Adidas Launches “RESIDENCY by adidas” Program for Digital Artists
Adidas has announced the launch of “RESIDENCY by adidas,” a residency program for digital artists in partnership with NFT marketplace OpenSea. The program aims to engage digital artists from around the world and offers opportunities to exhibit their work and collaborate with the brand. RESIDENCY will go live globally on September 7th during Korean Blockchain Week. The program represents a new path of collaboration and creativity for digital artists to connect with Adidas and their community of collectors. The first NFT sale will feature limited and open edition artwork by MonkeeMoto and Adra Kandil.
Statements from Adidas and Details of the NFT Sale
Stacey King, global head of communications and activation for Adidas, expressed excitement about the program and its impact on the Web3 Community. The limited edition NFTs, consisting of 100 pieces per artist, will include an exclusive hoodie available only to event attendees. The limited edition package will be priced at 0.15 ETH, while the open edition will be priced at 0.03 ETH. The sale will begin on September 6th, with the limited edition closing on September 8th and the open edition closing on September 11th.
SEC Issues First Enforcement Action Against NFT Sale
The US Securities and Exchange Commission (SEC) has imposed a $6 million fine on media company Impact Theory for illegally selling unregistered securities through NFTs. This marks the SEC’s first enforcement action against the sale of NFTs. The case raises questions about the future regulatory direction of the NFT market. While SEC Chairman Gary Gensler has not previously addressed the NFT industry, the commission’s current critical attitude towards cryptocurrency-related products may lead to broader regulation of the entire NFT market.
Potential Regulatory Future for the NFT Market
SEC commissioners Hester Peirce and Mark Uyeda have objected to the chairman’s approach, arguing that regulations should not be overly applied to collectibles and digital artwork, which form a significant part of the NFT market. However, the SEC’s actions may indicate a move towards broader control of the NFT market, including art projects, digital collectibles, and NFT-based subscription supporters. The regulatory future of the NFT industry remains uncertain.
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