Main navigation

Algorand CEO Debunks Nike Partnership: Details

Wed, 01/18/2023 - 15:26
article image
Tomiwabold Olajide
Algorand CEO reiterated that it was not a partnership
Algorand CEO Debunks Nike Partnership: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

On Jan. 17, Staci Warden, the CEO of the Algorand Foundation, tweeted a cryptic message: "NIKE." Several took the tweet to refer to sports and fashion giant Nike.

This led to people speculating about some sort of partnership with the apparel giant, with several asking questions about what the tweet might mean.

"Nike is going to start using Algo for shoes now," quizzed a user. The Algorand CEO responded in the negative. He added, "It's not a partnership. Just a fun fact on marketing."

While the questions kept rolling in as to what the tweet meant, the Algorand CEO reiterated today that it was not a partnership with the apparel giant.

"Sorry guys its not a partnership, as I replied to MJ. Just was leading up to marketing announcement. Another one planned for today. Just was having fun with it because I'm so excited for this hire," the Algorand CEO wrote.

Algorand Is up 28% in Week, Here Are Two Potential Reasons for Rise

The speculation about a partnership was not far-fetched as Nike has been one of the biggest fashion-world players in Web3. It has also formed notable partnerships in the crypto space.

In November 2022, Nike launched a new Web3 platform called "Swoosh," which will offer Polygon-based NFT products. Based on its partnership, Nike's NFT apparel will be minted on Polygon, an Ethereum sidechain network.

ALGO, the native token of the Algorand blockchain, was down 2.07% in the last 24 hours at $0.22 at press time and ranks as the 35th largest cryptocurrency. The Algo token, however, remains up 15% on the weekly timeframe.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.