The non-fungible token wave knows no bounds today after Steph Curry and Under Armour (NYSE:UA, NYSE:UAA) announced a new collection. The Golden State Warriors are commemorating Curry’s new record atop the NBA’s all-time three-point shooter list with a collection of NFTs. These wearable collectibles are replicas of his namesake “Curry Flow 9” Under Armour sneakers, which Curry wore when he broke the record on Dec. 14. UA stock has reacted mildly to the news so far, but you can never count out NFT mania.
What do you need to know about this latest metaverse endeavor?
The Genesis Curry Flow NFT collection marks the first venture into the metaverse for Under Amour. The collection is the first wearable, cross-platform sneaker NFT. What does this mean? Users across three different metaverses can access them. Decentraland (CCC:MANA-USD), The Sandbox (CCC:SAND-USD) and Gala Games (CCC:GALA-USD) will each have their own style of the sneaker, with modest differences in color and shape.
Ewen Cameron, the founder of Berlin Cameron, the creative agency supporting the NFT launch, commented on the latest release:
“With the stature of Stephen’s achievement, we wanted to do something that truly changed the metaverse game for good, and so the notion of the first sneaker that can travel across the platform and have genuine functionality and performance was born.”
The Under Armour collection dropped on Dec. 21. Proceeds benefit children’s sports charities.
Is Steph Curry NFT News Enough to Rally UA Stock?
Under Armour is following competitors Nike (NYSE:NKE) and Adidas (OTCMKTS:ADDYY) into the metaverse. And this really does make sense. The metaverse is set to become a $1 trillion industry, and UA clearly sees the potential.
Just this month, Adidas announced a “leap” into the metaverse with a collection of limited-edition NFTs. Nike is taking it a step further with the introduction of its own virtual playscape, “Nikeland.” Built on top of the wildly popular Roblox (NYSE:RBLX) sandbox, the metaverse will act as a platform for Nike fans to play and build. The shoe giant plans on incorporating the Ethereum blockchain to link identification codes to its products as an anti-counterfeit measure.
Interestingly, each of the three companies has only seen mild reactions in their stock prices following the announcements. UA stock is actually down slightly on the day. In fact, UA and UAA shares have largely traded sideways in the last few years.
But there is room for hope, though. The NBA remains one of the most aggressive sports leagues in terms of relevant NFT and crypto exposure. In just a few days, the Staples Center, home of the Los Angeles Lakers, will change its name to the “Crypto.com Arena” as part of a $700 million dollar deal.
While this may mark the beginning of Under Armour’s crypto campaign, it’s not a stretch to assume more is in store. For UA stock fans, the metaverse could be a blessing.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.