Is Adidas about to reveal a new NFT collection in their metaverse?

by James · November 7, 2022

Sportswear giants Adidas are teasing the launch of a new collection in their metaverse. The brand has launched a countdown on its metaverse page showing that a mysterious new collection will be revealed next week. The website also visualizes a number of 3D Adidas clothing avatars.

This is an important indication that the brand is about to launch a new series of NFT collections in its metaverse area. However, no details about the features of these non-fungible collections have been released yet. This tease from Adidas comes after an announcement from OpenSea yesterday, where the NFT market announced significant changes to their royalty model.

OpenSea promotes several incentives for the NFT creators

The leading non-fungible token marketplace OpenSea has announced that it will establish a new royalty model to generate more profits for creators. In recent months, creators and artists have demanded separate fees for their contributions to the NFT space, which would allow them to contribute more freely to the broader non-fungible token market.

In response, the platform will enforce on-chain fees for creators starting November 8. These fees will only be enforced on new collections. There will be no changes to the royalty model for existing collections on the market until December, as it may be technically challenging to enforce on-chain fees for existing designs.

There has been much discussion in recent months about business models for NFT creators and whether royalties are viable.

Given our role in the ecosystem, we want to take a thoughtful, principled approach to this topic and lead with solutions. 🧵

— OpenSea (@opensea) 6 November 2022

OpenSea has also emphasized that platforms with zero royalties will be blacklisted, and each platform on the chain will have to enforce a separate creator fee for new collections. However, projects must meet certain criteria to be eligible for royalties.

This initiative will give creators more control over the marketplace, which will consequently promote wider use of non-fungible tokens. It is highly likely that Adidas’ decision to launch a new collection in their metaverse is aimed at taking advantage of this new royalty model. The brand has recently suffered significant financial losses after cutting ties with Kanye West. Adidas has long collaborated with Kanye’s popular “Yeezy” sneaker collections, and ending that collaboration will potentially cost the brand $246 million in profits this year. It is likely that the brand will aim to recover its financial losses from the rising NFT and web3 market, and this new collection could be a step in that direction.