Nike, Gucci have cashed in US$ 260M off NFT sales

Iconic brands including Nike, Gucci, Dolce & Gabbana, Adidas and Tiffany & Co.have accumulated a combined US$ 260 million worth of sales from NFTs according to data from Dune Analytics.

Nike leads the pack so far by generating a staggering US$ 185 million in revenue from NFT sales, with volumes in secondary markets nearing US$ 1.3 billion. 

Nike’s ability to merge virtual products and unique experiences with its branding rights has pushed its brand to the forefront of the NFT industry.

In April 2019, the brand filed an application to use a trademark called ‘CryptoKicks’. 

In December 2021, the company started its venture into the Web3 sector when it acquired digital fashion startup RTFKT. RTFKT has been helping Nike create diverse digital experiences related through NFT projects.

In April 2022, RFKT launched Nike’s CryptoKicks NFT collection, Pores and skin Vail, and Mint Vial along with the others, which all generated at least US$ 1 million in royalty fees. Among these collections, CloneX tops the list with the highest royalty fees of US$ 39.93 million.

Other luxury brands with a large stake in the NFT space includes Dolce & Gabbana, who has generated US$ 25.6 million worth of NFT sales. The company is holding the second largest position and also recorded over 9,000 transactions.

Tiffany & Co. holds the third largest position with US$ 12.6 million in NFT revenue. The brand had only launched its NFTiff NFTs to allow CryptoPunk holders to mint personalized pendants earlier this month.  

Next, we have Gucci and Adidas, who generated US$ 11.6 million and US $ 10.9 million in NFT sales, respectively. Gucci has partnered with NFT-focused company Superplastic to launch an NFT collection dubbed SUPERGUCCI. On the other hand, Adidas partnered with Prada to launch a global community contributed NFT art project with digital artist Zach Lieberman. 

Photo: Nike