A first-of-its-kind non fungible token (NFT) cooperation between Adidas Originals and Prada will feature user-generated art. The goal of the initiative is to bring together people from the fashion, design, and cryptocurrency industries to collaborate on a large-scale digital artwork. An NFT is a one-of-a-kind digital asset that signifies ownership of physical goods such as artwork, video snippets, music, and more. NFTs are based on the same blockchain technology as cryptocurrencies, however they are not a form of payment.
Adidas and Prada will ask their respective audiences to participate in the open-Metaverse NFT initiative by submitting unique anonymous pictures. Adidas claimed in a news statement that at least 3,000 community-sourced artworks would be minted as NFTs and combined as tiles in a single mass-patchwork NFT developed by Zach Lieberman, a renowned creative coder and digital artist.
Contributors will retain full ownership rights to their individual NFT tiles, and participation will be absolutely free. At SuperRare, a marketplace for handpicked NFT artworks, Adidas and Prada will auction Lieberman’s final NFT.
Slow Factory, a non-profit organisation and institute aiming to provide education to generate meaningful solutions and inclusive communities, will get the majority of the earnings from the auction, according to the business.
Anyone with a crypto wallet can register to design and mint a pseudonymous NFT to be featured in the Adidas for Prada re-source project beginning January 24. Users will be asked to upload a photograph that they will edit with a filter created by digital artist Zach Lieberman to produce their own unique artistic contribution.
“Following this wait list 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,” the company added.
Those chosen will be able to return to the website and mint their photograph contribution as an NFT for free from January 26 to 27. In other developments, Adidas Originals made $23.5 million by selling 30,000 “Into the Metaverse” non fungible tokens (NFTs) in just a few hours after they were released in December.
According to Bloomberg, Adidas rival Nike has filed seven trademark applications as it prepares to enter the metaverse. The company stated in the application that it intends to create and sell virtual branded sneakers and clothes.