Welcome to the Wild West. On December 17, Adidas’ In the metaverse drop with digital artist Gmoney, Bored Ape Yacht Club and Punks Comics on December 17 sold 29,620 NFTs – non-fungible tokens – earning collaborators over $22 million in one afternoon of sales. And they didn’t sell a single shoe.
“It’s so refreshing to see a culturally influential brand like Adidas Originals working so closely hand-in-hand with the NFT community,” Gmoney said of working closely with the brand behind the scenes. “At every stage, they included the right partners from the crypto community, Metaverse and NFT and listened to their thoughts at an early stage.”
No matter how strange or new they may seem, NFTs have become an integral part of art and business culture in the past year alone. Essentially, an NFT is a digital receipt that certifies sole ownership of a digital asset. NFTs grant individual control of online objects. These can include paintings, gifs, and videos as well as personal graphics such as shoes, shirts, and other gear. In the metaverse, for example, offered online gear and token membership in a very exclusive fan club tied to special product drops.
These NFTs exist in shared worlds – the collection of metaverse platforms that developers hope will lead to Web3 – the third iteration of the internet. NFTs are one of the pillars of this vision to transform the Internet into a more cooperative space. Adidas, now the forerunner of Web3, encourages its members to shape products and experiences for its wider metaverse community.
“As part of our ambition to celebrate the ideas that define a new era of originality, we have landed at the forefront of creativity, which is the open metaverse,” Erika Wykes-Sneyd, VP of Marketing and communications from Adidas Originals Erika Wykes-Sneyd said. “It’s a natural place for Adidas Originals to enter: a wild world where the possibilities are truly limitless and where everyone can express and be rewarded for their most original ideas.”
This emergence began with a partnership with already established brands like Bored Ape. The digital creators started last year with 10,000 NFT monkey avatars, all featuring different “personalities”. The price of an original? 71 ether or about $267,000. Members include Eminem, Jimmy Fallon, Steph Curry and Snoop Dogg.
— m0rgan.ethᵍᵐ 💎🙆🏼♀️🆘 (@Helloimmorgan) December 31, 2021
Adidas opened this platform to the proletariat in mid-December, offering tickets to the club for around $765. This leveling of access is what has brand strategist Anne Olderog excited about the potential of Web3.
“My perspective is a huge world where borders fall,” said Vivaldi brand strategist Anne Olderog.
Vivaldi, a leading independent global business strategy and transformation firm, sat down with The Manual to chronicle Vivaldi CEO and Founder Erich Joachimsthaler’s vision of the metaverse as an opportunity for the company’s clients to transform and succeed in this new digital world. In his book, The Interaction Field, Joachimstaler posits a shift from competition and disruption to collaboration, participation and engagement, emphasizing interactions rather than transactions.
“The metaverse is much better suited to building communities which is at the heart of human endeavors. Nike does not sell sneakers. They create an opportunity for someone to express themselves and create a life free from the limitations of the physical world,” Olderog said.
Physical objects lose their resonance as limitless creative opportunities present themselves.
“In a pipeline of traditional business models, this is me trying to sell you something,” Olderog said. “The platforms (metaverses) derive their value not from the transaction, but from an exchange through the ecosystem. It is an ecosystem not dominated by actors, but shared and generating broad patterns.
Olderog has over 20 years of branding experience with Fortune 500 companies, authored a book on Barack Obama’s post-modern politics, and authored an award-winning book on changing cultural values. and emerging societal trends in the Internet age, particularly the opportunity that Web3 presents.
“The barrier of fairness and the obstacle it represents in our society and in our world. In the Metaverse, there is an opportunity for a completely open playing field. Everyone is welcome.”
For Olderog, the blockchain allows full transparency on the origin of products and participants, open communication that eliminates the need for internet gatekeepers.
“The opportunity with Web3 is to build better communities — how to bring the right people into the conversation and weed out the wrong people,” Olderog said.
There are endless possibilities for self-expression and building a new culture – as long as you have a reliable internet connection and the initial funds to invest.
Read more: Nike dives deeper into the metaverse with Virtual Shoe Company