Adidas, a German sportswear manufacturer, is stepping further into Web3 with the launch of its ‘Residency’ program, which will feature digital arts looking to make their mark in the NFT space. According to text on the program’s website, Residency aims to “unite the realms of art, create expression, and identity” that are central to the ethos of Web3.
INTRODUCING: RESIDENCY BY ADIDAS 🤝
The adidas /// studio is proud to announce the global launch of “RESIDENCY by adidas” – the brand’s first digital artist-in-residence program! 🎨 pic.twitter.com/He0LAEUzQA
— ALTS by adidas (@altsbyadidas) August 31, 2023
The first two artists in the program are Tokyo-based Moto (MonkeeMoto) and Lebanese artist Adra Kandil (DearNostalgia). Starting on Wednesday, September 6th, each artist will sell two separate editions: a limited edition run of 100 NFTs for 0.15 ETH ($245) each and an open edition for 0.03 ETH ($49). The NFTs will be available on Manifold.
To celebrate the launch of Residency, adidas will be holding an event at Korean Blockchain Week in Seoul. There, from September 7th to the 8th, attendees will be able to chat with the artists, as well as view an immersive digital art gallery with Moto’ and DearNostalgia’s Residency creations. Those who attend the IRL event and purchase a limited edition NFT will also receive a special hoodie.
Three stripes studio, adidas’s Web3 arm, is heading the venture. Stacy King, Head of Global Communications & Activation for three stripes studio, called the launch of Residency the next logical step, with the goal to support emerging Web3 artists. She said she is excited about the launch but hinted that there is more to come.
This is not adidas’s first foray into Web3. During the bull market, it collaborated with Yuga Labs and PUNKS Comics to launch a set of digital tokens. Later, it created a narrative NFT experience called ALTS, by which users could evolve the appearance of their NFT by taking part in a story.
Artists the Lifeblood of Web3
One of the sure innovations of non-fungible tokens has been to make art more accessible, and many mainstream organizations have become aware of that. From sports teams to major companies, organizations are supporting artists in a variety of ways. Here are three stories involving that key development.
First, seven months ago, eBay’s NFT marketplace KnownOrigin launched a smart contract template specifically for artists. The smart contract allows artists to collaborate and split royalties without any third party involved. This is in line with the ‘trustless’ future that many Web3 advocates hope for.
Next, 10 months ago, the New York Knicks debuted an NFT collection that involved nine local artists. The artists include Jayson Atienza, Andre Vandenburg, and Efdot, among others. The NFT auction lasted just 24 hours with the starting price at 0.2 ETH.
Lastly, 12 months ago, nine big-time NFT artists came together for an event called “Bowie on the Blockchain.” Together, they created artwork honoring the late artist, the proceeds of which went to CARE, which Bowie’s wife is an ambassador. Among the artists were FEWOCiOUS and Nadya Tolokonnikova.
Artists play a crucial role in Web3 and have continued to stick around despite the crypto winter. Here’s hoping there will be a boom of art during the next bull market and that art continues to become more accessible for all.