Sports brand Adidas has teamed up with Italian fashion house Prada to develop a community NFT project. Fans of the brands will be asked to send in their own NFTs in the hope of being selected to create a patchwork NFT with the collaboration of artist Zach Lieberman
Adidas and Prada announce collaborative NFT
Adidas confirms its entry into the metaverse. The famous sportswear brand has announced a partnership with Italian luxury clothing 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) from January 24 on the event’s dedicated website in order to hope to be selected.
Introducing adidas for @Prada re-source -an ambitious first-of-its-kind NFT project featuring user-generated and creator-owned art, in collaboration with digital artist @zachlieberman
3,000 tiles, 1 canvas. Play.
Learn more at https://t.co/biHgWL4rQqadidasforPradaNFT pic.twitter.com/bKBnmkWDWI
– adidas Originals (@adidasoriginals) January 20, 2022
They will have to submit an NFT that they have created themselves. Only 3,000 virtual works will be selected for a “patchwork”.
The project will be carried out in collaboration with Zach Lieberman, an American artist who specialises in digital art and has already had partnerships with companies such as Logitech and WeTransfer.
Once the final NFT has been minted, it will be offered for sale on the NFT sales platform SuperRare. The majority of the proceeds will be donated to the non-profit organisation Slow Factory at the time of sale, and it will also receive 2.5% of all profits made on the secondary market.
The 3,000 selected participants will also receive a share of the proceeds from the original sale on 28 January.
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 fees for participating in the project and offering 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 have directly seen an increase.
Floor and median price of Into the Metaverse NFTs (Source: Dune Analytics)
During its last project to sell NFTs, Adidas made the choice to go directly on 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 transaction times are largely reduced. This should convince more people to participate in this and future projects.
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 dollars.
High fashion brand Prada is no stranger to the world of blockchain either. Last April, it joined forces with luxury houses Cartier and LVMH to implement Ethereum-based certificates of authenticity.
Dolce & Gabbana also put its own NFTs up for sale, raising $5.65m from the sale of just nine digital works.
And the virtual seems set to catch up with the real: a Fashion Week will take place on the Decentraland platform at the end of March.
