Nike makes $185 million via NFT sales: Leaves Adidas, Gucci behind

Lavina Daryanani

Nike is one of the few mainstream companies that has hit the nail on the head in the NFT market. Last year, the American MNC was in the news for acquiring a company that made NFTs and sneakers for the metaverse. Then, in April this year, Nike released its first collection of virtual sneakers, Cryptokicks. The collection comprised 20,000 NFTs, including one the artist Takashi Murakami designed. The same was purchased for a whopping $134,000.

Per the latest numbers, Nike has generated $185 million in revenue via NFT sales, and it has been able to do so by fostering a total of 67.2k transactions.

Nike leads the way

Besides Nike, many other mainstream companies and luxury brands have climbed the NFT bandwagon. Compared to Nike, however, they stand miles behind. Dolce and Gabbana, for instance, has only managed to earn $25.6 million via NFT sales, while Gucci has made only $11.5 million to date.

Nike’s direct competitor, Adidas, occupied the fifth spot and posed a revenue figure of $10.9 million. Adidas NFT-related transactions, however, only stood at 1.4k. Other brands like Lacoste and Budweiser managed to feature in the top 10.

It ‘just do(es) it’

In April, Nike settled the most number of NFT transactions [12.7k]. Before that, it had paid the most transactions last December [11.3k]. The momentum was suctioned out to a fair extent in May and June. However, it rebounded back in July. The end of August numbers is, however, awaited.

Source: Dune Analytics

Despite the number of transactions remaining reasonably high, it is worth noting that the volume has been deflating over the past few months. When compared to April’s $293 million, July’s number stood at merely $14.4 million. The monthly royalties followed a similar trajectory and reflected a value of $1.03 million in July compared to April’s $24.5 million.

The aggregate volume and royalty figures [$1.2 billion, $92 million], however, remain to be unmatched by other peers of Nike, making it the torch-bearer.

Source: Dune Analytics