Famous branks Nike, Gucci, and others made $260M off NFT sales
According to statistics from Dune Analytics, which was initially published by NFTGators, well-known brands including Nike, Gucci, Dolce & Gabbana, Adidas, and Tiffany have generated a total of $260 million in sales from NFTs, as reported by Cointelegraph.
Nike’s NFT releases have generated $185.3 million in revenue, and secondary market quantities are close to $1.3 billion, Cointelegraph noted.
Dolce & Gabbana has produced NFT revenue totaling $25.6 million. Tiffany has generated $12.6 million in NFT-related sales since launching the NFTiff token, which enables CryptoPunk holders to create unique necklaces. Gucci made $11.6 million and Adidas made $10.9 million in total through NFT.
NFTs became widely popular in 2021, with collections like the Bored Ape Yacht Club and CryptoPunks generating lifetime sales in the billions. Major brands eventually became interested in the hoopla surrounding digital collectibles and started experimenting with the technology to improve their consumer relationships.
Even though the NFT mania has subsided recently, the impact of the new technology is anticipated to last. Companies like Nike and Addidas intend to expand the reach of their brands into virtual worlds by pursuing their NFT objectives in the Metaverse.
In a recent study conducted by market aggregator CoinGecko, respondents predicted that within the next two years, the NFT industry might be worth more than $800 billion. By the end of the decade, more traditional studies estimated that the worldwide NFT business will be worth about $230 billion.
(With insights from Cointelegraph)