Nike just did it with a record $185 million in NFT sales – Swoosh!
As Nike would say – just do it – and it did. The athletic brand takes it up a notch with millions of dollars in NFT sales.
Despite non-fungible tokens trading volume falling 40% in the second quarter as interest in NFTs begins to wane, Nike has set a record by becoming the world’s top-grossing brand through the sale of digital goods.
According to statistics from Dunn Analytics, Nike dominated the list of top-grossing brands from NFTs, with revenue of $185 million.
Dolce & Gabbana, Tiffany, Gucci and Adidas make up the top five brands in total NFT sales on the Ethereum blockchain, based on the performance analysis of major brand NFT initiatives.
With a brand value of around $14.4 billion, Adidas is the largest sportswear manufacturer in Europe and the second largest in the world, just behind Nike.
In response to the explosive growth of the NFT market in the previous year, a number of the industry’s leading brands have rushed to enter this space.
The iconic 'Swoosh' logo. Image: UX Planet.
Nike gets a kick out of impressive NFT sales
These brands see NFTs as a great potential to develop a closer connection with their customers. Moreover, the blockchain-based NFTs are a useful tool for these businesses to prevent market replication.
Nike introduced its first collection of virtual sneakers, Cryptokicks, in April this year. The collection included 20,000 NFTs, one of which was designed by Takashi Murakami. The item was purchased for a staggering $134,000
Data from Non-Fungible.com indicates that NFT sales have declined over the past 12 months, with the exception of a single increase on May 1 this year. Nike’s success comes despite this trend.
On August 27 of last year, the number of daily sales peaked at nearly 210,000, while daily sales peaked at around $430 million two days later.
Can Nike Pump Up a Lackadaisical NFT Market?
Interestingly, despite Nike’s strong NFT sales numbers, the sports brand’s NFT prices have been falling since February and April of this year, when they peaked. As of August 22, the market index is $23,987.
The brand whose name was derived from the Greek goddess of triumph is known for its instantly identifiable “Swoosh” emblem and the “Just Do It” tagline.
Nike, Inc. owns a number of brands, including Nike, Converse and Jordan, and is headquartered in Beaverton, Oregon, USA.
Nike is the most valuable clothing brand, with a brand equity of $30 billion. According to Statista.com, the company has a very solid financial history, raking in more than $46 billion in revenue during its most recent fiscal year.
Meanwhile, even though 2021 was a successful year for NFTs, crypto users don’t seem to be as enthusiastic about this new trend as they were a year ago.
Crypto total market cap at $998 billion on the daily chart | Source: TradingView.com Featured image from Marketing Interactive, chart from TradingView.com
