June 28 (Cointime) - Adidas has entered the Web3 space with its Into the Metaverse NFT drop and has established Three Stripes Studio (TSS) to focus on Web3 campaigns. The latest collection, ALTS by Adidas, is the final phase of the Into the Metaverse initiative and aims to inspire creativity and foster a sense of belonging.

The ALTs by Adidas collection allows holders of NFTs from the Into the Metaverse collection to burn them in exchange for ALTs, which provide numerous benefits to holders. Adidas has distributed three NFTs named Rift Valley Motel Coins to over 10,550 unique ALTS owners as rewards for season two. The brand has put its collaboration with FEWOCiOUS on hold following allegations made by a former partner, which FEWOCiOUS denies.