In its metaverse, the sportswear giant Adidas is previewing the release of a new collection. On its metaverse website, the firm has initiated a countdown announcing that a mystery new collection would be unveiled the next week. Additionally, the website displays a variety of 3D Adidas outfit avatars.
This is a significant indicator that the brand will soon release a new range of NFT collections in its metaverse space. However, no information regarding the characteristics of these non-fungible collections has been disclosed as of yet. The Adidas tease follows yesterday’s announcement by OpenSea, in which the NFT marketplace disclosed significant changes to its royalty arrangement.
OpenSea promotes additional incentives for NFT creators
OpenSea, the premier marketplace for non-fungible tokens, has announced it will implement a new royalty scheme to create greater profits for producers. Creators and artists have demanded separate remuneration for their contributions to the NFT space during the past few months, which would allow them to contribute more freely to the broader non-fungible token market.
As a result, the platform will implement on-chain fees for artists beginning November 8. These charges will only apply to new collections. As implementing on-chain fees for existing designs can be technically complicated, there will be no modifications to the royalty scheme of currently available collections until December.
” There’s been a lot of discussion over the past few months about business models for NFT creators & whether creator fees (“royalties”) are viable. Given our role in the ecosystem, we want to take a thoughtful, principled approach to this topic & to lead w/ solutions.”
— OpenSea (@opensea) November 6, 2022
OpenSea has also said that platforms with no royalties will be blacklisted, and every on-chain platform must charge a separate creators fee for new collections. But projects must meet certain requirements before they can get royalties.
This project will give creators more control over the market, which will make it easier for more people to use non-fungible tokens. It’s likely that Adida’s decision to release a new collection in their metaverse is a way for them to take advantage of this new royalty model. Since severing relations with Kanye West, the brand has seen huge financial losses. Adidas has worked with Kanye West’s famous ‘Yeezy’ sneaker lines for many years, and terminating this partnership might lose the company $246 million in profits this year. This new collection could be a step in the path of recovering the brand’s financial losses caused by the expanding NFT and web3 markets.
Leave this field empty if you're human:
