NFT Projects Churn Millions for High-End Brands Nike, Gucci, Adidas

Adeyemi Matthew 

The leading athletic apparel company – Nike – has surpassed many prominent names with its NFT sales this year.

According to the latest stats, Dolce & Gabbana, Tiffany, Gucci, and Adidas are reaping millions from NFTs, but it’s Nike that tops the chart.

Dune Analytics researcher Noah Levine’s data showed the above businesses leading the NFT wave.

The space has proven to be a new income line for some of the world’s most iconic brands as they now rake in hundreds of millions of dollars in additional revenue, underscoring the mass consumer appeal of digital collectibles.

Nike’s NFT drops have amassed $185.3 million in revenue, with volumes in secondary markets approaching $1.3 billion. Dolce & Gabbana has generated $25.6 million worth of NFT revenue. Tiffany, which only recently launched its NFTiff token allowing CryptoPunk holders to mint customized pendants, has amassed $12.6 million in NFT-related sales. Total NFT revenue for Gucci and Adidas was $11.6 million and $10.9 million, respectively.

Nike, that acquired virtual design studio RTFKT last December to accelerate its metaverse and NFT push has bagged $185.3 million in NFT sales, citing Dune Analytics data, a report by NFTgators said recently.

Nike's expensive NFTs have been inspired by its iconic sneaker collections. It released its first NFT collection named ‘Cryptokicks' in April with a total of 20,000 pieces. The high prices of the NFTs from this collection have gone as high as $134,000.

As per a screenshot of Dune Analytics data shared by NFTgators, Italian luxury fashion brand Dolce & Gabbana, jewellery brand Tiffany, and Gucci secured the second, third, and fourth ranks in terms of the revenue they gathered via NFT-related projects.

Budweiser, Time Magazine, and Pepsi also made it to the list.

Nike's NFT-related projects have made over $185M in revenue, positioning it as the biggest earning brand from NFTs.@DuneAnalytics dashboard by @nlevine19. pic.twitter.com/UDD90kz8Af

— NFTgators 🐊 (@NFTgators) August 22, 2022

This development comes at a time when the NFT market is struggling to overcome its ongoing slump.

According to Reuters report, monthly sales volume on the largest NFT marketplace, OpenSea, plunged to $700 million in June, down from $2.6 billion in May and a far cry from January's peak of nearly $5 billion.

By late June the average NFT sale sunk to $412 from $1,754 at the end of April, according to NonFungible.com, which tracks sales on the Ethereum and Ronin blockchains.

Now that the crypto sector seems to be emerging out of its downturn, its only a matter of time before NFTs again become all the rage among members of the blockchain community.

The sales of NFTs reached $25 billion in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.

August 24, 2022