Nike is one of the luxury apparel brands that has successfully hit the nail on the head in the NFT industry. Last year, Nike made efforts to enter the NFT space as it acquired RTFKT, which made NFTs and sneakers for the metaverse. In April 2022, Nike made its foray into the NFT sphere by launching its first collection of virtual sneakers, Cryptokicks. According to the report, the clothing giant has generated a revenue of $185 million through NFT sales. Nike has been able to reach this milestone by fostering a total of 67.2k transactions.
Nike leads the NFT industry
Just like other brands, Nike has climbed up the NFT bandwagon. However, if we compare different brands to Nike, they stand miles behind. The list includes other athletics and fashion brands, showing considerable gains. The recent bearish market has not barred brands from expanding in the NFT sector, as these brands have continued to give overwhelming results. The number of athletics and fashion brands is more than any other category, which is a fantastic fact about the list.
Nike’s revenue from NFT sales has touched a whopping amount of $185 million, with a total completed transaction of 67,251. The direct sales of NFTs have generated the company about $93,104,204.25. In contrast, the secondary sales volume is evaluated to be $1,293,959,811.39. Nike has earned nearly $92,165,461.4 of total royalties from the sale of Cryptokicks.
The above data was shared by Noah Levine, an experienced researcher from Dune Analytics. Nike’s NFT business has made more than $185 million in revenues and has topped the list. Dolce and Gabbana secured second place in the list. The data shows that it has made a revenue of $25 million in just 9,036 transactions. Tiffany and Gucci followed the list next, earning $12 million and $11 million, respectively.
CloneX is one of Nike’s top NFT collections, and the collection boasts the highest royalty fees, generating more than $39 million in revenue. The other popular collection that accelerated Nike’s revenue is the Nike Sneakers-themed NFT collection, MNLTH, which has earned $24.22 million.
The other top NFT collections include Mint Vial, MNLTH2, CryptoKick, and RTFKT Bonus Items. These collections have successfully generated around $1 million in royalty fees and have continued attracting the interest of NFT enthusiasts.
Interestingly, Nike got strong NFT sales figures this year, but the footgear giant’s NFT pricing has fallen since February and April of this year. As of the 22nd of August, the market index stands near $23,987.
Luxury brands and NFTs
Non-fungible tokens (NFTs) have successfully gained various top brands’ attention globally. NFTs have become a successful business plan for multiple brands by making their revenue to millions. In the era of tough competition among various luxury brands, only a few brands stand out. The reason behind it is the continuous innovation and accessibility, top-notch service, and quality. Many luxury brands like Prada and Gucci are constantly working on how to increase their growth using NFT hype. We anticipate seeing more brands joining the NFT space as the presence of fashion and athletics brands on the list shows the dominant upward trend in the sale of NFTs.