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Adidas announces first-ever NFT artist residency project

The ‘Web3-powered’ artist in residence program will welcome artists from around the world, bringing both digital and physical opportunities.

The NFT market has struggled this year, but big brands are not deterred. On August 31, Adidas revealed ‘RESIDENCY by Adidas’ – a “Web3 powered” digital artist in residency program set to welcome digital artists from across the globe. 

The residence program brings both digital and physical opportunities, and will kick off next week at Korean Blockchain Week in Seoul. 

Exclusive digital artworks will be available to purchase from September 6 to 11, featuring work from artists MonkeeMoto and Adra Kandi. 

Tokyo-based artist MonkeeMoto is a digital artist with a background in game development and conceptual design. Lebanese digital artist Adra Kandil, known by many as “Dear Nostalgia,” however works through mediums such as collages, digital montages and photography.

Kandil is no stranger to big-brand collaborations, having collaborated with Gucci and Chanel.

NFTs will be sold as both limited and open editions.

Limited editions will consist of 100 pieces per artist, each listed at 0.15 ETH, approximately $246. The sale of the limited edition collections will conclude at sell-out, or on September 8. These pieces will only be available for those attending the launch at The Gateway in Seoul as part of Korean Blockchain Week. 

Open editions are considerably lower priced at 0.03 ETH, approximately $49, with sales closing on September 10 at 12am CET. Open edition sales are open to everyone. 

Both limited and open editions can be purchased via Manifold.

Adidas isn’t new to Web3

Adidas was one of the first major brands to enter Web3 with its Into the Metaverse collection, which launched in December 2021. The collection featured 30,000 NFTs, all of which sold out within hours, raising $23 million. 

The brand also purchased a Bored Ape Yacht Club NFT and collaborated with Yuga Labs and others as part of its metaverse venture.

Related: Ralph Lauren to Accept In-Store BTC, ETH and MATIC Payments

Stacey King, Global Head of Communications & Activation for the adidas Three Stripes studio, told nft now that the brand has always been at the intersection of art, music and fashion.

“It felt like the next step in our web3 journey was to use our platform to support artists,” she said. 

King emphasised the future of community collaboration, stating, “I think as we move into the future, the collaboration not only with artists but with our community will be the key to the success of this program.”

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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