Which fashion brands have embraced Web3?

Some fashion brands and retailers have embraced Web3 communities by beginning to accept crypto payments, such as Gucci, Off-White, Farfetch, Tag Heuer and Balenciaga.

What is Web3 based on?

The concept of a new decentralized Internet based on blockchain is becoming increasingly popular. Web3 is supposed to solve the problems we have today with Web2 (that is, the Internet of the present with social networks and video hosting). The centralization (the monopolization of tech giants like Facebook or Google).

Why are brands moving to Web3?

As the world becomes more digital, brands, especially the big ones, are moving to the Web3 side. Of course, they face several challenges. For example, how to attract more users to their metaverses. After all, the technical barrier to entry to Web3 is currently high.

When did Adidas buy Web3?

Adidas started putting some stakes in Web3 in November 2021. The brand acquired land in The Sandbox, though how it got the land remains unclear: The company either paid for it off-chain or was simply gifted them.