Nike earns $185.32M in revenue from NFT sales

Nike earns $185.32M in revenue from NFT sales

Nike, a global sports brand, makes history by becoming the best-selling NFT brand of 2022. According to Dune Analytics data, Nike recorded $185.32M worth of revenue from its NFT sales.

Nike surpassed sales from Dolce & Gabbana, Tiffany, Gucci, Adidas, and Budweiser, making it rank #1 among the NFT brands. The sports brand recorded 67.50k in secondary transactions as well.

This huge figure shows that non-NFT brands now have a chance to make their revenue via NFT sales. For the past year, many brands have been trying to expand their business in Web3.

Although Nike is already a leading sports brand for physical merch, now it is leading in the NFT space too. The reason is since the brand has a reputation, the investors were also ready to invest.

Nike also acquired RTFKT, a leading virtual creator organization, to release virtual Nike shows for metaverse avatars. It had both utilities and worth, which motivated collectors to buy.

Nike’s approach seems to target metaverse avatars, so all the digital items released will be usable in the future.

Compared to Nike, its competitor, Adidas, recorded $10 million in revenue from the NFT sales, ranking fifth among the brands. Dolce & Gabbana ranks 2nd recording $25.65M, while Tiffany earned $12.62M.

Seeing the huge revenue recorded by Nike, the sports brand will try to introduce more NFT-related activities in the future. Furthermore, other brands will also push more in expanding business in Web3.

As of now, Nike has released Nike x RTFKT CryptoKicks, RTFKT x Nike AR Hoodie, and many more.

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