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HomeBusinessThe acceptance of Bitcoin by Tesla and Elon Musk made room for...

The acceptance of Bitcoin by Tesla and Elon Musk made room for Adidas Web3 plans

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It turned out to be a transient initiative when Elon Musk announced that Tesla (TSLA) would take Bitcoin as payment for its vehicles. Erika Wykes-Sneyd, Web3 lead at Adidas (ADDYY), noted that the EV company’s action provided a pathway for the sportswear company’s intentions to use blockchain.

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Wykes-Sneyd said to Decrypt at the NFT Paris conference, “Elon Musk helped to open that door for us, just a little bit, so we could catch people’s imaginations internally. We did use it as a slipstream, she continued, allowing Web3 supporters at the business to “start the discussion” about what Adidas could accomplish with blockchain technology.

The objective was to “make sure we’re supercharging and using Web3 to fast track what Adidas is saying its corporate goals are,” according to Wykes-Sneyd, from the very beginning.

That involved a lot of planning; her team spent nine months engaging in “laying down the strategy, creating the foundations, a lot of relationship building” before putting its Web3 plans into action.

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By the time we arrived at the market, the general consensus was that Adidas was ahead of schedule, she said. And we were, but we had been planning and ruminating about it for 10 months beforehand.

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Future plans for the business include token-gated sneaker releases and, possibly, payment methods using Apecoin, the Bored Ape Yacht Club-themed cryptocurrency.

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Louis Vuitton has picked Pharrell Williams a Web3 entrepreneur to be the next men’s creative director

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