[TL; DR]
STEPN has collaborated with Adidas to launch the Genesis Sneaker NFT collection.
STEPN in alliance with Adidas launched 1,000 NFT collectibles on Mooar Marketplace.
Regulatory uncertainties continue to stifle innovations in the blockchain sector.
Introduction
Partnerships among crypto projects with the same focus are contributing to the progress of the sector. These alliances lead to large capital pools and widening of skill bases. They also result in large communities which are essential to the success of crypto projects. In addition, collaborations may enhance the image of the projects. The recent alliance between STEPN and Adidas is a specific example of partnership between a leading brand (Adidas) and a promising blockchain based project.
STEPN GO and Adidas: Forging New Paths
STEPN, a Web3 lifestyle app, with SocialFi and Game-Fi elements, has renewed its collaboration with Adidas to launch a limited edition of 1,000 Genesis Sneaker NFTs. These co-branded sneakers will be exclusively available on the STEPN GO platform. The collaboration will have four unique sneaker designs, including special editions from the ALTS, inspired by Adidas’ running shoes. Also, the Genesis Sneaker NFT, an exclusive NFT collection, will comprise unique designs that blend fashion, blockchain technology and Adidas’ legendary running shoes. It is likely that fitness enthusiasts and collectors will highly demand these sneakers due to their exclusivity.
In addition, the Genesis NFT Sneaker collection represents the utility of STEPN's innovative M2E platform and the uniqueness of Adidas’ athletic heritage. This collaboration shows the synergy between STEPN and Adidas visions that encompass physical fitness, utility of the blockchain technology and the essence of digital collectibles. Essentially, STEPN makes use of its fitness blockchain technology to reward its users for their physical fitness. Thus, the introduction of the Adidas NFT collection will likely increase engagement within the web3 lifestyle app.
Adidas’ involvement in the web3 space shows its commitment to harness new technologies. Therefore, the STEPN GO Adidas partnership and the launch of the NFT collection shows that the firm wants to promote fitness while adapting to changes in fashion trends through adopting the blockchain technology. STEPN Adidas Partnership: x.com/STEPN
Commenting on the partnership STEPN said, “This partnership has been warmly welcomed by our community, showcasing our boundless potential in propelling web3 to global adoption. Under the banner of “STEPN x adidas: Step into the Future,” our goal is to revolutionize the web3 ecosystem by endowing NFTs with more than just a collectible value, but real utility as well.”
It added, “By using your STEPN x adidas co-branded Genesis Sneaker, you’re not just joining the largest community in web3; you’re also embracing a healthier lifestyle where every step rewards you in the STEPN ecosystem.”
Raffle Mint: Unveiling the Genesis Sneaker NFT Collection
The alliance between STEPN GO and Adidas will introduce a series of 1,000 Genesis Sneakers, in the form of NFTs. This collection was unveiled through a raffle mint that took place on 25 September on MOOAR marketplace and will last until the 30th. Therefore, these 1,000 sneakers were up for grabs from that date. To participate each interested individual was supposed to pay a fee which was refundable to the participants who failed to get the sneakers. As a fact, the Genesis sneakers exist in several different designs that include Ultraboost 5X, Supernova Rise, adiZero Adios Pro 3 and adiStar BYD.
The announcement of the STEPN GO Adidas partnership came a few days after FSL, the creator of STEPN GO, forged a collaboration with Mythos Foundation, a firm focused on blockchain gaming and esports. This alliance will enable Mythos Chain to integrate with FSL’s ecosystem which will lead to shared user experiences within their communities. Also, they will be able to develop co-branded virtual assets which may become digital collectibles in fitness.
Go Gaming Tokens: How Users Earn and Utilize them
Go Game Tokens (GGT) are STEPN’s native cryptocurrency which users earn as crypto fitness rewards for participating in physical activities that include walking, running and jogging. The users who earn these digital collectibles in fitness will be able to use them to buy various in-app assets such as sneakers. They can also use the Go Gaming tokens to mint digital assets in the form of NFTs such as Shoeboxes.
A related development was the introduction of the Haus System which allows STEPN users to lend their sneakers to other people as well as share their Energy. More significantly, the users can also share their earnings with their friends who remain physically active. STEPN Go has other features like The Fitness Level feature which enables the users to earn additional crypto fitness rewards. Additionally, other features enable the users to connect with one another.
Allegations of Ponzinomics: The Impact on STEPN GO User Base
The launch of the Genesis Sneakers series gives STEPN the chance to reposition itself as a reliable crypto project. This is because its image was previously tarnished by the allegations that it uses ponzinomics. Basically, STEPN was banned in China because of the accusation that its economic principles are similar to the ones which many Ponzi schemes use. Such NFT regulation in China led to the decrease in the number of STEPN users. Therefore, the success of its partnership with Adidas and its adoption of a new economic model may reposition it as a genuine gaming project.
STEPN Challenges: How They Mirror Problems the NFT Sector is Facing?
The challenges that STEPN has faced since its inception reflect the problems many NFT gaming projects encounter. For example, STEPN was banned in China because of the suspicion that its tokenomics violated the country’s regulation. Similarly, the SEC Wells Notice against OpenSea has created many regulatory uncertainties for NFT gaming projects. Due to such regulatory challenges and fears many gaming projects make changes to their original visions. For example, following The SEC Wells Notice against OpenSea Magic Eden made structural changes that will affect the players.
Conclusion
The STEPN GO Adidas partnership will likely result in a rise in demand for the Genesis sneaker NFT collection and related digital assets. On 25 September STEPN in collaboration with Adidas launched the NFT collection on the Mooar marketplace. That development created room for STEPN to reposition itself as a genuine gaming protocol following the accusations of ponzinomics and the ban in China. In all, STEPN’s collaborations with Adidas and Mythos Foundation will likely lead to a rise in the demand for its digital assets and services.