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Footwear giant Adidas and blockchain-based fitness application Stepn (GMT) have announced the release of a limited collection of physical shoes. Stepn stated that the Adidas Ultraboost 5 running shoes would hit the market this month, with a total of 1,200 pairs produced, exclusively available on the MOOAR marketplace. This initiative symbolizes the transition of both brands from digital collectibles to tangible products.
Adidas and Stepn Take Collaboration from Digital to Reality
Previously, Adidas and Stepn began their collaboration with the Stepn x Adidas Genesis Sneakers NFT collection announced in April. This collection consisted of 1,000 NFTs and garnered significant interest in the digital space.
Now, the two brands are taking their collaboration a step further with the physical Adidas Ultraboost 5 shoe collection. Stepn CEO Shiti Manghani described the initiative as a significant development in the Web3 space, stating, “We are showcasing the evolution of the Web3 ecosystem by transitioning from digital collectibles to tangible products.”
Erika Wykes-Sneyd from Adidas emphasized that the project combines the worlds of sports and technology, saying, “We are pushing boundaries in both physical and digital realms.” Adidas previously produced limited edition digital twin football shoes in collaboration with Bugatti, and now it is implementing a similar concept in a different dimension.
Following the announcement, Stepn’s main network asset, GMT coin, experienced a sharp rise, with its price increasing from $0.232 to $0.26.
The Closure of RTFKT and Adidas’ Strategic Move
Adidas and Stepn’s physical product initiative comes at a time when Nike’s NFT-based venture RTFKT announced its closure. RTFKT had achieved a transaction volume of $1.5 billion and made $50 million in profit but decided to cease operations.
The announcement of the physical shoes by Adidas and Stepn indicates a new direction for the industry. Such initiatives that bridge the digital and physical worlds are reshaping the future of the sports and technology sectors.
