Tesla accepting bitcoin prompts this major company to move into Web 3

Many large companies have started plans or are exploring to enter the world of Web3. One of the Largest Apparel Companies Credits Interest in Bitcoin Elon Musk as inspiration for its Web3 aspirations.

What happened: electric vehicle giants Tesla Inc TSLA many were shocked when he announced that it was allows purchases with leading cryptocurrency Bitcoin B T c In 2021. The company also bought bitcoin itself and added the top crypto to its balance sheet. That same year.

The company said Tesla will hold bitcoin and sell it in chunks, including an initial sale immediately, to demonstrate liquidity. Tesla announced in 2022 that it sold 75% of its bitcoins. company recently ended the fourth quarter It has $184 million in digital assets on its balance sheet, which may include bitcoin and dog coin doge/usd,

While Tesla stopped accepting bitcoin as a payment option for its vehicles, the company has made most of its merchandise available. shop with dogecoinShowing the level of cryptocurrency acceptance.

Tesla was one of the first major companies to add bitcoin to its balance sheet and accept cryptocurrencies as a payment option, which may have inspired other companies.

Tesla’s move prompted a company to become more involved in Web3.

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Tesla opened the door: apparel company adidas addicted Credits Tesla’s acceptance of bitcoin as the moment that opened the door for the company and its ambitions in the world of Web3.

adidas web 3 lead Erica Wykes-Sneyd Said decrypt Tesla’s acceptance of bitcoin helped Adidas “start a conversation” about what the company could do with blockchain with crypto advocates.

“Elon Musk helped open that door for us, just a little bit, so that we could intrinsically capture people’s imaginations,” Wykes-Snead told Decrypt. “We used it as a slipstream.”

The Adidas executive said that the company is looking to move away from being the only company that accepts cryptocurrency and instead becomes more involved.

“I think those of us who were in the know were like, ‘Well, I don’t think only accepting crypto is what it means to be in this space.

adidas has launched its nft collection is called in the metaverse, partnered with coinbase global coin and sandbox.

adidas also bought Bor Ap Yacht Club ,8774now known as Indigo Herz at the age of 46 Ethereum ETH/USD On September 17, 2021. The Bored Ape was featured in a World Cup trailer by Adidas.

Wykes-Sneyd said Adidas did a lot of planning to roll out the Web3 strategy, which would take nine to 10 months.

“By the time we went to market, for the most part, everyone thought, ‘Wow, Adidas is quick,’ and we were, but we were really thinking about it and planning it 10 months in advance.”

Wickes-Sneed Says Adidas’ Future Web3 Plans Could Include Token-Gated Sneaker Drops And Uses appcoin ape/usd as a payment option.

Read further: Did Tesla Make Money on Its $1.5 Billion Bitcoin Purchase?

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