Nike Becomes World's Highest-Earning Brand from NFT Sales
Nike, America’s most iconic sports brand, has become the highest-earning brand from NFT sales generating over $185 million in revenue.
Digital collectibles become more and more lucrative, and fashion brands try to capitalize on NFTs as their investments are paying off. Nike, Dolce & Gabbana, and Tiffany & Co. are the top companies that bring in the most revenue from NFTs. Nike, thanks to its acquisition of RTFKT, leads the way with a whopping $185.3 million in revenue from its NFT collections.
The number of secondary market transactions of Nike NFTs reached 67,500 while the secondary transaction volume topped US$1.29 billion.
Other athletics and fashion companies-Dolce & Gabbana, Tiffany, and Gucci, had total revenue of $25 million, $12 million, and $11 million respectively. D&G leads with over 9,000 transactions, followed by Gucci with almost 4,000, while Tiffany managed to earn that amount from a mere 74 transactions. Adidas brought in $10 million revenue but the amount of transactions was over 51,000.
Nike has officially taken its first step into the metaverse with its launch of “Nikeland,” a virtual world made in partnership with Roblox. The brand began pumping out its own NFTs after acquiring RTFKT and did defend its digital likeness when StockX offered NFT versions of the Swoosh’s sneakers.
Nike acquired RTFKT in December 2021, after RTFKT’s launching the CloneX collection. CloneX has attracted the highest royalty fees for Nike, with over $39 million. RTFKT is responsible for creating most of Nike’s NFT collections, including MNLTH, which generated $24.22 million. It also made the Mint Vial which has garnered $15.06 million.
Nike’s first collection of virtual sneakers, called Cryptokicks, consisting of 20,000 NFTs, was released in April 2022. One of the NFTs was designed by artist Takashi Murakami and was purchased for a whopping $134,000.
CryptoKicks are customizable, with customers purchasing a “skin vial” to change the color of the shoes’ signature Swoosh, heel, straps and tongue.
According to data from NonFungible.com, NFT sales have dipped over the course of the past year. The number of sales crashed with the decline in the cryptocurrency market after the peak sales of 210,000 last August. The number of purchases remained above 120,000 until the end of last year, when the price of cryptocurrencies and daily sales of NFT also continued to decline, apart from a strong period of volatility in January and February.
Top 10 Bored Monkeys
Yet despite declining NFT sales, some collections continue to dominate the sales charts. A few days ago, the top 10 bestsellers of NFT have only been Bored Ape Yacht Club NFTs, according to data from CryptoSlam.
The top monkey was sold for 150 Ethereum, or about $242,000. Sales of the collection increased by 54% over the previous day, for a total of more than $3 million in sales.
To sum up, we may say that the revenue made from NFTs looks more than promising, especially considering last year was the first time most of these brands delved into the metaverse. More and more brands continue to wade into NFTs and successfully create communities within their respective realms, which means their total revenue will undoubtedly increase.
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