Many renowned brands have made strategies to enter the world of Web3 since 2021. However, top shoemaker Nike 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 has collected a whopping $185 million in revenue to date.
Nike NFTs See More Profit Than Gucci, Tiffany, and Adidas Combined
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. Unsurprisingly, the Nike NFT sneaker designed by the artist was sold for $134,000.
Furthermore, Dolce & Gabbana takes second place in the NFT revenue chart. However, Dolce & Gabbana is a pale second when compared to Nike’s 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.
On the other hand, Tiffany, Gucci, and Adidas all have double-digit figures at $12 million, $11 million, and $10 million, respectively. All together, the top five brands that have entered Web3 only make up one-third of the revenue generated by Nike NFTs. However, Tiffany NFTs are relatively new, so getting the bronze medal so early in the process seems promising, as the $12,622,377 profit was made in just 74 transactions.
On the Flipside
- 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 NFTs. 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, and its journey into Web3