Nike becomes highest-earning brand for NFT sales
Footwear giant Nike’s non-fungible token (NFT) projects have brought the company’s revenue to US$185.34 million, more than seven times that of luxury fashion brand Dolce & Gabbana, which ranks second in NFT profits, according to the data published on crypto analysis platform Dune.
See related article: Touchdown: How ex-NFL players are helping college athletes score with NFTs
The number of secondary market transactions of Nike NFTs reached 67,500 while the secondary transaction volume topped US$1.29 billion, ranking first among all the 12 listed NFT-issued brands.
Other sports and fashion companies occupy the top five of this NFT revenue list, followed by Dolce & Gabbana, Tiffany and Gucci, with revenues of US$25 million, US$12 million and US$11 million, respectively.
Adidas came in fifth with US$10 million in total revenue, but was second with more than 51,000 transactions.
Last December, Nike made headlines in the NFT world with the acquisition of digital fashion brand RTFKT Studios, which designs NFT-linked sneakers and clothes that can be worn in both the virtual and real worlds, and launched CloneX, a series of NFT avatars.
In April, Nike and RTFKT released its first virtual sneaker collection CryptoKicks, with 20,000 NFTs including one designed by artist Takashi Murakami, which was purchased for US$134,000.
Nike’s NFT revenue surge comes amid the NFT market cooling off. According to Footprint Analytics’ report released in August, NFT transaction volumes fell 41% in the second quarter of 2022 compared to the first quarter.
See related article: Fashion, art, games and community: What does a decentralized metaverse mean for you?