Adidas and STEPN unveil NFT sneaker collaboration

STEPN, a Solana-based move-to-earn application, has announced a partnership with global footwear brand Adidas to introduce an exclusive non-fungible token (NFT) sneaker collection, the STEPN x adidas Genesis Sneakers.

The collection, which will be available on the MOOAR marketplace from Wednesday offers both digital and physical rewards.

The STEPN x adidas Genesis Sneakers collection consists of 1,000 unique NFTs, with early access for 200 STEPN users, while 790 will be offered to the general public through a raffle, Decrypt reported.

The remaining 10 NFTs will be used for marketing purposes.

Each NFT is priced at 10,000 GMT, or around US$2,500, and will be sold in two phases to promote equitable distribution.

STEPN’s move-to-earn application incentivizes NFT holders to walk and run by rewarding them with GST, the app’s in-game currency.

STEPN’s GST, the game’s utility token, is on other chains like Binance’s BNB chain, but its Solana-based token has the highest market capitalization at US$39 million.

GST on Solana initially rose US$0.039 after the partnership was announced, but has since fallen to US$0.34. The token’s all-time high is US$8.51, according to CoinGecko data.

The project’s governance token GMT is down 11% in the past 24 hours to US$0.23.