OpenSea: Adidas launches RESIDENCY for digital artists as new NFT frontier

Adidas recently announced the worldwide launch of “RESIDENCY by adidas,” an innovative residency program dedicated to digital artists in partnership with the NFT OpenSea marketplace. 

This initiative debuts with the first NFT sale of artworks, including limited and open editions created by MonkeeMoto and Adra Kandil. The event will take place between 6 and 11 September 2023. See below for all the details. 

Exclusive NFT sale on OpenSea: the latest news from Adidas

Further expanding the scope of Adidas’ commitment to art, culture, creativity and digital technology, Adidas recently announced the global debut of “RESIDENCY by adidas.” 

This innovative Web3-based digital artist residency program represents a milestone for the streetwear and lifestyle brand, solidifying its intention to engage an assortment of digital artists from around the world. 

The initiative offers unique opportunities to exhibit their work and collaborate with the brand both in the digital realm and on physical projects. The program aims to unite the realms of art, creative expression, and identity. 

The same ones that are central to the brand’s ethos and commitment to creativity and innovation within the Web3 community. 

RESIDENCY, which will go live globally on 7 September during Korean Blockchain Week in Seoul, represents a pivotal moment when the Three Stripes Studio will reveal a new path of collaboration and creativity for digital artists to further connect with the iconic brand and their passionate community of collectors and connoisseurs.

Adidas also proudly presents MonkeeMoto, still in disuse, and Adra Kandil, or DearNostalgia, as a richly diverse pairing of unique creative lenses to represent the brand’s first RESIDENCE. 

With the newly created work by the artists, RESIDENCY launches the first NFT sale of limited and open edition adidas artwork by MonkeeMoto and Adra Kandil. 

Some statements about Adidas’ new initiative

Stacey King, global head of communications and activation for Adidas said the following about it: 

“This project is another big step for our Studio as we continue to explore, experiment and diversify our impact and value in the Web3 Community. 

When we looked at what our brand and community has represented in this space, as well as the reaction to our Open Editions in Berlin and NYC, it felt like such a natural step to go ‘all in’ and create an even stronger pathway and platform for some of the coolest and most engaging artists in our Community. RESIDENCY represents all of this and more to come. 

We’re excited for the digital, physical and linked drops that will follow – all in parallel to our continued plans to build ALTS by adidas into one of the best projects in Web3.” 

The limited edition consists of 100 pieces per artist and includes an exclusive hoodie available only to those attending the event. This unique package will be offered at a price of 0.15 ETH

Meanwhile, the Open Edition will be priced at 0.03 ETH. Both editions will be available for purchase starting Wednesday, 6 September. Sales of the limited edition for both artists will end upon the sell-out of 100 NFTs or 8 September, while the Open Edition will close on 11 September. 

Those who participate in the adidas activation during Korean Blockchain Week will also have the opportunity to pick up a limited-edition adidas hoodie featuring the /// Studio’s iconic side trefoil to accompany the limited-edition NFT.

The SEC fines media company for the unregistered sale of NFTs

On Monday, the US Securities and Exchange Commission (SEC) issued its first-ever enforcement action against the sale of NFTs, imposing a $6 million fine on a Los Angeles-based media company for illegally selling unregistered securities. 

However, this event raises questions about the eventual regulatory direction the multibillion-dollar NFT market might take.

In this case, the details were clear: the sanctioned company, Impact Theory, had promised potential NFT buyers profitable growth in their investments by claiming that a payment of 1.5 ETH would lead to significant gains once the company compared itself to the stature of the “next Disney.”

Although the SEC announcement marked a first step, much uncertainty surrounds the regulatory future of the NFT industry, which until this week had avoided the attention of SEC Chairman Gary Gensler

As is often the case in similar instances in the cryptocurrency arena, the SEC’s announcement was quickly followed by criticism from the commission’s Republican minority. 

Specifically, SEC commissioners Hester Peirce and Mark Uyeda objected to the chairman’s approach, arguing that the regulations should not be overly applied to collectibles and digital artwork, which make up a large part of the NFT market.

Until now, the SEC had not addressed the luxury goods trade or the art market.

However, the commission’s current critical attitude toward cryptocurrency-related products may push it to regulate art projects, digital collectibles and NFT-based subscription supporters. 

Hence, one wonders if the action taken on Monday could be seen as a sign that the SEC is heading toward broader control of the entire NFT market.