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Fashion brands have pursued the non-fungible token (NFT) hype over the past year. Nike, a leading athletic apparel company, has been at the forefront in venturing into the NFT space, and its sales in these assets have surpassed most of the icon brands.
Nike leads the chart in NFT sales
The latest data on the fashion brands pursuing NFT sales shows that top brands like Adidas, Dolci & Gabbana, Gucci, and Tiffany are all making good progress in the field. However, Nike seems to be at the top of the chart, having made more NFT sales than any other fashion brand.
The data shared by Noah Levine, a researcher with Dune Analytics, said that these fashion businesses were leading the NFT hype. Nike’s NFT business has generated more than $185 million in revenues and has become one of the largest earning brands in the fashion business.
Nike’s NFT volumes have recorded $1.3 billion in transaction volumes, with $93 million coming from the direct sales of NFTs. At the same time, the company has generated $92 million in the form of royalties.
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One of Nike’s top NFT collections is CloneX. The collection boasts the highest royalty fees, generating more than $39 million. The other popular collection is the Nike Sneakers-themed NFT collection, MNLTH, which has reported $24.22 million.
The other top Nike NFT collections include Mint Vial, CryptoKick, MNLTH2, and RTFKT Bonus Items. These collections have generated around $1 million in royalty fees and have continued attracting interest across the sector.
One of the strategic moves that Nike has made to cement its position in the NFT sector is the acquisition of RTFKT, an NFT company, in December last year. The acquisition was part of the strategy taken by Nike to venture towards the metaverse sector and leverage its offerings.
Other fashion brands pursue NFT sales
The other fashion brands are also following suit and reporting impressive numbers in their NFT business. Dolce & Gabbana reported $25.65 million in NFT revenues, Tiffany $12.62 million, and Adidas reported $10.94 million.
D&G is also doing well, having recorded over 9000 transactions. It was followed by Gucci with 4000 transactions. On the other hand, Tiffany reported only 74 trades. While Adidas was fifth in total revenues, it had transactions amounting to more than 51,000.
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