Web3 is attracting more and more large companies to participate in this field, and one of the leading names in the apparel industry has expressed interest in Bitcoin due to the inspiration of Elon Musk in Web3.
What happened: Electric vehicle giant Tesla Inc (NASDAQ: TSLA) made the shocking decision to announce that it will allow payments in leading cryptocurrency Bitcoin (NASDAQ: BTC) in 2021. The company also bought Bitcoin itself and added the apex cryptocurrency to its balance sheet in the same year.
The company said Tesla will hold Bitcoin and sell it in tranches including an immediate initial sale to demonstrate liquidity. Tesla announced in 2022 that it had sold 75% of its Bitcoin. The company ended the recent fourth quarter with $184 million in digital assets on its balance sheet, which may include Bitcoin and Dogecoin (CRYPTO: DOGE).
Although Tesla has stopped accepting Bitcoin payments for its vehicles, the company has allowed Dogecoin payments for most of its other items, demonstrating an impressive level of crypto adoption.
Tesla was one of the first major companies to put Bitcoin on its balance sheet and accept crypto as a payment option, and this may have inspired other companies.
Tesla's move also inspired a company to get more involved in Web3.
Tesla has opened the door to Web3: Adidas (OTC: ADDYY) said that the event of Tesla accepting Bitcoin has opened the door for companies and their ambitions to officially enter the Web3 space.
Adidas' head of Web3, Erika Wykes-Sneyd, told Decrypt that Tesla's acceptance of Bitcoin has helped Adidas "start the conversation" about what the company can do with blockchain with cryptocurrency advocates. .
“Elon Musk helped open that door for us, just a little bit, so we could capture people's imagination,” Wykes-Sneyd told Decrypt.
The Adidas CEO said that he does not want to be just a company that only accepts crypto, but a broader role.
“I think we all know that getting into crypto is about more than just declaring acceptance of the space.”
Adidas has launched its own NFT collection called Into the Metaverse, in partnership with Coinbase Global (NASDAQ: COIN) and The Sandbox.
Adidas also purchased Bored Ape Yacht Club #8774, now known as Indigo Herz, for 46 Ethereum (CRYPTO: ETH) on September 17, 2021. Bored Ape appeared in Adidas' World Cup trailer.
Wykes-Sneyd said Adidas has put a lot of planning into launching the Web3 strategy, with implementation taking 9 to 10 months.
“At the time we launched, most people thought, 'Wow, Adidas is really pioneering,' and it is, but actually our Adidas brand was already conceptualized and planned. This was planned 10 months ago.”
Wykes-Sneyd said Adidas' future plans will likely include launches of token-gated sneakers and the use of Apecoin (CRYPTO: APE) as a payment option.
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