The Big Whale: You were the one who brought Adidas into Web3. Why was that so important?
Erika Wykes-Sneyd: Web3 represents a profound cultural change, it transforms the way we create and own things. The so-called Web1 initiated this change. Web3 does the same thing, but adds digital ownership. It's an additional level.
All this new technological environment with cryptos, NFTs and the metaverse will allow a renaissance of creation, of creativity. We are at the very beginning of a new cultural movement. We are already seeing avatars coming in, collections, all these new communities developing. 🌍
Why is it essential for Adidas to be in Web3?
For almost 75 years (Adidas was founded in 1949), Adidas has been a pioneer in sports, innovation, design and creative freedom. Web3 is a new tool for creativity that gives power back to individuals and communities, so it's only natural that Adidas is part of this movement.
Today, Adidas is the most iconic sportswear brand on the planet. We want to continue to innovate, and that means co-creating with the disruptors of Web3. It's in our DNA.
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What is the business challenge for you? Is Web3 a way for Adidas to address a new audience?
Adidas is clearly aimed at everyone, but Web3 is nowadays especially popular with the new generation. Young people want brands that they can relate to even more than before, that they trust, that are inclusive, sustainable, in short, that have understood the challenges of society.
This is a big challenge and Web3 helps to address this issue by bringing brands closer to this connected generation. 📡
What is the main challenge for Adidas in this new world?
I think one of the biggest challenges is clearly regulation. Web3 is a great universe of creation and innovation, but it also raises questions in terms of rights.
It's a real challenge for brands to adapt to a decentralized world where anyone can create and own digital objects. There is a balance to find. We know what to do in the physical world, there are rules. In the digital world, they don't exist yet, or not enough, even though they are necessary to protect intellectual property, image rights...
You've launched a collaboration in 2021 with several collections like Bored Ape Yacht Club? Why is that?
Our goal is to work with the pioneers of the ecosystem, so we've partnered with several collections like Bored Ape Yacht Club 🐵, Gmoney and Pixel Vault.
We created a collection of Adidas NFTs called "Into the Metaverse". Some of these NFTs were reserved for owners of the Bored Ape, Gmoney and Pixel Vault NFTs. The rest was available to the general public.
What are these NFTs for?
If you have an NFT from the "Into the Metaverse" collection, you have access to exclusive products (sneakers, clothes, etc.) and access to the metaverse that we create with the community.
How will you co-create with them?
This is the advantage of tokens and what they bring in terms of governance. All token holders will be able to participate in the creation of this new universe in the metaverse.
How much did these operations bring you?
For the moment, we are not communicating on it, but the launch of the drop of our "Into the Metaverse" collection was the best launch of an NFTs campaign. We sold all 30,000 tokens in a matter of minutes (the brand earned over $20 million, ed. note).
Does the Bear Market have an impact for you?
No, the market has slowed down, but we are not in it for the speculation and the short term, and the community has understood that very well.
Will you be launching your own token?
Adidas was the first major brand to launch a collection of NFTs. We will continue to innovate.
You are in Paris for a few days for NFT Paris. What do you expect from this event?
Meet the creators of the ecosystem, discover new projects and imagine potential new collaborations.
What are your main projects in 2023?
We will work on the Adidas Web3 identity, with the community of course.