Nike NFT hits $185 million amid crypto winter
Despite non-fungible tokens(NFT) Q2 trading volume falling by 40% as interest in NFTs begins to fade, Nike has profited from the digital tokens despite the crypto market winter.
Since its introduction, Nike’s NFT-related initiatives have generated over $185 million in revenue, making it the highest-earning brand from NFTs, according to statistics released by Noah Levine on August 22 using Dune.
When analyzing the success of significant brand NFT initiatives on the Ethereum (ETH) blockchain, Dolce & Gabbana, Tiffany, and Gucci round out the top five brands in terms of overall NFT income.
The full dashboard on the IRL Brand NFT environment illustrates how valuable NFTs have grown for some of the top brands in the world.
Despite the income, Nike NFT prices have declined from their February and April 2022 peaks; as of August 22, 2022, the market index is $23,986.
The initial growth of this NFT cycle was contributed in part by a combination of branding and marketing initiatives. These endeavours included Adidas’ relationship with BAYC and Nike’s acquisition of RTFKT, as well as celebrity purchases and music video appearances.
However, although the pace of promotions has drastically decreased, the present situation of NFTs seems to be basically unaltered. In March, Finbold revealed that the amount of NFT trading on the world’s biggest marketplace, OpenSea, decreased by nearly 70%.
In contrast, according to the results of a fresh survey shared with Finbold and published by DEXterlab on July 21, over 30% of crypto users said they “would never purchase” an NFT.
Even if 2021 was a successful year for NFTs, crypto consumers do not seem to be as enthusiastic about this new technology as they were a year ago.