Adidas Continues Metaverse Involvement Despite Industry Setbacks

According to Blockworks, while many legacy firms have withdrawn from their Web3 and metaverse projects due to stagnating interest, Adidas remains committed to its metaverse initiatives. The global sports brand recently announced a long-term collaboration with the move-to-earn app, STEPN. The partnership has so far resulted in the launch of 1,000 generative Solana-based NFTs of Adidas sneakers. To use the STEPN app, which rewards users' movement with GMT and GST tokens, users must possess a sneaker NFT. The Adidas NFTs were sold this week for 10,000 GMT each, approximately $2400 at current rates. In addition to the STEPN collaboration, Adidas also participated in the Web3 online survival game show, Crypto The Game, where users could bid on Adidas-branded tracksuits in an immunity challenge. The global head of Web3 strategy at Adidas is Evgeniy Medvedev, who previously worked in business development at NFT company Rarible. In other news, Justin Sun, the founder of TRON, has released a track in collaboration with renowned film score composer Hans Zimmer. The track, described as a 'song for the Web3 generation', was released on YouTube by TRON. Sun, who stepped down as CEO of TRON in 2021, is currently facing legal issues with the Securities and Exchange Commission pursuing charges against him for 'fraud and other securities law violations'. Finally, it's worth noting that NFTs will be excluded from PayPal's Purchase Protection Program from May 20, following a policy change. The popular NFT platform Magic Eden is set to partner with layer-2 Base on April 25. Crypto The Game concluded with a single survivor winning 80 ether, amidst some controversy.