Adidas Teams Up with Stepn for NFT Sneaker Collection

Adidas has collaborated with Stepn, a Solana-based move-to-earn application, to introduce generative NFTs to its user base. This partnership marks the launch of a new NFT collection featuring Adidas sneakers, aimed at engaging with the evolving consumer demographic.

The Stepn x Adidas Genesis Sneakers Series

The new NFT collection, titled the Stepn x Adidas Genesis Sneakers series, has been unveiled on Mooar, Stepn’s associated marketplace. This collection comprises 1,000 NFTs inspired by Adidas’ renowned designs.

CEO’s Perspective

Shiti Manghani, CEO of Stepn, expressed the brand’s intent to advocate for the ‘move-to-earn’ concept across physical and digital realms. Manghani highlighted the potential of Adidas-themed NFTs to attract brand enthusiasts to participate in ‘move-to-earn’ games, thereby integrating digital avatars with Adidas footwear. This initiative, Manghani emphasized, signifies a paradigm shift in customer rewards.

The Raffle Process

The collection’s release entails a two-stage raffle on Mooar, commencing on Wednesday. In the initial stage, 200 NFTs will be earmarked for Stepn’s user base, comprising five million customers. Participants can vie for an NFT by staking 10,000 tokens of Stepn’s native token, GMT. Notably, unsuccessful participants will receive full refunds.

Strategic Implications

Stepn aims to leverage this partnership to enhance awareness and engagement for its GMT tokens. Currently trading at $0.2312 (approximately Rs. 19.34) as per CoinMarketCap, GMT stands to benefit from increased visibility through this collaboration.

Public Raffle Sale

The second stage of the raffle will involve a public sale on Mooar, offering the remaining 790 NFT pieces. Winners will be announced daily from April 18 to April 21. This phase also presents an opportunity for Stepn to drive traffic to Mooar over the course of a week.

Adidas’ Prior Engagements in the NFT Space

Adidas had previously teamed up with the Web3 artist ‘Fewocious’ to introduce a new sneaker collection integrated with NFT redemption passes, each offering unique benefits to holders. Furthermore, the brand unveiled its ALTS Dynamic NFT collection in April 2023 as part of its overarching ‘Into The Metaverse’ initiative, initiated in 2021.