Many top renowned brands have made strategies to enter the world of Web3 since 2021. However, the top shoemaker, Nike (NYSE:NKE) seems to be doing it with ease. After acquiring a Web3 company, Nike went on to release their inaugural NFT collection, the Cryptokicks, this April. As a matter of fact, the company collected a whopping $185 million in revenue up to date.
JUST IN: Nike has generated a total of $185 million in revenue from #NFT sales.Nike NFTs Sees More Profit Than Gucci, Tiffany & Adidas (OTC:ADDYY) Combined— Watcher.Guru (@WatcherGuru) August 23, 2022
The American athletic footwear company definitely knows how to run to the money. The first ever NFT collection by Nike contains 20,000 non-fungible tokens (NFTs). One of the most critically acclaimed contemporary artists, Takashi Murakami, contributed to the cause. With no surprise, the Nike NFT sneaker designed by the artist was sold for $134,000.
Nike's NFT-related projects have made over $185M in revenue, positioning it as the biggest earning brand from NFTs.@DuneAnalytics dashboard by @nlevine19. pic.twitter.com/UDD90kz8AfFurthermore, Dolce & Gabbana takes second place in the NFT revenue chart. However, Dolce & Gabbana can only wipe their teary eyes when compared to Nike NFTs, as the fashion powerhouse of D&G only scored a $25 million profit – more than 7 times less than Nike. On top of that, D&G made profits with under 10K transactions, while Nike can be proud of 67K of NFT-related transactions.— NFTgators (@NFTgators) August 22, 2022
On the other hand, Tiffany, Gucci, and Adidas all have double-digit figures, with $12 million, $11 million, and $10 million, respectively. If combined all together, the top 5 brands with an entrance to Web3 only make up one-third of the revenue generated by Nike NFTs. However, Tiffany NFTs are relatively new, and grabbing a chair for the bronze medal so early in the process seems promising, as the $12,622,377 profit was made in just 74 transactions.
#Tiffany & Co. launched and quickly sold out a limited collection of 250 custom jewel-encrusted pendants for #CryptoPunks holders, a popular early #NFTCollection #NFT #NFTCommunity #nftnews pic.twitter.com/QKIeLsR8TAOn the Flipside— SiriusNFT (@SiriusNFT1) August 17, 2022
- BendDAO NFT lending protocol drained overnight, exposing over 200 Bored Apes NFTs to auction sell-off
Why You Should Care
As the NFT market is plummeting, the plot thickens with the race between the most established brands. Strong newcomers are appreciated in the NFT market, as illustrated in the case of Pudgy Penguins NFT. In contrast, the top NFT collection of all time, Bored Apes Yacht Club, is facing the music with BendDAO liquidating over 200 of the fairly expensive digital primates.
Learn more about Nike’s arch nemesis, Adidas journey into Web3