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Sep 14, 2023
Adidas, the global sportswear giant, is no stranger to innovation. From its iconic three-striped sneakers to performance-enhancing sports gear, the brand has always been at the cutting edge of design and technology. And now, with the digital wave sweeping the globe, Adidas is ensuring they're not left behind.
In an exciting recent announcement, Adidas, alongside its web3 innovation arm, Triple Stripes Studio, unveiled a groundbreaking digital artist residency program. This bold venture seeks to bridge the gap between the traditional art world and the new digital frontier, powered by blockchain technology and the ever-growing realm of Non-Fungible Tokens (NFTs).
Marrying Art with Technology
The program, revealed to the world on August 31, took flight from September 4 to September 11. But it's not just about the dates; it's about the mission. Adidas is striving to meld the worlds of budding digital creators with its expansive and dedicated collector community. It's an attempt to redefine art, commerce, and fan engagement in the age of decentralization.
Leading the charge in this ambitious initiative are two trailblazing artists: Adra Kandil, widely recognized as Dearnostalgia, and the avant-garde digital artist known as MonkeeMoto or simply, Moto. Both artists have carved unique spaces in the digital art universe, making them the perfect candidates to set the pace for what's set to be a game-changing program.
The NFT Debut
No web3-based initiative would be complete without a solid introduction to the market, and this was achieved with aplomb. September 6 saw the highly anticipated sale of both open and limited edition NFT art pieces, crafted by the aforementioned artists.
For the uninitiated, NFTs or Non-Fungible Tokens represent a type of digital asset whose ownership and uniqueness are verified on the blockchain. Unlike cryptocurrencies such as Bitcoin or Ethereum which are fungible and can be replaced with another of the same value, NFTs are one-of-a-kind and hold unique information – making them particularly enticing for collectors.
With the open editions priced at a modest 0.03 ETH (equivalent to roughly $49 at the announcement time) and the limited editions at 0.15 ETH (circa $245), the sale offered options for both seasoned collectors and newcomers alike.
A Platform to Announce
The news of this pioneering venture was fittingly announced during Korea Blockchain Week 2023, a stellar yearly event. Founded by the web3 accelerator FACTBLOCK and co-chaired by the influential South Korea-based web3 venture fund Hashed, Korea Blockchain Week has rapidly evolved into a Mecca for blockchain aficionados and experts.
This year’s event featured an illustrious roster of over 200 speakers. Headlining the pack were notable figures such as Ethereum's co-founder Vitalik Buterin, Circle’s CEO Jeremy Allaire, Wemade’s CEO Henry Chang, and Maelstrom’s CIO Arthur Hayes. Also sharing their insights were Hashed CEO Simon Kim, BitGo’s co-founder and CEO Mike Belshe, Polygon’s co-founder Sandeep Nailwal, Line Next's business director Woosuk Kim, and Anthony Scaramucci, founder and managing partner of SkyBridge Capital.
Given the caliber of the event and its participants, it was only fitting that Adidas chose this platform to announce its foray into the web3 space.
A Glimpse into the Future
Adidas's leap into the digital art realm through its artist residency program is not just an isolated endeavor. It's a testament to the brand's foresight and adaptability. Recognizing the potential of the digital art space, especially in a world that’s increasingly becoming decentralized, the company is positioning itself at the confluence of art, technology, and commerce.
The partnership with Triple Stripes Studio, the introduction of world-class digital artists, and the adoption of NFTs are all indicators of a larger strategy. As the lines between the physical and digital worlds continue to blur, initiatives like these are not just about staying relevant but about pioneering the next phase of digital evolution.
Adidas, with its artist residency program, has set the stage for an exhilarating merger of art and technology. It's an invite for artists, collectors, and enthusiasts to be part of a revolutionary journey that promises to reshape the contours of art, fandom, and digital ownership.