Despite a 40% decline in Q2 trading volume for non-fungible tokens (NFTs) as interest in the tokens begins to fade, global sportswear company Nike has found itself making gains off the tokens despite the bearish Crypto market
According to data published by Noah Levine on August 22 utilizing Dune, Nike's NFT-related projects, in particular, have generated the firm over $185 million in revenue since their introduction, making it the largest earning brand from NFTs.
Nike joins other luxury brands in Metaverse
In terms of overall NFT revenue, Dolce & Gabbana, Tiffany, Gucci, and Adidas are the top five brands on the Ethereum blockchain. The thorough dashboard highlights how profitable NFT have become for the top sport brand in the world.
Despite the revenue, it's also important to note that Nike NFT prices have decreased since they peaked in February and April 2022. As of August 24, the market index is $17.8K.
This NFT cycle's initial growth was aided in part by a combination of branding and marketing initiatives. These projects featured collaborations like Adidas with BAYC and Nike's purchase of RTFKT, along with celebrity purchases and appearances in music videos.
However, The current situation of NFTs appears to remain mostly unchanged, though, as the rate of promotions has drastically decreased.