Sports brand Adidas has teamed up with Italian fashion house Prada to develop a community NFT project. Fans of the brands will have to send in their own NFTs in order to hope to be selected for the creation of an NFT in the form of a “patchwork” with the collaboration of artist Zach Lieberman.
Adidas and Prada announce a collaborative NFT
Adidas confirms its entry into the world of the metaverse. The famous sportswear brand has announced a partnership with Italian luxury ready-to-wear brand Prada via its Twitter account.
Just one month after selling 30,000 non-fungible tokens (NFTs), Adidas is back with a collaborative NFT. Fans of both apparel brands will be able to register with a digital wallet (e.g. MetaMask) starting January 24 on the event’s dedicated website in order to hope to be selected.
They will have to submit an NFT that they have created themselves. Only 3,000 virtual works will be selected to make a “patchwork”.
The project will be carried out in collaboration with Zach Lieberman, an American artist specialized in digital artworks who has already had partnerships with companies such as Logitech or WeTransfer.
Once the final NFT is “minted,” it will be offered for sale on the SuperRare NFTs sales platform. The majority of the proceeds will be donated to the nonprofit Slow Factory at the time of sale, and then it will also receive 2.5% of all profits made on the secondary market.
The 3,000 selected participants will also receive a portion of the proceeds from the original sale on January 28.
A project hosted on the Polygon sidechain (MATIC)
The NFTs proposed by the community will be generated on Polygon, a sidechain of the Ethereum blockchain (ETH). Adidas explains that it made this choice because Polygon is a low-energy network, unlike blockchains running on the Proof of Work (PoW) method.
The final work, which will mix the 3,000 individual NFTs, will be produced as an ERC-721 token, the standard for NFTs circulating on the Ethereum blockchain. Each participant will keep their original NFT and may sell it later.
It is important to note that there will be no transaction fee to participate in the project and offer your own NFT.
After the announcement of the two brands, the floor price as well as the median price of the NFTs from the “Into the Metaverse” collection launched by Adidas directly saw an increase.
In its last project to sell NFTs, Adidas made the choice to go directly to the Ethereum blockchain.
However, the choice of the Polygon sidechain is advantageous from a marketing point of view (for the ecological footprint in particular), but also from a practical point of view: the fees and the transaction times are largely reduced. This should convince more people to participate in this project, but also in future ones.
Brands and the world of blockchain
Adidas is not new to the world of metaverses: the brand had already offered itself plots of land in the game The Sandbox last November, for the modest sum of $ 1.7 million.
As for the high fashion brand Prada, it is no stranger to the world of blockchain either. Last April, it partnered with luxury houses Cartier and LVMH to implement Ethereum-based certificates of authenticity.
The Dolce & Gabbana house had also put its own NFTs up for sale, allowing it to raise $5.65 million by selling just 9 digital works.
And the virtual seems well on its way to catching up with the real: a Fashion Week will take place on the Decentraland platform at the end of March.
