- A collaboration with 10KTF is the next step in Puma’s Web3 strategy.
- According to Puma Chief Brand Officer Adam Petrick, it is the company’s most major metaverse effort to date, with digital products connected to physical goods in the future.
- Fans of the company can anticipate personalization and customization features with the 10KTF initiative.
In the face of fierce competition from Nike and Adidas in the metaverse, Puma has unveiled the next phase of its Web3 strategy. A partnership with 10KTF, the narrative NFT project features a virtual Tokyo and digital apparel for profile picture avatars (PFPs) made by Wagmi-San, a fictional tailor who previously worked for Gucci.
“Thanks to the rise of our 10KTF community & the like-minded craftspeople at PUMA, a long-held dream of mine gets to be fulfilled. I am grateful for the opportunity to bring our crafts & our stories into the physical realm & usher in a new era for New Tokyo” Wagmi-san, @10KTFshop https://t.co/BR0wwZEcW5— PUMA.eth (@PUMA) June 24, 2022
According to Puma Chief Brand Officer Adam Petrick in an exclusive interview with Vogue Business launching its Web3 strategy is the company’s most major metaverse effort to date, with digital items connected to physical goods on the horizon. He said:
As a sports company, we have to be thinking about engaging with people in the physical world and giving people the opportunity to bring physical products into the digital world. Whether it’s gamified utility or access, it’s like the fourth dimension of experience with the product.
Puma still believes they have a place in the market, although its 2021 annual revenue of $7.7 billion will be less than that of Adidas ($25 billion) and Nike ($44.5 billion). Puma prioritises revenue sources when making any investment.
Adam says that because they are in the intellectual property industry, there must be “a return in whatever territory that we investigate.” “Learn and adapt while attempting to remain current, real, and inclusive” is the stated goal.
Fans of the brand can anticipate personalization and customization components in the 10KTF project, which is part of an increasing trend in digital sneakers and NFT collections. Puma teased this by handing away co-branded Puma and 10KTF t-shirts during the 10KTF event.
Due to the significant overlap between gamers, sneakerheads, and the Web3 population, sneaker labels and sportswear behemoths have been early adopters of digital products, virtual worlds, and NFTs.