Adidas to ‘Scope Out’ Token-Gated Sneaker Drops, Says Web3 Lead

Adidas, one of the world’s leading sportswear brands, is exploring the use of token-gated sneaker drops, according to its Web3 lead. The move would allow Adidas to leverage blockchain technology to create a more fair and transparent way of selling its highly sought-after sneakers.

Token-gated sneaker drops work by requiring customers to hold a certain amount of tokens in order to participate in the release of a limited-edition sneaker. These tokens can be purchased or earned through various means, such as participating in online communities or completing certain tasks.

The idea behind token-gated sneaker drops is to create a more equitable way of selling limited-edition sneakers. In traditional sneaker drops, customers often have to rely on luck or insider connections to secure a pair. By requiring customers to hold tokens, brands can ensure that the most dedicated and passionate fans have access to the limited-edition sneakers.

Adidas is not the first brand to explore token-gated sneaker drops. Nike, another leading sportswear brand, has already experimented with the concept, launching its own SNKRS app that uses a virtual currency called SNKRS tokens to give customers early access to exclusive sneaker releases.

However, Adidas‘ move into token-gated sneaker drops is notable given its size and influence in the sportswear industry. If successful, the move could pave the way for other brands to adopt the technology, potentially creating a more equitable and transparent way of selling limited-edition sneakers.

Adidas’ Web3 lead, Tarek Najm, has been vocal about the brand’s interest in blockchain technology and its potential to transform the sportswear industry. In a recent interview, he highlighted the benefits of token-gated sneaker drops, saying that they “allow for more transparency, more fairness, and more open access to the most passionate fans.”

Najm also emphasized the importance of building a strong community around token-gated sneaker drops. “It’s not just about selling shoes,” he said. “It’s about creating an experience for our customers and building a community of passionate fans who are invested in the brand.”