Puma launches into NFTs and digital sneakers
Puma has just announced its biggest leap into the metaverse. In partnership with 10KTF, an online NFT store run by fictional character Wagmi-San, the lifestyle brand is bringing its apparel to the digital sphere. Puma teased the project a few weeks ago on Twitter – and soon changed its name to Puma.Eth” – but the speculation was confirmed during NFT NYC this week.
What’s coming — Brands everywhere are realizing the massive appeal of Web3, NFTs and the Metaverse, especially in terms of digital fashion. Adam Petrick, Puma Brand Manager Told Business in vogue that Puma “as a sports company [has] thinking about connecting with people in the physical world and empowering people to bring physical products into the digital world. Even a tangible product like a basketball shoe can have athletic capabilities in the digital world, he explained.
The new partnership will bring digital sneakers, NFT collections, and more, giving fans the ability to personalize their experiences. While there aren’t many ideas yet for what the apparel and digital assets will look like, Petrick says Puma wants to give users a space free from physical limitations and open to personal expression.
Can the Puma compete? — That’s not to say Puma doesn’t have its fair share of competition. Big brands like Nike and Adidas are already deep enough in their contributions to the metaverse, and the excitement for Puma’s digital entry is probably best reserved for those who would choose the brand over other IRLs. Business in vogue reported that Puma’s $7.7 billion in revenue in 2021 is behind Nike’s $44.5 billion and Adidas’ $25 billion in the same year, which means it’s safe to say that this is still not the number one choice of the average consumer.
Still, Petrick is enthusiastic about the project and anticipates the brand to be a relevant and inclusive contributor to the space. “Right now our goal is to explore that and try to be as authentic as possible and help people learn along the way,” he said. “I know there’s a big investment in the competition, and it’s not necessarily something we’ve done.”
In the world of Cryptokicks, metaverse fragrances and “Gucci Town”, I hope Puma’s brilliant ideas can cut through the noise.