While Non-fungible Tokens (NFTs) may have lost some of their luster this year, they’ve still helped multiple fashion and athletic brands rake in millions. In a set of data compiled by Dune Analytics, Nike topped the list with sales-to-date of $185.4 million. In addition to its own considerable clout, Nike received a big boost of credibility in the space when it bought well-regarded NFT platform RTFKT Studios in December 2021 for an undisclosed amount. (Note: Total sales includes RTFKT CloneX sales and royalties pre-acquisition.)
Among the top five brands with the highest revenue figures, Nike is followed by Dolce & Gabbana, Tiffany & Co. (which recently released a CryptoPunks-associated pendant), Gucci and Adidas with total revenue of total of $25.6 million, $12.6 million, $11.6 million and $10.9 million respectively.
As much a money play as a marketing effort, NFTs are viewed by brands as a way to make a connection with younger demographics who have shown a greater propensity toward virtual spaces, whether through their interests in art, gaming or real-life merchandise.
That said, the money brands have minted to date is not likely to grow as fast in 2022, a year in which NFT sales have dipped noticeably compared with last year. According to Non-Fungable, NFT sales in 2021 hit a peak on August 27th when sales for the day hit nearly $430 million, a huge compared with August 25th this year when sales registered just $20.7 million.