The world’s largest sportswear brand Adidas is previewing the release of a new line in its Metaverse. The brand has released a countdown on its Metaverse website, indicating that a mysterious new collection will be unveiled next week. The website also features a range of 3D Adidas clothing avatars. This shows that the brand is about to launch a new line of NFT collections in its Metaverse space. However, details on the characteristics of these non-consumable collections have yet to be released.
Adidas’ advancement follows an announcement from OpenSea yesterday, where the NFT marketplace announced significant changes to its royalty model. OpenSea is promoting more incentives for NFT creators. OpenSea, the leading market for non-fungible tokens, has announced that it will introduce a new royalty model to generate more revenue for creators.
For their contributions to the NFT realm, creators and artists have recently demanded separate payments. This would allow them to contribute more freely to the broader non-fungible token market. In response, the platform will start charging on-chain fees for creators beginning November 8th. These fees only apply to new collections. In December, the royalty model for existing groups in the market will remain the same, as enforcing chain fees on existing designs can be technically challenging.
OpenSea has also emphasized that platforms without royalties will be blocked, with each chain platform having to charge a separate creator fee for new collections. However, projects must meet specific criteria to be eligible for royalties. This initiative will give creators more control over the market, encouraging wider adoption of non-fungible tokens. Likely, Adidas’ decision to launch a new collection in its Metaverse is aimed at allowing it to benefit from this new licensing model. The brand recently suffered significant financial losses after cutting ties with Kanye West. Adidas has long been associated with Kanye’s popular “Yeezy.” sneaker collections, and ending that association will cost the brand $246 million in profits this year. Market and this new collection could be a step in that direction.