Friday, October 7, 2022

NFT sales report: Top brands rake in hundreds of millions of dollars

Top brands like Adidas, Gucci, Nike, Tiffany, and others have made no less than a combined $260 million from non-fungible token (NFT) sales, per Dune Analytics data. This goes to show that, while the digital collectibles are in high demand, the brands are also leveraging on the consumer interests and making impressive amounts in the process.

The high demand is understandable, however. With NFTs, most of the top brands have been able to interact more with their customers, offering them exclusive rights like never before.  

Luxurious brands make $260 million from NFT sales

Highlighting the mass consumer appeal that NFT has, NFTGators reported that Dolce & Gabbana, Gucci, Nike, Tiffany, and Adidas have made a combined $260 million. But Nike is the leading brand, having made over $185 million from its NFT drops. In fact, its sales volume in secondary markets is now nearing $1.3 billion.

Nike is followed by Dolce & Gabbana, which has also made $25.6 million from NFT sales. Tiffany has raked in about $12.6 million so far. Recall that the brand recently launched the NFTiff token which allows CryptoPunk holders to mint custom-made pendants. Gucci has also made $11.6 million and is closely followed on the list by Adidas with $10.9 million in revenue. 

The NFT buzz

NFTs came into the limelight in 2021. And within this short timeframe, the most valuable collections – the Bored Ape Yacht Club and CryptoPunks, have made billions in all-time sales. The hype surrounding NFTs was so widespread that top brands began adopting the technology. From luxurious brands to sports clubs and entire sports leagues. NFTs offer a new way for brands to better connect with their customers.

Although recently, the NFT craze appears to have dwindled, it happened alongside a general market downturn. And going by a recent CoinGecko survey, the NFT market could potentially be worth more than $800 billion in the next two years.

Without a doubt, NFTs are here to stay. Especially considering that companies such as Nike and Adidas already have plans to take their NFT ambitions into the Metaverse.

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