Oh and Gucci as well.
Nike does it right
NFTs have been very kind to the athletic brand, Nike has been one of the few companies to become completely successful with the NFT market. The company made headlines as it acquired a company that made NFTs and sneakers for the metaverse. Nike then released its first line of “virtual kicks” called Cryptokicks. The Cryptokicks collection was comprised of 20,000 digital sneakers one special NFT sneaker designed by artist Takashi Murakami sold for $134,000.
Millions in sales
Nike RTFTK NFT
The latest numbers are in and Nike continues to take the win as it has been noted that the company has generated $185 million in revenue due to NFT sales, fostering a total of 67.2k transactions. Other companies and luxury brands have joined in the NFT sales sphere but none have done as well as Nike. Dolce and Gabbana has made $25.6 million Via NFT sales, and Gucci has made $11.5 million using the tech. Nike’s direct competitor Adidas has only made $10.9 million, a drop compared to Nike. Puma has just begun its run with a New York Fashion Week entry earlier this month.
Physical offering after purchase of Puma NFT
Nike Just Did it
Nike has settled the most number of transactions in April with 12.7K transactions total, the month before saw most transactions in December at 11.3K. The bear market has taken a toll on NFTs in general but Nike was able to make a sort of comeback in July with the numbers for August yet to be determined. It should be taken with a grain of salt as though transaction numbers are still very high, volume has been deflating. April saw a volume of $293 million whereas July only sat at $14.4 million with royalties dropping from $24 million in April to $1.03 million in July.
Nike is undoubtedly the king of the hill when it comes to utilizing NFT technology to bring in profit and value. The company has been able to strike while the iron is hot and show other companies the benefits of utilizing NFTs and web3 technology. As more companies come into the space the technology itself will begin to evolve and come into its own. Will there be widespread adoption of NFTs? With sentiment being the way it is currently its is up to the company and the utility it creates to fully answer that question.