Adidas And Stepn To Launch A Limited-Edition Genesis Sneakers NFT

Stepn, a move to earn and lifestyle application, teamed up with Adidas to enter the world of NFT and launch Genesis Sneaker NFTs.  

The NFT marketplace is expanding at a slow but steady speed, expanding its community by attracting major players from different sectors. Adidas, a Germany-based apparel company has teamed up with Stepn to launch Genesis Sneaker NFTs.

Genesis Sneaker NFT Insights

In collaboration with Stepn, the apparel giant, Adidas is diving deeper into the field of NFT. Both companies signed a one-year agreement to issue a cobranded NFT collection.

The Genesis Sneakers collection will be launched over the Solana blockchain, featuring over 1,000 unique items inspired by iconic running silhouettes.  

According to Stepn’s press release, the collection is scheduled to drop on Wednesday, April 17 over the MOOAR, Stepn’s sister NFT marketplace. The partnership will also result in further NFT drops as well as physical and wearable items on the roadmap. 

The NFT collection will be priced in Stepn’s native token GMT, each item ranging at 10,000 GMT, and will be distributed in two phases.

The first phase is scheduled for April 17 in which over 200 NFTs will be dropped for the most genuine and loyal users and involves holders of ‘ALTS by Adidas’ NFT. Additionally, eligible members of the broader FSL community such as marketplace MOOAR, users of Stepn, and blockchain gam gas Hero are also eligible. 

The second phase of the drop is planned for April 18 to April 21, in which the remaining 270 NFTs will be dropped for purchase. Furthermore, winners will be announced every 24 hours, permitting individuals to claim their prizes on the respective NFT marketplace.     

Additionally, the Genesis sneakers NFT collection has some limits and regulations to ensure fair collection distribution. One NFT will be distributed per wallet, ensuring the collection is fairly distributed to each member.

Shiti Manghani, the CEO of Stepn responded to the team bonding: “Such a physical and digital, or ‘phygital’ partnership between the most widely used lifestyle app and a global brand like Adidas is now a reality indicates the direction lifestyle rewards are going.”

Adidas entered the NFT landscape in 2022, by partnering with Prada to launch an NFT collection and later created a new product category for virtual gear. 

NFT Market’s Current Performance 

Recently, the NFT marketplace has fallen sharply, mainly in terms of NFT minting. 

According to The Block report, NFT minting on the Solana network has declined to over 15,000, as of April 15, which is around 350,000 decline from December 2023. The NFT marketplace experienced a sudden spike of $3.24 Billion in trading volume in August 2021. 

Currently, the market is not performing as per expectations, plunged to a trading volume of $75.8 Million as of April 14. Additionally, the market is supposed to hit $2,378.0 Million in 2024 and is projected to total amount of$3,369.0 Million by 2028.    

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.