Reebok, a well-known American manufacturer of athletic footwear and apparel, has formally submitted two requests to enter the Metaverse. On Friday, November 18th, the official application was submitted to the United States Patent and Trademark Office (USPTO). Reebok wants to see its brand offering virtual goods, NFTs, and retail store services after approving the trademark requests.
With its newly submitted trademark applications, Reebok will be able to join the ranks of other sports businesses that have already established themselves in the Web3 space. Nike and Adidas are a couple of these well-known companies.
The English sports shoe company has successfully tapped into the NFT and trademark craze. When the company decided to introduce its first line of NFT sneakers, it acquired the RTFKT studios, a well-known NFT developer and creator. Nike made $3.1 million in just a few minutes by selling 600 pairs of NFT sneakers.
Nike has always been at the forefront of digital progress. The brand’s strategy has traditionally embraced components of e-commerce, in-store experience technology, and artificial intelligence (AI).
Launching Nikeland has been one of the ways Nike has dominated the Metaverse. Nike created Nikeland, a region in the metaverse with a unique design. This establishment engages its fans through the Roblox platform by holding contests and engaging in other brand-related activities.
Reebok does not seem intimidated by the rivalry and has made strides in the NFT and Metaverse to revive its goals. They want to sell virtual commodities like accessories, backpacks, eyewear, sports equipment, art, toys, headwear, bags and footwear. Some other virtual commodities will also include multimedia files containing audio, text, video, and art relating to sports, for online use in a virtual world.
According to reports, they are also creating a Reebok retail store service that offers virtual goods and commodities for sale to customers, as well as an online NFT marketplace to give buyers and sellers access to NFT-backed digital art photos and video clips.
Also, the well-known shoe company has already operated in the Web3 market. Nast, a well-known American rapper and artist, and Reebok entered into a formal partnership in 2021 to introduce the brand’s distinctive NFT line on the RFOX NFT platform.
NFTs were widely and freely distributed at the event. The publicly distributed NFTs were fiercely claimed in just five minutes after being made available to the public. The value of the NFT collection on the secondary market was estimated at $200,000 then by the biggest NFT marketplace in the world, OpenSea.
NFTs have seen a 97% decline in trading activity after reaching a record high in January of this year. They decreased from $17 billion at the start of 2022 to just $466 million in September, as per data from Dune Analytics.
Risky assets are losing investment flows as a result of the monetary policy’s rapid tightening, which has led to a greater $2 trillion wipeout from the cryptocurrency market.
A lot of negative press has recently been directed at the metaverse industry, particularly in connection with claims that some platforms, like Decentraland and Meta, had low user engagement. These platforms have refuted these claims.
According to a DappRadar report released on October 20, despite the fact that trading volumes fell steeply in quarter three, the average number of NFT sales for these 10 projects only decreased by 11.55% from quarter two to quarter three.
The trading volume of the top 10 metaverse projects in the third quarter may have dropped by 80% from the second quarter, but interest in virtual worlds is still high, claims analytics firm DappRadar. DappRadar says lower trading volumes may only reflect falling asset values and not necessarily signify a lack of interest.