Nike Collects $185M in NFT, Surpasses Gucci and Adidas
Nike is among the handful of mainstream firms that have left others behind in the market of non-fungible tokens (NFTs). In the recent year, the American MNC hit the news headlines for its acquisition of a venue that manufactured sneakers and NFTs for the world of the Metaverse. After that, in April 2022, Cryptokicks – the initial series of virtual sneakers – was introduced by Nike.
Nike Drives the NFT Bandwagon with Gucci, Adidas, and Others Following It
The respective collection took into account up to 20,000 NFTs, among which one was designed on the behalf of Takashi Murakami (an NFT artist) and was bought in return for an enormous sum of $134,000. In line with the latest statistics, a cumulative $185M worth has been earned by Nike in its NFT proceeds. Due to this, it has reached a position where nearly 67.2k transfers have been carried out through it.
Apart from Nike, several other firms and luxury brands that have also become a part of the NFT sector. In comparison with Nike, nonetheless, they are far behind. For instance, Dolce and Gabbana have just got an earning of $25.6M through NFT sales, whereas Gucci’s NFT endeavors have only helped it gather $11.5M up till now. In parallel to this, Adidas – known as a straight competitor of Nike – has taken the 5th position in this respect and managed revenue of approximately $10.9M.
Nike Becomes the Torch-Bearer in NFT Proceeds
Budweiser and Lacoste are the brands which have been successful in occupying a place among the top 10. In recent April, the majority of the transfers (of up to $12.7k) by Nike have been settled by Nike. Earlier, a large number of NFT transfers (of up to $11.3k) had been recompensed by it in the previous December. It witnessed mounting pressure during May as well as June but it recovered in July.
The NFT transfers are still rising to a great extent, however, the overall volume has been seeing deflation. In parallel to the $293M of April, July stood on just $14.4M. However, the average royalty figures and volume ($92M, $1.2B), remained unparalleled among Nike’s peers, turning it into a frontrunner.
