The excitement around non-fungible tokens (NFTs) has helped some of the most well-known corporations to generate hundreds of millions of dollars in additional income, underlining the mass popular demand for digital collectibles.
When non-fungible tokens (NFTs) initially appeared, major brands remained silent. They didn’t create their own. They ignored the then-trend (now a thriving industry) and didn’t race to upgrade previous releases with crypto advantages. People assumed there would be a Nike NFT. But when Nike first hesitated, many worried if the brand, and others of a similar size, would eventually go all in.
According to Dune Analytics statistics, leading companies such as Nike, Gucci, Dolce & Gabbana, Adidas, and Tiffany have collected a total of $260 million in NFT sales. Nike’s NFT drops have generated $185.3 million in sales, with secondary market volumes surpassing $1.3 billion.
Dolce & Gabbana has made $25.6 million in NFT income. Tiffany has gathered $12.6 million in NFT-related sales since the debut of its NFTiff token. It allows CryptoPunk holders to mint personalized pendants. Gucci and Adidas earned $11.6 million and $10.9 million in total NFT income, respectively.
— Vellabs (@vellabs_agency) August 22, 2022
Not only are Nike, Tiffany, Gucci, and Dolce & Gabbana technically early adopters, but they’re also getting fantastic returns on NFTs as a marketing tool. Nike’s NFTs generated over 68,000 secondary transactions, totaling more than $1.2 billion in secondary volume. This suggests that someone looked for a Nike NFT but ended up with Nike socks or a Nike T-shirt instead. In terms of size, Adidas’ secondary volume, which claimed second place behind Nike, did not even come close to what Nike made from NFTs.
So far, it appears like Nike will continue to be one of the most powerful brands in history. Even as we go from the physical to the digital realms.
How Did Nike Succeed With NFTs?
A success that may be linked back to Nike’s acquisition of RTFKT – pronounced “artifact.” It is a start-up specializing in producing virtual clothes and sneakers.
Welcome to the family @RTFKTstudios
— Nike (@Nike) December 13, 2021
Nike’s first line of digital sneakers, introduced in April, triggered a gold rush, with models selling second-hand for an average of $8,500. These sneakers, known as CryptoKicks, are designed for both buyers’ avatars in the metaverse and collectors. Nikeland, which is accessible on Roblox, has helped the American sports equipment brand build a strong influence in these new virtual worlds. Nike reported over seven million visitors to their metaverse since its opening five months ago.
Nike generated $185.33 million with NFTs. Keep in mind that it is only 0.3% of Nike’s total annual revenue. As a result, according to Samuel van Deth, Marketing Strategy Director at Oracle, the money Nike makes is not the primary reason to keep making or at least advertising NFTs. He stated, “I would say that it is not the most significant metric. The influence on overall brand recognition, engagement, loyalty, and customer lifetime revenue is likely the most essential reasons why firms are investing here.”
⬆️ Moreover, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ ALTCOIN BUZZ – BINANCE – GET UP TO $800* ON SIGN UP
Sign up using the links below on Binance Exchange and get the following benefits
- $100 Sign-Up bonus*
- 20% Trading fee discount for life*
- FREE $200 worth of Altcoin Buzz Access PRO Membership*
- Plus $500 Unlockables*
For more details visit*: Binance Sign Up Offer Page. *Terms & Conditions Apply
Disclosure: Altcoin Buzz may receive a commission, at no extra cost to you, if you click through our links and make a purchase from one of our partners.