Adidas Launch adidas Onchain: Summer of Sports

Thanks to the 3604 readers who are exploring where Sports meets Web3. If you're reading this and still haven't signed up, click the subscribe button below!

Introduction

👋 Welcome back

For the first time since launching Sporting Crypto almost three years ago, there is enough news that I’ve been tempted to tweak our cadence to writing editions twice a week.

It feels like there is a ‘Hot Web3 Sports Summer’ brewing.

🐝 Quick PSA: We have moved from Substack to Beehiiv, 👉 Action: Please add [email protected] to your contacts list on Gmail or whatever mail client you use!

🔌Plug — Sporting Crypto London event, 27th June 2024

• 180+ RSVPs 👥

• Brands such as CFG, Manchester United, Visa, Red Bull, ATP Tour, FIFA, HBAR, Tezos, IOHK, Zilliqa and more all attending

• During SEG3 on the 27th and 28th of June 2024, the world’s leading Sports, Entertaiment & Gaming conference in emerging technology (Click here for 20% off your ticket - use the code SC20)

If you’re interested in attending our event, RSVP below! 👇

⚡🔌 Check out our research reports

• McLaren Racing 23/23: A New Era of Fan Engagement (Purchase Report Here)

👥🔍 Sporting Crypto Job Board - Jobs of the week

• Senior Product Designer @ Sorare - Link here

• Backend Engineer @ Dapper Labs - Link here

• Sr. Game Product Manager @ Mythical Games (NFL Rivals) - Link here

Visit the Sporting Crypto Job Board today to explore new career opportunities, or to find the perfect fit for your organisation.

Adidas Launch adidas Onchain: Summer of Sports

The Sporting Crypto Newsletter is supported by The HBAR Foundation.

Discussed in this edition of Sporting Crypto:

1. Overview of adidas Onchain ⛓️
   a) Three editions
   b) Metrics
   c) User flow

2. Adidas in Web3 👟
   a) Journey so far
   b) What’s next?

3. Analysis & Concluding Thoughts 🧠
   a) Where now for adidas in Web3?
   b) Onchain, not Web3, not NFTs, not crypto

Overview of adidas Onchain ⛓️

Adidas have launched an NFT collection on the Ethereum layer 2 blockchain Base, created by Coinbase, to celebrate a summer of sports.

As per the collection announcement, adidas is “commemorating the 2024 Summer of Sports onchain by offering fans a unique piece of memorabilia.“

The three editions are as follows:

1. adidas Onchain: Summer of Sports — Football Edition: Showcasing radiating colours through the lens of sport, this artwork symbolises the energy, excitement, and unity of football. This edition is commemorating the EURO 2024 tournament in Germany. It has seen 20,966 mints so far.

2. adidas Onchain: Summer of Sports — Base Edition: The Base edition is vibrant blue: celebrating Onchain Summer S2 while also paying homage to the classic adidas Originals blue color. It has seen 13,438 mints so far.

3. adidas Onchain: Summer of Sports — OCS Edition: This OCS edition playfully fuses the lively OCS 2024 colour palette with the abstract 2024 adidas Onchain Summer of Sports template. It has seen 11,605 mints so far.

25,624 owners have minted these editions since the launch and there have been 41,950 total mints. The collections cost 0.00075 ETH (~$2.47) each.

The user experience is simple. This example shows the Coinbase Wallet experience, where users can simply click the NFT edition they want to mint, click the mint button, and it is confirmed almost instantly. Users are then able to view their NFT collectible in their account.

Adidas in Web3 👟

Adidas were one of the early movers in Web3 compared to many brands, and have experimented with blockchain technology several times since.

They burst onto the scene in December 2021, launching ‘Into The Metaverse’ (ITM) — an NFT collection in collaboration with Bored Ape Yacht Club, money and Punks Comics. The drop of 30,000 NFTs sold out and drove $22m in primary revenue. In 2022, adidas saw $10.94 million in revenue from NFTs, including the ITM drop, seeing over 51,000 transactions on the secondary market, with $175.65 million in volume generated.

The next notable launch was ALTS by adidas in April 2023, a Web3 loyalty program with a digital collectable avatar at the heart of it. It is an extension of adidas' initial foray into Web3 with the ITM collection, allowing holders of the original NFTs to burn their tokens in exchange for new ALTS NFTs. It focuses on customisable traits and was rolled out in a three-phase approach, with chapter 3 yet to launch.

Alongside these two notable moments in adidas’ Web3 journey, there have been many other siloed activations and partnerships.

Here’s a chronological view of their Web3 journey so far: