To quote Nike, “just do it,” so it did. With NFT sales in the millions, the sports company raises the bar.
Even though interest in non-fungible tokens (NFTs) started to drop by 40% in the second quarter, Nike still broke a record by being the brand that made the most money from selling digital commodities.
Dunn Analytics says that Nike is by far and away the most successful brand in NFTs, with $185 million in sales.
Dolce & Gabbana, Tiffany, Gucci, and Adidas are the top five brands in terms of total NFT sales on the Ethereum blockchain, according to large-brand NFT projects.
With a brand value of $14.4 billion, Adidas is the largest sportswear company in Europe and the second-largest company in the world, after Nike.
Many of the most well-known companies in this field have recently rushed into the NFT business, which has grown very quickly in the last year.
Nike is very happy with how well the NFT has done
These companies see NFTs as a big chance to get closer to their customers and build stronger relationships with them. Also, these companies can stop market duplication with the help of blockchain-based NFTs.
Nike’s first digital shoe line, Cryptokicks, came out in April of this year. Takashi Murakami made one of the 20,000 NFTs that are in the collection. The item cost a whopping $134,000.
Non-Fungible.com has collected data that shows that NFT sales have gone down over the past year, except for a one-day spike on May 1. Nike has done well because it goes against this trend. Last year, on August 27, there were about 210,000 transactions, which was the day with the most sales. Two days later, on August 29, there were about $430 million worth of sales.
Could Nike’s makeover wake up the slow-moving NFT industry?
Even though Nike sells a lot of NFT, the prices of NFT have been going down since February and April of this year, when they were at their highest. As of August 22, the value of the market index is $23,987.
The company’s name comes from the Greek goddess of victory. Its “Swoosh” logo and the slogan “Just Do It” are known all over the world.
Nike, Inc. is based in Beaverton, Oregon, and owns a number of different brands, including Nike, Converse, and Jordan. With a brand value of $30 billion, Nike easily beats all other clothing brands. Statista.com says that the company has a strong financial history. In its most recent fiscal year, it made more than $46 billion in sales. Even though 2021 was a great year for NFTs, crypto users don’t seem as excited about this new trend as they were a year ago.