Nike has already made $185 million from NFTs
Fashion brands have been quick to capitalize on NFTs as the digital collectibles become more lucrative and their investments pay off. Nike, Dolce & Gabbana and Tiffany & Co. is among the top companies that have the most revenue from NFTs. The former, thanks to the acquisition of RTFKT, leads the way with a whopping $185.3 million in revenue from the NFT collections.
Nike first entered the metaverse with the launch of “Nikeland,” a virtual world created in collaboration with Roblox. It wasn’t until it acquired RTFKT that the brand began pumping out its own NFTs — though Nike defended its digital likeness when StockX offered NFT versions of the Swoosh sneakers. Clearly, there is money to be made from the digital collectibles, and the brand is not one to miss out on profits.
The collapse – According to Dune Analytics, about half of Nike’s NFT revenue was generated by primary sales, while the other half is from royalties. In total, Nike NFTs have generated $1 billion in revenue on the secondary market, of which the Swoosh took $93 million. The brand tops others such as Dolce & Gabbana, which generated total NFT-related revenue of $25.66 billion, according to Dune Analytics.
The Italian fashion brand made headlines in October 2021 with the Collezione Genesi, a nine-part collection of fashion NFTs and physical garments that sold for nearly $5.7 million. D&G has since expanded its NFT offerings, allowing it to generate $23.14 million of its total NFT revenue from primary sales revenue and $2.52 million in royalties.
Tiffany & Co. takes third place on the overall list, and has $12.62 million in total revenue from digital collectibles, a result thanks to the brand’s 250 NFTs offered and sold to CryptoPunk’s NFT holders for 30 ETH each. According to Dune data, Tiffany & Co. does not generate royalties for secondary sales, but secondary volume for the brand’s NFTs is worth $3.4 million based on 74 secondary transactions.
Gucci, the second highest ranked luxury brand on the list, takes the fourth spot on the list with $11.56 million in total NFT revenue. Adidas follows in fifth place with $10.95 million, a surprisingly low number considering the brand’s ongoing “Into The Metaverse” NFT project with Bored Ape Yacht Club. Other organizations with high NFT revenues include Budweiser, Time Magazineand the Australian Open.
A good start – So far, the revenue from NFTs looks more than promising, especially considering that last year was the first time most of these brands delved into the metaverse. As labels continue to wade into NFTs and succeed in creating communities within their respective realms, their total revenue will undoubtedly increase. After all, the digital projects don’t require the same production capacity or distribution needs as real products, which means they can turn out to be more lucrative in the end.
