a cryptocurrency. But just adding a payments plugin won’t be enough.

“We’ve talked about it, but I don’t know if that’s really solving a problem,” Adidas’ Web3 lead Erika Wykes-Sneyd told Decrypt today at NFT Paris.

She added that it is not “an expensive proposition,” particularly considering that there are no clear barriers to purchasing sneakers and clothing with fiat currencies.

Instead, the sports and fashion brand would likely rely on its early crypto experiences, fostering communities and conducting exclusive digital drops.

Adidas bought a Bored Ape Yacht Club (BAYC) NFT in December 2021. In the same month, it gave out 30,000 of its own NFTs. The sportswear giant made $23.4 million from the first “Into the Metaverse” drop in just one afternoon.

“There are interesting payments in Apecoin and some of the other coins that are coming out that could be even more surprising if Adidas was going to maybe gate exclusive drops for specific communities and specific currencies,” she said. “I think that’s something that might be more compelling to us.”

Users could be white-listed to get their favorite sneaker drops, for example, which fits in with Adidas’s overall business strategy and both Web3 technologies.

With token-gated tactics, crypto communities “can beat the bots, and not have to play the game of waiting for the sneaker drop, and getting the L,” she said. “That’s stuff we’re starting to scope out now.”

Content Source: decrypt.com

Cover Image Source: decrypt.com

The post Adidas will ‘Scope Out’ token-gated sneaker drops appeared first on NFT News Pro.



from NFT News Pro https://ift.tt/1bczTiY

Comments

Post a Comment

Popular posts from this blog

How to make money with NFTs?

Image
In the following, we will learn about NFTs and the best ways to make a profit with NFTs in 2022.  Non-fungible tokens or NFTs are attracted lots of attention among investors since 2021. They have been one of the most profitable blockchain-based assets. NFTs such as The Merge, sold for $91.8 million, and Everyday: The First 5000 Days by Beeple , sold for $69.3 million, even caused more changes in how the world estimated the profit of the digital collectibles. But, do you need to spend so much money to gain profit from NFTs? The answer is a big no! Although lots of NFT artists and investors have made lots of fortune through creating NFTs, there are also other ways to take advantage of the market. Before knowing how to get rich through NFTs, first, you have to know what exactly NFTs are. If you already know about NFTs so go to the next section. What is an NFT? Non-fungible tokens or NFTs are digital assets that cannot be changed or duplicated. Each NFT, therefore, is one-of-a-kind
Read more

NFT Legal Issues and Risks

Image
Several factors influence the interest in NFTs, including the popularity of blockchain technology, growing interest in cryptocurrencies, and interest in digital art and collectibles. However, the growth of the NFT market brings about legal risks and issues associated with non-fungible tokens as digital assets. The NFT market is crowded with lots of NFT projects which makes investors think carefully before buying a digital asset due to the high risk of fraud. Most NFT investors are not fully aware of the legal risks and issues associated with NFTs, though there is currently little legal protection for investors in the NFT market. In the following, we aim to inform our readers about legal issues and risks associated with NFTs and the market they may face in 2023. Copyright Infringement One of the most important issues for an NFT creator is to know the rights they acquire by creating a non-fungible token. If an NFT is produced based on someone else’s work or idea without their conse
Read more

How to Add Utility to an NFT?

Image
There are several factors that determine the success of an NFT project. In the long term, though, a few factors make an NFT valuable in the market. NFT utility is a key to NFT investors and collectors which convince them to invest in a project and become a member of the community. Adding utility to an NFT project can create real-world value for the project and take it to new heights. In fact, NFT utility allows an NFT to transform from a simple digital token to a highly desirable and valuable asset. If you are also thinking about adding utility to your NFTs, here is all you need to know. In this article, we provide a complete guide about NFT utility, its types, NFT utility apps, and examples of successful utility NFTs. What is NFT Utility? In simple terms, utility refers to the additional benefits or services that add to the value of an asset. Utility NFTs refer to digital tokens that have a practical application and, therefore, higher values. Such utilities can be the key to t
Read more