March 4, 2023, 5:14 PM | Read for 3 minutes
Many Major companies have explored the possibility of entering the global market or launched plans to do so. Web3. One One of the biggest apparel companies has credited Elon Musk for inspiring it to take the plunge into the Web3 landscape.
What Happened: Electric Vehicle giant Tesla Inc (NASDAQ:TSLA), rattled the markets when it declared it would accept the leading cryptocurrency Bitcoin (NASDAQ:BTC) as payment in 2021. Furthermore, the company bought Bitcoin and added it to its balance sheet in the same year.
Tesla It suggested that the company would split it into multiple sales, with one sale immediately to demonstrate liquidity. Tesla It announced that 75% of its 2022 inventory had been sold. Bitcoin. The The company’s fourth quarter ended with $184 million in digital assets. This could include any number of digital assets. Bitcoin Dogecoin (CRYPTO: DOGE).
Though Tesla Refused to accept Bitcoin As a payment option, the company makes its merchandise available for sale. Dogecoin, signifying a high level of cryptocurrency acceptance
Tesla One of the first organizations to add major corporations Bitcoin to its balance sheets and to accept cryptocurrency as a payment method, which might have inspired other companies.
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The Step taken by Tesla Proved to be a motivating factor for another company to get involved in Web3.
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Tesla Opened Up The Door: Apparel Company Nike Inc (NYSE:NKE) announced plans to enter the Web3 world. The company plans to launch its own cryptocurrency, the NikeCoin, which would be used to buy and sell merchandise.
NikeCoin The company revealed that it will also accept Bitcoin Payments, making Nike The first major apparel company to accept cryptocurrency.
NikeCoin The company will also launch a digital wallet which will allow customers to store and transfer their digital assets. The wallet will also provide users with discounts and rewards for using the wallet and NikeCoin.
NikeCoin The company also announced plans to launch its own blockchain platform which will allow users to create and manage digital assets. The platform will also offer users access to a variety of dApps.
Nike It is the first major apparel company to move into the Web3 world and the move has been motivated by Tesla.
Adidas (OTC: ADDYY) recognizes Tesla’s acceptance of Bitcoin as the moment that opened the door for the company to reach its goals in the global market of Web3. Erika Wykes-Sneyd, the Web3 lead for Adidas, told Decrypt that Tesla’s move helped Adidas “start the conversation” and learn more about the possibilities blockchain had to offer.
“Elon Musk assisted in opening that door for us, just a little bit, to get people internally to take an interest,” Wykes-Sneyd informed Decrypt. “We took advantage of that chance.”
The Adidas executive noted that the company did not want to be a cryptocurrency-accepting company and wanted to go further. “Those of us who knew better thought, ‘Accepting crypto isn’t what it takes to really enter this space.'”
Adidas has also launched its own NFT collection called Into The Metaverse, in collaboration with Coinbase Global (NASDAQ: COIN). The Bored Ape Yacht Club #8774, now known as Indigo Herz, was also available for purchase for 46 Ethereum (CRYPTO ETH: ETH) on Sep. 17, 2021. The Bored Ape Yacht Club is featured in a World Cup trailer from Adidas.
Wykes-Sneyd revealed that it took Adidas nearly 10 months for the company to get to the point of launching its Web3 strategy. “By the time we hit the market, everyone was surprised that Adidas was an early adopter, even though we had been planning it for 10 months,” she said.
The Adidas executive also hinted that future Web3 plans might include token-gated sneaker releases and utilizing Apecoin (CRYPTO APE) as a payment option.
Read Next: Did Tesla Make Money On Its $1.5 Billion Bitcoin Purchase?
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