Nike Has Generated a Total of $185M in Revenue from NFT Sales
We, at NFT Drops Calendar, have reported how several fashion companies are investing heavily in Web3 and blockchain technologies. Perhaps no other company has been as involved as Nike, and its hard work in the digital world is showing in the sales of its footwear and apparel.
Nike has so far generated an astounding $185 million in revenue from the sale of non-fungible tokens (NFT), placing them at the top of the list of companies engaged in Web3. Gucci, Adidas, Dolce & Gabbana, Tiffany & Co., and other well-known brands are among the other top companies.
Nike has been able to combine virtual goods and experiences with its renowned branding rights through a number of projects over the past year. Thus, acquiring the NFT startup RTFKT last December was another big push for its strategy.
CloneX and MNLTH, two of Nike's best NFT collections, have together produced over $40 million and roughly $25 million in royalties, respectively. The MNLTH2, Mint Vial, and CryptoKick Nike NFT collections are additional popular releases; noting that the majority of Nike's NFT collections are produced by RTFKT.
Although the total amount of Nike NFT transactions has dropped recently, this was to be expected given the general downturn in the crypto and NFT markets. And despite slow sales, the renowned brand is still far ahead of the competition. D&G ($25.6 million), Tiffany ($12.6 million), Gucci ($11.5 million), and Adidas ($10.9 million) are the next-highest earnings from NFTs in the fashion industry.
Nike appears to be in the lead at the moment. But if the brief history of Web3 and NFTs is any indication, there may be many surprises along the way. We will keep an eye we here at NFT Drops Calendar for any future Web3 news from clothing and fashion firms.