Adidas remains committed to the metaverse, launching NFTs as others exit

Amidst the waning enthusiasm for NFTs and the metaverse, many firms have chosen to withdraw, with prominent individuals either leaving or redirecting their attention elsewhere.

However, Adidas has chosen to stay. The compay has collaborated with the STEPN program, which allows users to earn rewards by being physically active, to introduce 1,000 non-fungible tokens (NFTs) that symbolize Adidas footwear on the Solana blockchain.

The digital assets necessary for STEPN’s activities that allow users to earn rewards were first introduced at 10,000 GMT. Their approximate value in USD, based on current exchange rates, is $2,400. Evgeniy Medvedev, who formerly worked at NFT business Rarible, is leading Adidas’ initiatives in Web3.

The brand was shown in “Crypto The Game,” a Web3 survival game program. Justin Sun, the creator of TRON, has recently garnered attention for collaborating with Hans Zimmer on a new music release.

This comes at a time when he is under legal investigation by the US SEC. The sales of digital art on the Bitcoin platform had a significant increase, reaching over $24 million just before the halving event, surpassing the sales on the Ethereum platform.

PayPal has decided to not include NFTs in its Purchase Protection Program, while the NFT marketplace Magic Eden is preparing for a new collaboration with the blockchain platform Base.