#112 | Adidas Vending Machine For NFT Avatars??

Estimated Read Time: 7 minutes

Hey friends,

Wonderful to have you back! On today’s Morning NFTea we have an exciting bunch of Web3 news from our blockchain brew-up, Lacoste dynamic NFTs, and Adidas new avatar ALTer-egos. Let’s jump in!

It’s a nice change to be at high water marks with Bitcoin and Ethereum both maintaining macro highs at $30k and $1.9k respectively. Unfortunately not much has changed over the last week that crypto has held these prices, potentially showing the recent upward momentum is slowing down. This could come after a Wall Street Journal report stated the SEC returned some of the Bitcoin ETFs that we covered last week, but either way, we will just have to wait and see if it’s the bears or bulls that find some support this week.

World Economic Forum Backing Cross-Border Crypto Currencies

If you're unfamiliar with The World Economic Forum (WEF), they are an international non-governmental and lobbying organization for some of the most influential multinational companies out there, and the WEF has just released new guidelines on central bank digital currency (CBDC) interoperability. This would make it easier for CBDCs to interact with each other and with other payment systems, which you can think of as a huge currency exchange for the country’s local cryptocurrencies.

The guidelines are designed to help central banks and other stakeholders develop interoperable CBDCs that can facilitate cross-border payments and financial inclusion. These technical standards for CBDCs looked at the best ways to make a digital currency fast, cheap, and safe, but they also had an emphasis on the importance of public-private collaboration in the development of CBDC interoperability. Stating that central banks should work with a range of stakeholders, including financial institutions, technology companies, and civil society organizations, to develop interoperable CBDCs that meet the needs of all users.

This new technology has the potential to revolutionize the way we make payments, and the WEF's guidelines are a major step towards making that a reality in a future blockchain-based world.

Lacoste Unveils Dynamic NFTs

One of the exciting trends with NFTs as of late has been the uptake of Web3 by high-end fashion brands, and it's no surprise when considering designers like Prada are using NFTs to authenticate your expensive apparel, but Lacoste is taking a pretty innovative twist with UNDW3. Founded nearly a century ago in 1933, Lacoste has become a staple in luxury brands around the world, but they want to take it further with new ways to connect with its fans and community, which leads to the launch of Lacostes UNDW3 to redefine brand engagement.

The 11,212 Genesis NFTs are looking to give people a dynamic gateway into the new UNDW3 ecosystem. Initially, the NFTs in question will be digital artworks of a crocodile emerging from the depths of the water. Each NFT has unique attributes and when connecting your wallet to their platform it can be used to access exclusive physical products and experiences, as well as perks like creative sessions and voting on upcoming Lacoste designs. As an added incentive, the platform rewards user activity on the site with points that contribute to a leaderboard, enhancing the rarity and prestige of the NFTs.

On the launch, Deputy CEO of Lacoste Catherine Spindler says "Pioneering the concept of a dynamic NFT within our industry is a testament to our bold vision. Beyond the fleeting trends surrounding NFTs and the metaverse, we see blockchain as an accelerator, ushering in a more inclusive and experiential digital realm.” This sums up the importance of this story, as more and more traditional brands with high social status embrace the blockchain and Web3, we really are on the way to mainstream adoption of NFTs.

Adidas NFT Avatars

Adidas is yet another company that needs no introduction, and although it's not their first time in our NFT headlines with the recent launch of Adidas Virtual Wearables, they are continuing to innovate in Web3 with the latest example being the ALTS loyalty program. Aimed at creating a hyper-personalized experience for its customers and community, ALTS by Adidas will offer a token-gated membership program for virtual avatars, essentially a personalized version of you, known as your ALTer ego.

Clothing brands like Nike have had great success through wearable NFTs like the launch of Nike’s .Swoosh virtual apparel platform, but it seems Adidas is taking it a layer deeper with full avatars for your Metaverse future, starting with the ALTS Rift Valley Motel Vending Machine. Holders of the genesis Into Into The Metaverse Adidas NFT collection can use the vending machines alongside Rift Valley Motel Coins to exchange their existing NFTs for unique ALTS identities with their own special traits. There are over 90 different facial traits amongst other attributes that will be available in the vending machine too, each with its own rarity. Furthermore, each one has its own benefits tailored to the holder’s preferences and the rarity traits within ALTS provide exclusive privileges like early product access and real-life events.

The Adidas Vice President Erika Wykes-Sneyd says: "The avatars will evolve over time based on the holder's decisions & engagement. The program aims to allow people to express their fandom across the spectrum of how they identify - as avatars, profile pictures & real people". The launch of facial and avatar attributes for your Metaverse self can seem pretty far-fetched for our current Web2 world, but the fact world leading brands like Adidas are already setting roots in this emerging industry is a testament to the future of Web3 and NFTs.

Bear market things happen during bear markets.

That includes grail sales such as jf’s Golden Ape:

And the market’s celebration, recalling jf’s Instagram account @nft was blatantly promoting cash grabs and rug pulls for the longest time before it was finally banned from Instagram.

In other news, influencers seem to be running out of creativity on what to say these days…

Whereas one of the most popular debates was the impact that changing a PFP has on the brand, with offers like these:

The most interesting thing?

With a $2 mint, influencer ThreadGuy managed to represent a new NFT project… without having to change his personal brand.

It made its way to beeple’s daily tweet:

And this tweet breaks down what a masterclass in marketing Jack Butcher has put on.

What a genius marketing move and a feel-good story felt around the space.

Last but not least — NFTs made an appearance on TexMex Motors on Netflix! Take a look:

Thanks for popping by today, we hope you enjoyed this edition and have a great couple of days. Take care!

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DISCLAIMER:

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.