Solana-Based Web3 Project StepN Partners Adidas to Unveil NFT Sneakers

Popular move-to-earn project StepN has forged a partnership with the footwear maker Adidas to deploy a collection of fashion-themed non-fungible tokens (NFTs) on the Solana network. Dubbed the STEPN x adidas Genesis Sneakers, the collection will begin rolling out on April 17th, 2024. StepN’s native token has also recorded a mild uptrend.

StepN Partners Adidas

The co-branded collection features a limited edition of 1,000 Genesis Sneaker NFTs. The collection will be sold on the MOOAR NFT marketplace, a trading platform developed by StepN’s creator, Find Satoshi Lab (FSL).

The announcement revealed that the collection will be raffled to users in two phases. The first phase, featuring 200 NFTs, will be raffled to holders of ALTS by adidas, an NFT collection within the Adidas ecosystem. Eligible members of the Find Satoshi Lab community will also partake in this phase. These include users of StepN, MOOAR, and a blockchain game called Gas Hero.

The second phase will be open to the public. These can join the raffle to win one of 790 NFTs between April 18th and 21st. Winners will receive their digital collectibles every 24 hours after the raffle entry. Those who do not win will receive a full refund.

Explaining that the collection will have real-world benefits, StepN’s CEO Shiti Manghani said:

“This collaboration between STEPN and adidas underscores how powerful it is when you can move-and-earn in both the virtual and real world simultaneously. That such a physical and digital – or ‘phygital’ – partnership between the most widely used lifestyle app and a global brand like adidas are now a reality indicates the direction lifestyle rewards are going.”

It implies that the upcoming collection will offer users ways to engage in fitness and own digital assets, boosting engagement with both brands.

With StepN’s five million users, the collection will likely be sold in minutes. Adidas, on its part, has its footprint in several countries and generates billions of dollars in revenue yearly.

GMT Sees Mild Increase

StepN’s native cryptocurrency, GMT, soared by over 13% after news of the collaboration. The cryptocurrency has now rebounded at a trading price of $0.26.

Still, the token trades significantly lower than its all-time high (ATH) of $4.11 in April 2022, a month after its launch.