Adidas Originals, a brand of the German sportswear clothing firm Adidas, has announced a partnership with the crypto exchange Coinbase. “We partnered with @Coinbase. Probably nothing,” Adidas Originals wrote in a Wednesday tweet. Coinbase affirmed the partnership with “gm @adidasoriginals. Welcome to the party, partner!” Earlier, the sportswear clothing firm showed interest in the metaverse in a tweet two days prior to the partnership announcement, suggesting, “adiVerse, anyone?”
The partnership is highly likely to be focused on NFTs.
Given Coinbase’s recent maneuver in focusing intensely on NFTs, it is fair to speculate that arguably the scope of this partnership is highly likely to be focused on NFTs. Intellectual property in NFTs has been a topic of hot contention within the crypto community legal chatter. In real life, we know individuals are willing to pay a premium for brand names. Another speculation has also emerged in early reports that the collaboration between Coinbase and Adidas could be rooted in payments as well. However, the firm did not confirm any of the speculations.
Coinbase reported $1.3 billion in its Q3.
Coinbase, the largest cryptocurrency exchange in the U.S., reported third-quarter earnings this month. The crypto exchange’s monthly transacting users fell from the prior period, dropping to 7.4 million from 8.8 million in the second quarter. The number was up from 6.1 million a year earlier. Trading volume fell to $327 billion from $462 billion in the previous quarter. The exchange reported $1.31 billion in revenues vs. $1.57 billion consensus estimate, according to Refinitiv. “As our year-to-date results have clearly demonstrated, our business is volatile,” the company said in its shareholder letter. The US-based crypto exchange has been very active in partnering across different industries.