Adidas Web3 Lead Says Bored Ape Yacht Club Deal Was a Big Risk but Paid Off in the End

Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Asad Gilani
Author Categories
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Source: Pixabay

The new wave of popularity in tokenized digital assets saw many brands entering the Web3 space, generating billions in NFT sales. 

Among these brands, Adidas’ Web3 move performed remarkably well after taking a huge leap of faith in the BAYC NFT deal. 

In a recent podcast discussion, former global VP of marketing for Adidas Originals and now VP and GM of Adidas Three Stripes Studios, Erika Wykes-Sneyd, weighed in. 

She noted that despite the risk, signing the deal with the pseudonymous creators felt right.

Adidas’ Metaverse Success Story

In December 2021, Adidas launched into the metaverse in partnership with Yuga Labs, Punks Comic, and Gmoney, a pseudonymous NFT influencer. 

At the time, the BAYC collections were still new alongside a highly volatile broader NFT space.

Wykes-Sneyd noted that fear of losing her job made her nervous while signing a deal with the Bored Ape Yacht Club when the creators were still fully pseudonymous. 

“It really started with our values, and it did feel right at the time, even though there were many late nights where I was like: I could get fired for this,” she said.

It took a great deal of effort, including lots of Web3 education, to get the entire Adidas team to support the launch of the nascent technology. 

“We brought everybody in the brand along on the journey and made sure it was clear why we were doing it,” Wykes-Syned told the podcast co-hosts. 

She noted that every team and department of the Adidas brand was involved, and so far, the experience has been rewarding.

Adidas’ Into the Metaverse campaign was successful. Adidas sold out its primary NFT drops and raised $23 million, excluding its share of royalties on secondary market sales. 

Buyers could redeem the NFTs for exclusive physical apparel featuring all the collaborators’ (Yoga Labs, Comic Punks, Gmoney) branding. 

Into The Metaverse Was a Propelling Force For Parties Involved

Adidas didn’t stop with the first NFT campaign, as the firm continued building its brand in Web3. 

It recently launched a new NFT project dubbed ALTS. ALTS allows “Into the Metaverse” owners to burn the original NFTs in exchange for new Adidas profile pictures (PFP) tied to the narrative campaign. 

The ALTS NFTs include potentially exclusive access to future merchandise drops and events. It is worth noting that Adidas’ deal also benefited the collaborators, as the brands and creators grew in value and popularity. 

BAYC’s creator, Yuga Labs, raised $450 million in a funding round at a $4 billion valuation and has launched several NFT projects after the Adidas deal. 

Punks Comic is building several IPs, while Gmoney launched a tokenized apparel brand tagged 9dcc.

More Articles

DeFi News
From $10K to $75K: How Dave Portnoy Pumped and Dumped a Meme Coin on His Followers
Hassan Shittu
Hassan Shittu
2025-02-07 23:50:53
DeFi News
Donald Trump’s World Liberty Financial Set to Create Strategic Crypto Reserve: Report
Julia Smith
Julia Smith
2025-02-07 23:19:22
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors