Adidas further explores Web3 tools | NFT CULTURE | Web3 Culture NFTs and Crypto Art

Adidas, the popular sports and fashion brand, is reportedly exploring ways to integrate cryptocurrency and Web3 technologies into its community-driven marketing and sales strategies. Erika Wykes-Sneyd, Adidas’ Web3 manager, stated that adding a payment plugin is not sufficient use case for crypto. Instead, Adidas may consider opening exclusive drops for specific communities and specific currencies, promoting communities and making unique digital drops. The company can leverage token-gated tactics to whitelist users into their favorite sneakers, beat the bots, and avoid playing the waiting game. This would be in line with Adidas’ larger corporate strategy of leveraging Web3 technologies to create a sense of community and inclusion among consumers.

Adidas has already made significant progress in the Web3 space, buying a Bored Ape Yacht Club (BAYC) NFT in December 2021 and issuing its own 30,000 NFT drop the same month. The sportswear giant earned $23.4 million in a single afternoon from the “Into the Metaverse” drop.

Adidas isn’t the only non-crypto company delving into the Web3 space. Salesforce Web3 Studio co-founder Marc Mathieu recently stated that linking crypto wallets to brands will become the “new cookie,” referring to blocks of data that identify user activity on the internet. Other luxury brands, including Prada, Gucci, Balmain and Balenciaga, have also begun exploring all things crypto.

As more companies enter the Web3 space, it will be interesting to see how they use crypto and other emerging technologies to create new experiences and engagement opportunities for their customers.

This information is from an article published by Decrypt on February 25, 2023, written by Liam J. Kelly. The article features an interview with Erika Wykes-Sneyd, Adidas’ Web3 manager, at NFT Paris, where she discussed the brand’s plans to integrate cryptocurrency and Web3 technologies into its community-driven marketing and sales strategies. According to Wykes-Sneyd, Adidas is considering token-gated exclusive drops for specific communities and currencies, promoting communities and making unique digital drops, rather than just adding a payment plugin. Adidas has already made significant strides in the Web3 space, such as purchasing a Bored Ape Yacht Club (BAYC) NFT in December 2021 and issuing its own NFT drop. Other non-crypto firms are also exploring Web3 technologies, such as Prada, Gucci, Balmain and Balenciaga, linking crypto wallets to brands, which Marc Mathieu, co-founder of Salesforce Web3 Studio, recently stated will be the “new cookie.”