The strategic collaboration between a widely-used lifestyle app and a renowned brand like Adidas shows the evolving nature of lifestyle rewards.
By Bena Ilyas
Edited by Julia Sakovich
Updated
3 mins read
The worlds of sportswear and Web3 continue to collide as sportswear giant Adidas joins forces with Solana-based move-to-earn app Stepn. Announced on April 15, 2024, this innovative partnership promises a unique blend of digital and physical experiences for fitness enthusiasts and crypto natives alike.
The collaboration initiates with a limited-edition Non-Fungible Tokens (NFTs) collection called the “Stepn x Adidas Genesis Sneakers.” Comprising 1,000 NFTs inspired by Adidas’ iconic running silhouettes, this collection marks the beginning of a year-long partnership. According to Stepn’s statement, users can await further NFT drops and physical wearable items throughout the collaboration.
“This genesis collection is the first of a series of co-branded activities between Stepn and Adidas over a one-year partnership that will see further NFT drops and physical, wearable items on the roadmap,” said Stepn.
Scheduled for launch on April 17, 2024, through Stepn’s sister platform, the Mooar NFT marketplace, the Genesis collection marks a significant milestone. This isn’t Adidas’ first foray into crypto and Web3 space. Previously, the sportswear giant has collaborated with the cryptocurrency exchange Coinbase, the renowned Bored Ape Yacht Club, and even the luxury carmaker Bugatti.
Stepn, the selected partner, holds a prominent position within the move-to-earn (M2E) space. This innovative app motivates participants by rewarding cryptocurrency (GMT tokens) for outdoor walking or running activities. Boasting over 5 million registered users, Stepn partnered with renowned footwear brand Asics in 2022.
The Adidas partnership shows a shift in the move-to-earn industry. The strategic collaboration, combining the digital and physical experiences between a widely-used lifestyle app and a renowned brand like Adidas, shows the evolving nature of lifestyle rewards.
Stepn’s CEO, Shiti Manghani, showed in the company’s press release that this physical-digital (“phygital”) collaboration could expand the appeal of M2E apps beyond crypto enthusiasts, attracting fitness-oriented individuals seeking additional motivation and potential exclusive rewards.
Looking beyond the initial NFT drop, the year-long collaboration between Adidas and Stepn holds promising prospects. The roadmap shows the potential introduction of physical Adidas merchandise, complementing the digital NFTs, potentially creating a unique blended phygital experience for collectors and fitness enthusiasts.
The outcome of this collaboration depends upon the overall crypto market’s resilience and user adoption. Although Stepn has gained significant traction, there are concerns regarding M2E models and in-app token valuations. However, this partnership shows a bold step towards fitness, fashion, and Web3, paving a path for interactive and potentially rewarding fitness experiences.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
