In December 2021, after purchasing Bored Ape Yacht Club (BAYC) NFT, Adidas Originals announced the launch of its first NFT project "Into the Metaverse" with BAYC, NFT collector gmoney, and PUNKS Comic, a total of 3,000 pieces, Owners will receive exclusive access to a variety of Adidas Originals experiences and products. Within minutes of the launch, Adidas had made over $23 million in revenue. As of February 26, total sales of Into the Metaverse exceeded 47,000 ETH and held more than 19,000 addresses, according to OpenSea.

After the success of the NFT debut, Adidas began to make a lot of moves in the Web3 space. In addition to working with NFL draft No.1 Trevor Lawrence, Prada and others to launch the NFT, It also launched a second creation of PFP styling tools, a Virtual character creation platform Ozworld and the first NFT wearable series Virtual Gear.

For the launch of the Wearable NFT, Erika Wykes-Sneyd said that with the community and creator ecology at its core, Adidas will explore every viable utility, platform and experience in Web3, focusing on providing tangible value and lasting utility to community members.

In January, Adidas also unveiled the Three Stripes "/// Studio", which represent innovation, collaboration and culture and will be responsible for the development and delivery of all Adidas's global Web3 activities. Work on defining and building brand strategies, partnerships, communities, events and products. In the near future, the Web3 Studio will vote for 15 council members via the Snapshot chain for exclusive Discord roles, access to an exclusive "/// Studio" channel, and the opportunity to meet the Adidas team every year.

This is enough to show its ambition to enter the Web3. However, Adidas is currently facing a double challenge, with Nike, PUMA and other sportswear brands launching Web3 campaigns. Adidas's NFT Into the Metaverse, on the other hand, has lost momentum. The floor price of NFT has fallen sharply, down more than 86.5% from its peak. Adidas, on the other hand, has gone from struggling to find a pair of shoes in the past to a surge in inventory since it stopped working with American rapper Kanye West and others. In its 2023 guidance, Adidas said that if it did not sell off its Yeezy inventory and wrote it off entirely, it would reduce revenue by about 1.2 billion euros and operating profit by about 500 million euros this year.

Bjørn Gulden, CEO of Adidas, said 2023 will be a year of transformation and transition for the company to become a growing and profitable company again. "We need some time for Adidas to shine again," he said. It remains to be seen how Adidas, with its focus on digital transformation, will use the Web3 card to regain market share in the future.