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January 24, 2022updated 02 Feb 2022 4:59pm

Adidas, Prada team on open-metaverse NFT project

German sporting goods giant Adidas and luxury fashion firm Prada are bringing their third collaboration into the metaverse.

By Beth Wright

The move sees the Adidas Originals brand and Prada bring the Adidas for Prada Re-Nylon collection into the metaverse as part of the Adidas for Prada re-source project.

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The Metaverse is becoming a reality – adapt to meet it

Although the term resists single definition, the metaverse can broadly be described as a virtual world where users can meet, work, play, shop and socialize in real-time within simulated scenarios. The theme has gained traction following Facebook's rebranding to Meta, prompting enterprises to consider how they can seemingly develop economies, trade with other companies, and form alliances in new and imaginative ways as the metaverse use cases and applications grow broader. This is subsequently encouraging businesses across sectors to begin developing capacities related to the metaverse experience, foundation, tools, and user interfaces. Simultaneously, the impact of the COVID-19 pandemic has accelerated the technology adoption rate, thereby increasing the expectations of stakeholders. Amid all such developments, the metaverse is projected to influence multiple sectors with user engagement, collaboration, training, and learning being touted as some of its early use cases. GlobalData examines how the innovative adoption of emerging technologies can accelerate the advent of the metaverse ecosystem. This report explores our in-house data to provide our clients with insights into how various companies are driving the immersive ecosystem’s growth with their innovative solutions.
by GlobalData
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The project is described as a first-of-its-kind non-fungible token (NFT) collaboration that will feature user-generated and creator-owned art. It aims to bring together participants across fashion, design, and crypto to co-create a large-scale digital artwork inspired by the physical Re-Nylon collection.

Consumers are invited to contribute unique anonymised photographs to the open-metaverse NFT project. 3,000 community-sourced artworks will be minted as NFTs and compiled as tiles in a single mass-patchwork NFT designed by creative coder and digital artist, Zach Lieberman.

Lieberman’s final NFT will be brought to auction on SuperRare, a marketplace for curated NFT artworks. A majority of the proceeds from the auction go to Slow Factory, a non-profit organisation and institute working to create education to drive meaningful solutions and inclusive communities.

Adidas for Prada re-source

From today (24 January), anyone can register with a digital wallet for a chance to create and mint a pseudonymous NFT to be featured in the Adidas for Prada re-source project. At this stage, users will be invited to submit a photograph, using a filter designed by  Lieberman, to create their own individual creative contribution.

Following this waitlist period, 3,000 contributors will be randomly selected to participate in the drop, with 1,000 of the spots reserved for holders of the Adidas Originals Into the metaverse NFT, and a further 500 reserved for users who attempted to mint Into the metaverse in the public sale but failed.

From 26-27 January, those selected will be able to return to the website and mint their photograph contribution as an NFT, free of cost. Contributions from all co-creators will be featured as individual tiles in a community-sourced digital artwork created by Lieberman.

Lieberman’s culminating mosaic will be minted as the final NFT in the Adidas for Prada re-source project and will be sold as a one-of-one NFT in an auction on digital art marketplace SuperRare from 28-31 January. Adidas for Prada re-source by Zach Lieberman will be displayed as a large-scale digital art installation in selected Prada and adidas flagship stores worldwide.

Recognising the fundamental role of creators, all 3,000 contributors featured in the final NFT project will own full IP rights to their individual NFTs and have the ability to sell their NFT on the secondary market. In addition, owners of each individual NFT will receive a percentage of the auction sale of Adidas for Prada re-source by Zach Lieberman each time it is sold, in perpetuity.

The Adidas for Prada re-source project follows the success of Into the metaverse –Adidas Original’s debut NFT project which launched in December and minted 30,000 NFTs to over 21,000 buyers in collaboration with gmoney, PUNKS Comic and Bored Ape Yacht Club.

Adidas Originals and Prada say they are set to build on this momentum to further explore how brands can transcend the physical world to find new resonance in virtual spaces.

Sports specialist New Balance was said to be joining its competitors in the metaverse last week, with three pending trademark applications to have computer programmes, merchandise and entertainment services for its apparel and footwear in online virtual worlds.

Meanwhile, Ralph Lauren’s CEO Patrice Louvet told attendees at the National Retail Federation annual conference that the US fashion brand wants to explore opportunities in the metaverse. 

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Free Report
img

The Metaverse is becoming a reality – adapt to meet it

Although the term resists single definition, the metaverse can broadly be described as a virtual world where users can meet, work, play, shop and socialize in real-time within simulated scenarios. The theme has gained traction following Facebook's rebranding to Meta, prompting enterprises to consider how they can seemingly develop economies, trade with other companies, and form alliances in new and imaginative ways as the metaverse use cases and applications grow broader. This is subsequently encouraging businesses across sectors to begin developing capacities related to the metaverse experience, foundation, tools, and user interfaces. Simultaneously, the impact of the COVID-19 pandemic has accelerated the technology adoption rate, thereby increasing the expectations of stakeholders. Amid all such developments, the metaverse is projected to influence multiple sectors with user engagement, collaboration, training, and learning being touted as some of its early use cases. GlobalData examines how the innovative adoption of emerging technologies can accelerate the advent of the metaverse ecosystem. This report explores our in-house data to provide our clients with insights into how various companies are driving the immersive ecosystem’s growth with their innovative solutions.
by GlobalData
Enter your details here to receive your free Report.

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