Web3.0 as an adaptive strategy in crisis

: the case of Nike and Adidas

Abstract

The COVID­19 pandemic caused huge distortions to how businesses function and define their strategies, with fashion industry not being an exception. The pandemic gave rise to intensive innovations in the digital sphere due to the fact that customers spent more time online, with gadgets serving as hubs for communication, entertainment, and sources to spend leisuretime. For fashion brands, the digital innovations centered around web3.0 and related concepts, namely blockchain, metaverse, and Non­Fungible Tokens (NFTs). Rapid pace of developments across these areas made it crucial for companies to adapt and respond to crisis by bringing their own unique solutions to emerging customer needs (communication, showing off in the digital space, lively interactions, etc.). Therefore, the two brands, which are in the focus of this research, Nike and Adidas, decided to invest in respective projects with the goal to keep up with the market trends, enhance capabilities, and expand resource base. This case aims to extend the body of knowledge in the web3.0 domain including adjacent concepts integral to this term and elaborate on practical implications of theoretical constructs by analyzing Nike and Adidas sportswear brands. This case can be applied to teaching purposes to address subjects such as dynamic capabilities, Resource­Based theory, crisis adaptation strategies, and related concepts.

Date of Award	25 Jan 2023
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Ricardo Reis (Supervisor)