“Activity, fitness and lifestyle lies at the heart of both the brands” - Shiti Manghani, CEO of STEPN
adidas, a global leader in sports apparel and footwear, has long been at the forefront of innovation in the athletic industry. With a history spanning over six decades, adidas has continually pushed the boundaries of technology and design, aiming to enhance athletic performance and comfort. The company's venture into digital fashion and NFTs marks a significant step towards blending physical sportswear with the evolving digital world, tapping into new markets and opportunities.
STEPN, a fitness app built on the Solana blockchain, has revolutionised the concept of 'move-to-earn,' encouraging physical activity through digital incentives. By integrating blockchain technology, STEPN allows users to earn digital assets through walking, running, or jogging. This approach not only promotes a healthy lifestyle but also introduces users to the fundamentals of cryptocurrency and NFTs, making it a pioneer in the gamification of fitness and health.
Announcement and Vision
On April 15, adidas and STEPN announced a groundbreaking partnership that will bridge the gap between fitness enthusiasts and the digital collectibles market. The collaboration kicked off with the launch of 1,000 NFTs under the "STEPN x adidas Genesis Sneakers collection."
Inspired by some of adidas's most iconic running silhouettes, these NFTs blend traditional design elements with innovative blockchain technology.
The announcement quickly captured the attention of both the media and the public, amassing over 2 million views. Overall, the campaign generated a staggering 6.1 million views across all social media platforms, underscoring the significant interest and excitement surrounding this innovative collaboration.
The Genesis Collection: Raffle Mint
The STEPN x adidas Genesis Collection is designed to celebrate the heritage and future of both brands. The one-year partnership will feature a series of co-branded activities, including further NFT drops and an exciting lineup of physical, wearable items. This strategic roadmap aims to deepen consumer engagement by creating a seamless integration of digital and physical product offerings, setting a new benchmark for collaborations in the sportswear industry.
The STEPN x adidas Genesis Collection was raffled on MOOAR, a multichain NFT marketplace created by FSL. Raffle Mint is a tool used to distribute NFTs to the community fairly. Passionate users could purchase a Raffle Mint ticket for 10K GMT, giving them a chance to win NFT Sneakers from this iconic Genesis Collection. Any Raffle Mint tickets that did not win were fully refunded. On the first day of the Raffle Mint, only ALTS by adidas collection holders and FSL Community members were allowed to participate. The event was open to the public from Day 2 to 5.
The STEPN x adidas Genesis Collection Raffle Mint event was one of the largest events in WEB3 history. Over 120M GMT was locked in this event, equaling a value of more than $30M USD.
The Genesis Collection: Secondary Sales
Interest in the iconic collection didn't wane even after NFTs were distributed to the winners. Secondary trading set a new benchmark for Web3. In the first 6 hours after claiming, the trading volume reached 1 million GMT (250k USD). The floor price for the STEPN x adidas Genesis Collection doubled from the mint price, and the trading volume on the first day pushed the collection to the 5th place among all Solana NFT collections.
The 7-day trading volume at the time of writing this case study is 2.43M GMT, with a total volume of 3.44M. These impressive metrics make Collection #1 the top collection on the MOOAR marketplace on Solana.
This collection differs for several reasons. For the first time in STEPN's two-year history, the collection will be tradable on-chain, and holders will be able to lock sneakers on the MOOAR marketplace for various benefits:
Holders will receive a digital twin of the sneaker in the STEPN app. During events, locked NFT holders will have increased chances of winning Raffle Mints on MOOAR, along with other token-gated experiences.
Users will also receive 200% Experience points when trading TEPN x adidas NFT Sneakers. This will help boost their MOOAR Membership levels, enabling them to enjoy higher-quality MOOAR Boxes during MOOAR Box seasons.
The partnership between adidas, a respected Web2 powerhouse, and STEPN, a leading Web3 fitness app, marks a significant step in the wider adoption of blockchain technology and NFTs in mainstream markets. Here's why such collaborations are vital for the Web3 world and its acceptance:
Brand Legitimacy and Consumer Trust: Established companies like adidas carry a reputation of trust and a large consumer base. Their endorsement of blockchain technology can lessen skepticism and increase the perceived legitimacy of NFTs and other digital assets among a broader audience.
Innovation and User Engagement: Partnerships that combine Web2’s market knowledge with Web3’s innovative technologies can develop more engaging and valuable consumer products. For instance, linking NFTs with physical products, as done in the adidas and STEPN collaboration, presents unique ways for consumers to interact with brands, boosting user engagement and loyalty.
Market Expansion: By utilising the blockchain, traditional companies can explore new business models and revenue sources, such as digital collectibles and tokens that provide unique functionalities and benefits. This not only expands the NFT market but also encourages various industries to investigate potential blockchain technology applications.
Cultural Shift and Education: Partnerships between Web2 and Web3 firms can quicken a cultural shift towards digital ownership and decentralisation. They also play a key role in educating the public about the benefits and operations of blockchain technologies, simplifying the space and promoting more widespread acceptance and use.
Enhanced User Experience: Incorporating Web3 technology into existing Web2 platforms can lead to improved user experiences through increased security, transparency, and user control over personal data and assets. This can encourage higher adoption rates across different sectors.
In summary, collaborations like the one between adidas and STEPN not only confirm the practicality of Web3 technologies in everyday applications but also lay the groundwork for more traditional businesses to investigate and incorporate these technologies into their services, leading to a more interconnected, innovative, and user-focused market landscape.
The collaboration between adidas and STEPN marks a significant achievement in the intersection of fitness, fashion, and blockchain technology. By launching the "STEPN x adidas Genesis Sneakers collection," this partnership not only celebrated the melding of traditional design with innovative technology but also set new benchmarks for consumer engagement and digital collectibility. The overwhelming response, with millions of views and robust social media activity, highlights the project's success and the potent appeal of combining physical products with NFTs.
Looking ahead, the future for STEPN and adidas appears promising, with potential to further explore and expand upon their initial successes. The roadmap laid out by this partnership suggests exciting possibilities for additional NFT drops and the introduction of wearable physical items that could continue to reshape consumer interactions in the sportswear and digital asset spaces. This ongoing evolution will likely influence other brands and industries, encouraging them to explore the untapped potential of NFTs and blockchain, potentially leading to broader adoption and innovative new uses in the Web3 ecosystem.
Appendices
For additional resources and further reading on the collaboration between Adidas and STEPN on NFT sneakers, please refer to the following articles:
Why Move-to-Earn? STEPN Is Teaming with adidas on Generative NFT Sneakers - Forbes
Adidas Releasing $2,500 Solana NFT Sneakers in Move-to-Earn Game 'Stepn' - Decrypt
Adidas Partners with Crypto Fitness App STEPN; Plans for Both NFTs and Merchandise - The Block
STEPN is Partnering with Adidas to Revolutionise the Web3 Industry - Medium
Web3 Move-to-Earn Startup STEPN Teams Up with Adidas for Generative NFT Sneakers - MSN
GameFi Ecosystem Comeback Amid Surging Crypto Prices - Cointelegraph
