Nfts
Adidas, STEPN drop NFT sneakers
The fitness metaverse remains a work in progress.
The news: Move-to-Earn app STEPN has partnered with adidas to launch co-branded NFT sneakers.
Announcing a year-long partnership, the web3 startup introduced additional digital and physical assets to promote a healthy lifestyle.
For adidas, decision is based on training rewards attach with Les Mills, as well as NFT collaborations with Coinbase and Bored Ape Yacht Club.
Prove it. Blockchain-based proof-of-workout companies use crypto to gamify and encourage fitness. In the case of STEPN, users must purchase NFT sneakers to start earning rewards for their physical activity.
So, partnering with respected brands like adidas and ASICS helps legitimize the app and increase its awareness while attracting runners.
Intriguing. Paid Fitness Platforms jumped during the pandemic, with STEPN, Genopets, DEFY LaboratoriesAnd Walken raise funds.
But concerns about Ponzinomics and the volatility of crypto, combined with a desire for IRL fitness, has kept the money-making movement from going mainstream.
Looking forward: Still niche, STEPN has 5 million users and a pioneer in the movement economy Sweatcoin claims 140 million users. With room to grow, adidas could revive the category by showing that NFTs from other brands are worth it.