Popular sports brand Nike Inc. has generated $185.3 million in revenue from non-fungible token (NFT) collections. The milestone brings the company to a leading position among other traditional brands in the NFT markets.
Nike Becomes Highest-Earning Brand From NFT Sales
According to the blockchain analytics platform Dune, the sports brand recorded its total NFT revenue from a summation of its primary sales revenue and total royalties which are $93 million and $92 million respectively. The company also recorded more than 67,000 NFT transactions.
In April 2019, Nike hinted at its interest in the blockchain ecosystem when it filed an application to use a trademark dubbed “CryptoKicks,” which got approved later that year.
In December 2021, the company acquired the digital fashion brand RTFKT to bolster its “digital transformation.” In April 2022, RTFKT launched Nike’s CryptoKicks NFT collection, featuring customizable NFT sneakers. Since its launch, many users have bought NFT sneakers, bringing Nike’s total NFT revenue to its current valuation.
D&G Holds Second Position With $25.6M
The Italian fashion brand, Dolce & Gabanna (D&G), currently holds the second-largest position in commercial brands with the largest NFT revenue, with $25.6 million in its purse. The company also recorded over 9,000 transactions.
D&G rolled out its NFT collection, the Collezione Genesi, which was hosted by luxury NFT marketplace UNXD in September 2022, where UNXD is built on the Polygon network.
Luxury Brands Join the NFT Bandwagon
Other fashion brands that have joined the NFT business are listed on Dune. One of them is Tiffany & Co., which holds the third largest position with $12.6 million in NFT revenue. Recall that the brand made headlines earlier this month when it revealed its new NFT collection, NFTiff, will only be acquired by CryptoPunk holders. This resulted in a massive purchase of CryptoPunk NFTs.
Italian company Gucci is another luxury brand that has onboarded the NFT bandwagon. In January, Gucci partnered with NFT-focused firm Superplastic to launch an NFT collection dubbed SUPERGUCCI. Currently, Gucci holds the fourth largest position with $11.5 million worth of NFT revenue.
