Finance

Algorand and Nike: Rumoured Partnership Not Happening

01/21/2023
Bitcoin Ethereum News
  • Algorand CEO’s tweet created speculation that these two might be joining hands. 
  • But on January 19, 2023, Tweet debunked the rumors. 
  • Although ALGO managed to soar a little amidst this news. 

A collaboration among giants of the same or different sectors is viewed positively, and a buzz speculates its possible outcome. On January 17, 2023, there was speculation that Nike and Algorand would be joining hands, but Algorand’s CEO debunked the rumors with another Tweet on January 19, 2023.

Staci Warden, Algorand Foundation’s CEO, tweeted just “NIKE,” leading people to speculate the collaboration or a partnership between the sport and fashion giant and Ethereum competitor. Several people were asking for details regarding whether Nike will be using ALGO for shoes or what this tweet means. 

But later, on January 19, 2023, he debunked the rumor adding that “It’s not a partnership. Just a fact about marketing.” With a slew of questions being thrown at the previous tweet, Algorand’s CEO reiterated that they are not partnering with the apparel giant. 

Although these two giants are not coming together, Algorand’s CEO wrote that its price went up by 28% in a week. There could be valid reasons for that; one would be this far-fetched speculation about the partnership, as Nike has always been an apparel giant and is slowly making strides in Web3. 

The giant has also partnered with Polygon to offer a Web3 platform called “Swoosh,” offering Polygon-based NFT products. Nike’s NFT apparel will now be minted on Polygon, which is an Ethereum sidechain network. 

Warner Music Group into Metaverse

Warner Music Group, the music label giant, has partnered with DressX, a digital fashion retailer. This would allow all the artists under the label to have DressX make their customized dresses, costumes, accessories, and their NFTs will be sold. This would allow the fans to connect more with their favorite artists and have an authentic digital part of their icons. 

Under the agreement, DressX is tasked to design and launch 3D and AR virtual clothes, which fans could then collect and access through social media platforms like Instagram, Snapchat, and other partners. 

This would allow the artist and WMG to create an alternate source of income and allow the fans to show their fandom toward their artists. 

Later, the music and entertainment conglomerate partnered with The Sandbox to launch a music-themed virtual world called “ESTATE.” This hybrid of a musical theme park and a concert venue would allow artists to appear in the Metaverse. 

ALGO

At the time of writing, ALGO was trading at $0.2183 with a jump of 2.48%, while its price against Bitcoin remained at 0.00001037 BTC with a rise of 1.41%. Its market cap grew by 2.22% to $1.5 billion, and its volume saw a massive drop of 43.58%, at $55 million, in the last 24 hours. 

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Source: https://www.thecoinrepublic.com/2023/01/20/algorand-and-nike-rumoured-partnership-not-happening/