Adidas Announces Its First Cryptocurrency Initiative with Coinbase and The Sandbox

Adidas has announced a new cooperation with Coinbase and The Sandbox, a Metaverse game initiative. The athletic gear company looks to be experimenting with NFTs and the Metaverse. The SAND token surged 50% in response to the Adidas news, reaching an all-time high of $8. The German sportswear behemoth may be one step closer to accepting digital asset payments and making the first foray into "metaverse gear."

Adidas revealed their Coinbase relationship on Twitter, saying it is "probably nothing." So yet, the sportswear company has disclosed very little information, but it appears that the company has taken a significant stride forward in the crypto and blockchain space.

Sandbox, a virtual Metaverse initiative, tweeted at Adidas recently, directing users to a 144-parcel Adidas Original place on its platform. Sandbox proposed a deal in which the two companies "co-design their future."

After Adidas announced that it will be establishing an "adiVerse" utilizing the Metaverse platform Sandbox, its token SAND surged more than 10% to $7.93 in 24 hours. The sportswear behemoth even bought a plot of property on The Island.