Adidas Originals and Prada are offering a first-of-its-kind Non-Fungible Token (NFT) collaboration that will feature user-generated artwork. The project aims to bring together participants from the fashion, design and crypto industry to co-create a large-scale digital artwork. An NFT is a unique digital asset that represents ownership of real-world items such as artwork, video clips, music, etc. NFTs run on the same blockchain technology that powers cryptocurrencies, but they are not currencies.
Adidas and Prada will invite their collective audiences to contribute unique anonymized photographs to the open-Metaverse NFT project. In a press release, Adidas said that at least 3,000 pieces of artwork from the community will be minted as NFTs and compiled as tiles into a single mass patchwork NFT designed by the renowned creative coder and digital artist, Zach Lieberman.
Participation will be completely free and contributors will retain all ownership rights to their individual NFT tiles. Adidas and Prada will auction Lieberman’s latest NFT on SuperRare, a marketplace for curated NFT artwork.
The company announced that the majority of auction proceeds will go to Slow Factory, a nonprofit organization and institute working to create education to drive meaningful solutions and inclusive communities.
As of January 24, anyone who owns a crypto wallet can sign up to create and mint a pseudonymous NFT that will feature in the Adidas for Prada resource project. Users will be invited to submit a photograph, using a filter designed by digital artist Zach Lieberman, to create their own individual creative contribution.
“After this waitlist period, 3,000 backers will be randomly selected to participate in the drop, with 1,000 of the spots reserved for holders of Adidas Originals Into the Metaverse NFT, and another 500 reserved for users who attempted to hit Into the Metaverse in public sale but failed,” the company added.
From January 26 to 27, those selected will be able to return to the site and monetize their photographic contribution as NFT, free of charge. In other news, Adidas Originals made $23.5 million by selling 30,000 Adidas “Into the Metaverse” non-fungible tokens (NFTs) within hours of going on sale in December.
Meanwhile, Adidas rival Nike has filed seven trademark applications as it prepares to enter the metaverse, according to Bloomberg. As part of the application, the company indicated its intention to manufacture and sell virtual branded sneakers and apparel.