Nike Becomes Highest Earning Brand by Making $185+ Million in NFT Sales
- Nike had $1.3 billion in transaction volume with $93 million from primary sales of NFTs while generating $92 million in royalties.
- Last year, Nike bought virtual sneaker maker RTKFT to increase its involvement in the Web3 and metaverse space.
Many businesses worldwide continue to lead the Non-Fungible Token/NFT wave despite the market for NFT flatlining and spiraling downward this year. Per the latest NFT Brands Case Study Overview by analytics firm Dune, Nike is the biggest earning brand for NFT sales generating over $185 million in revenue.
Nike had $1.3 billion in transaction volume with $93 million from primary sales of NFTs while generating $92 million in royalties. Dole and Gabbana come in second place next to Nike, generating over $25 Million in NFT-related projects.
Tiffany and Adidas enjoy 3rd and 4th place with $12.62 Million and $1094 Million in revenue, respectively. Adidas was placed fifth in total revenue, generating over $10 Million. Adidas also had the second most amount of transactions at over 51,000.
Despite the impressive revenue, Nike NFT prices have fallen since peaking in February and April 2022. Nike’s branding and collaborative efforts have helped the company achieve this feat. In December 2021, Nike bought virtual sneaker maker RTKFT to increase its involvement in the Web3 and metaverse space.
NFTs have had an unimpressive run this year. Data from top NFT marketplaces reveal that trading volumes have fallen recently.
According to Dune data, OpenSea- the world’s largest NFT marketplace trading volume- peaked at approximately $5.8 billion in January. However, trading on the platform has significantly reduced throughout the first two quarters of the year, sliding to $3.1 billion in May.
June witnessed the most significant drop in the exchange’s history compared to earlier months as trading volumes declined 74% to $826 million.
With Multinational apparel brands like Nike and Addidas looking to expand the reach of their brands into virtual worlds by pursuing their NFT objectives in the Metaverse, NFTs might likely make a come back soon.
According to a recent study by CoinGecko, respondents predicted that the NFT industry might be over $800 billion within the next two years.