The hype surrounding NFTs has enabled some of the world’s most iconic brands to reap hundreds of millions of dollars in additional revenue, underscoring the consumer appeal of digital collectibles.
Leading brands like Nike, Gucci, Dolce & Gabbana, Adidas and Tiffany have amassed a combined $260 million worth of sales thanks to NFTs, according to Dune Analytics data first reported by NFTGators. Nike NFTs have amassed $185.3 million in revenue, with secondary market volumes approaching $1.3 billion.
Dolce & Gabbana has generated $25.6 million in NFT revenue. Tiffany, which just launched its NFT token that allows CryptoPunk holders to mint personalized pendants, has racked up $12.6 million in NFT-related sales. Total NFT revenues for Gucci and Adidas were $11.6 million and $10.9 million, respectively.
Nike’s NFT-related projects have made over $185M in revenue, positioning it as the biggest earning brand from NFTs.@DuneAnalytics dashboard by @nlevine19. pic.twitter.com/UDD90kz8Af
— NFTgators (@NFTgators) August 22, 2022
NFTs burst onto the world in 2021, with collections like Bored Ape Yacht Club Y CryptoPunks that generated billions in lifetime sales. The hype around digital collectibles ended up attracting the attention of big brands, who began experimenting with technology to better connect with their customers. Although the NFT craze has died down in recent months, the impact of the new technology is expected to leave a lasting mark. Companies like Nike and Addidas plan to take their NFT ambitions into the metaverse, in order to extend the ubiquity of their brands into virtual worlds.
Although estimates vary, investors and technologists believe that the NFT market has a very bright future. According to a recent survey by market aggregator CoinGecko, respondents believe the NFT market could be worth more than $800 billion in the next two years. More conventional studies put the value of the global NFT market at around $230 billion by the end of the decade.
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