- Adidas has lately introduced a brand new partnership with Coinbase and Metaverse gaming undertaking The Sandbox.
- The sportswear attire agency seems to be dabbling within the Metaverse and NFTs.
- SAND token rallied 50% on the Adidas announcement, setting a brand new all-time excessive at $8.
The well-known sports activities attire firm Adidas lately revealed a brand new partnership with Coinbase, calling it “most likely nothing.” The German sportswear large might be taking one step nearer to accepting digital asset funds and an preliminary step into “metaverse attire.”
Adidas enters the Metaverse
Adidas introduced its partnership with Coinbase on Twitter, including that it’s “most likely nothing.” The sportswear large has revealed little to no particulars thus far, however it seems that the agency has taken a significant step ahead into the cryptocurrency and blockchain trade.
Hypothesis has emerged that Adidas might be partnering to allow crypto funds for the sportswear agency, bringing a possible digital asset cost integration to the Adidas ecosystem.
Not too long ago, digital Metaverse undertaking Sandbox tweeted at Adidas, linking to a 144-parcel Adidas Unique area on its platform. Sandbox advised an association for the 2 entities to “design their future collectively.”
SAND, the native cryptocurrency of The Sandbox, rallied after Adidas tweeted that it might be growing an “adiVerse” with the Metaverse platform. The sportswear behemoth even bought a piece of land on The Sandbox.
Whereas Adidas might be dabbling within the non-fungible token (NFT) trade, the transfer would observe its rival Nike, which goals to convey its sneakers within the Metaverse.
Nike intends to promote digital merchandise within the Metaverse, following years of analysis into instruments that might allow the agency to have interaction in enterprise within the Metaverse. The sports activities attire large secured a patent for “CryptoKicks” again in 2019.
The Sandbox token eyes a 57% ascent
The Sandbox token surged over 600% after Fb introduced its identify change to Meta in October. The gaming platform reached a brand new all-time excessive on November 24 at $8, because the partnership with Adidas additionally fueled bullish sentiment for the token.
The Sandbox token broke out of the higher boundary of the ascending parallel channel on the 12-hour chart, placing a 116% rally on the radar, towards $11.76, coinciding with the 161.8% Fibonacci retracement stage.
Earlier than SAND is ready to attain the optimistic goal, resistance will emerge on the 127.2% Fibonacci retracement stage at $9.68 as a take a look at for the bulls.
SAND/USDT 12-hour chart
If a sell-off happens, the primary line of protection for SAND is on the 78.6% Fibonacci retracement stage at $6.75, then on the topside pattern line of the parallel channel at $5.37. Extra help will seem on the 21 twelve-hour Easy Shifting Common (SMA) at $4.50.