The hype around non-fungible tokens (NFTs) has brought some world-famous brands additional revenue in the amount of hundreds of millions of dollars. This underlines how attractive digital collectibles are for the masses.
Leading brands such as Nike, Gucci, Dolce & Gabbana, Adidas and Tiffany have collectively generated $260 million in revenue from NFTs, according to data from Dune Analytics, as reported by NFTGators. Nike’s NFT drops have generated sales of $185.3 million. The volume on the secondary markets amounts to 1.3 billion US dollars.
Dolce & Gabbana has generated $25.6 million worth of NFT revenue. Tiffany just recently launched its NFTiff token, which allows CryptoPunk holders to mint individual followers. As a result, the company was able to achieve sales of $ 12.6 million. In total, Gucci and Adidas have generated $11.6 million and $10.9 million in NFT sales respectively.
Nike’s NFT-related projects have made over $185M in revenue, positioning it as the biggest earning brand from NFTs.@DuneAnalytics dashboard by @nlevine19. pic.twitter.com/UDD90kz8Af
– NFTgators (@NFTgators) August 22, 2022
NFTs have gained enormous popularity in 2021. Collections such as the Bored Ape Yacht Club and CryptoPunks have generated billions in sales. The hype around digital collectibles has ultimately also received attention from major brands. They have experimented with this technology in order to retain their customers even more. Although the NFT hype has subsided in recent months, the effects of the new technology are likely to be felt for a while. Companies like Nike and Addidas also want to expand into the metaverse to present their brands in the virtual world as well.
Investors and technologists are confident that the NFT market has a very bright future ahead of it. According to a recent survey by CoinGecko, respondents believe that the NFT market could reach a value of more than $ 800 billion in the next two years. More conventional estimates predict the global NFT market to be worth about $230 billion by the end of the decade.