Nike Generates $185 Million Revenue from NFT Sales

Nike, a major footwear brand, has generated approximately $185 million in NFT sales, making it the brand with the largest NFT revenue. According to Dune Analytics, Nike completed 67,000 sales transactions.

Dolce & Gabbana (D&G), Gucci, Tiffany, and Adidas round out the top five. One could reasonably conclude that fashion companies appear to have discovered a new way to make money.

Aside from $93 million in primary sales, Nike made an additional $1.3 billion in secondary sales. The company also earned $92 million in royalties.

What is immediately apparent is that total revenue appears to be unrelated to the number of NFT sales.

Adidas finished sixth with a total revenue of $10 million, despite having the second-highest number of transactions at roughly 51,400.

Some companies, such as D&G, made more money with fewer transactions. Tiffany made $12 million over 74 transactions, whereas D&G made $25 million from about 9840 transactions. Gucci also had roughly 4,000 transactions and generated about $11 million.

Meanwhile, there are hints that Nike’s success with NFT sales can be linked to the company’s acquisition of RTFKT studios. In December 2021, Nike purchased the company just two weeks after RTFKT debuted the CloneX line.

CloneX has generated the most revenue for Nike, bringing in nearly $39 million in licensing fees. RTFKT designed the majority of Nike’s NFT collections, including MNLTH, which brought in $24.22 million.

Despite remaining at the top of the list, Nike’s total transactions have decreased significantly since their peak in December 2021 and April 2022. This information is not surprising given the decline in sales of all NFTs.

With the bitcoin market downturn, the market fell from a peak of approximately 210,000 sales in August 2021. There were 19,000 transactions and $6 million in sales for the entire week.

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