STEPN eyes comeback with Adidas in new NFT partnership

STEPN GO, a Web3 lifestyle app, has announced a new collaboration with Adidas to release a second series of co-branded NFT sneakers. 

This new collection will feature 1,000 Genesis Sneakers and will be available through a raffle mint on MOOAR, FSL’s NFT marketplace, from September 25 to 30. 

The latest collection follows the initial launch of Genesis Sneakers between STEPN GO and Adidas in April 2024. 

The upcoming series includes four designs: adiZero Adios Pro 3, Ultraboost 5X, Supernova Rise, and adiStar BYD. 

The raffle tickets are priced at 10,000 GMT, STEPN GO’s native token, with refunds offered to participants who do not win the raffle. 

This partnership aims to expand STEPN GO’s product offerings by further integrating digital collectibles and fitness rewards within its platform. 

“This next phase with Adidas allows us to further integrate digital collectibles and fitness rewards,” said FSL Co-Founder Yawn Rong, emphasizing the project’s focus on developing new ways to engage its user base through Web3 technology. 

Despite its initial success in 2022, STEPN GO has encountered challenges in maintaining its user base, especially after being banned in China amid allegations of using economic principles similar to Ponzi schemes. 

However, the new NFT sneaker collection, alongside a recent partnership with the Mythos Foundation, reflects STEPN GO’s attempt to regain momentum in the Web3 and NFT space. 

The broader NFT market continues to face volatility and regulatory scrutiny, with recent reports indicating that 96% of NFT projects are inactive. 

STEPN GO’s latest moves aim to re-engage users and explore new opportunities despite these market challenges.