Nike earns $185 Million from NFT Sales

World’s renowned footwear company Nike (NYSE: NKE) has earned a whopping $185 million from the sale of its non-fungible tokens (NFTs) according to recent reports.
Nike earns $185 Million from NFT Sales
Nike earns $185 Million from NFT Sales

Some of the top companies were fast to enter this industry, citing a significant rise in the NFT market the previous year.

Along with Nike, other well-known brands including Dolce & Gabbana (D&G), Tiffany, Gucci, and Adidas have been experiencing a new source of income from the selling of their NFTs. But out of all of them, Nike looks to be dominating the charts.

These companies regard NFTs as having a significant potential to develop stronger relationships with their consumers. Additionally, blockchain-based NFTs are a useful tool for these businesses to prevent market duplication.

Nike is also making some other audacious moves in addition to NFTs. To boost its NFT sales, the corporation is fusing virtual experiences with its legendary branding rights. Additionally, by purchasing NFT startup RFTKT last year in December 2021, it also advanced its Web3 plan.

Nike’s NFT Sales Stats.

Nike has generated a total transaction volume of $1.3 billion from the secondary trading of its NFTs, according to data from Dune Analytics. In addition to earning $92 million in royalties, it has made $93 million from the primary sales of NFTs.

One of Nike’s best-selling collections, CloneX, brought approximately $40 million in royalties. The Nike Sneakers-themed NFT collection MNLTH, which brought around $25 million, came in second place.

Mint Vial, Skin Vail, CryptoKick, and other Nike NFT collections all generate at least $1 million in royalties each year.

It demonstrates how beneficial it was for Nike to acquire RTFKT, the firm behind the CloneX NFT line. The majority of Nike’s NFT collections, including MNLTH, MNLTH2, and Mint Vial, were created by this NFT company.

In April 2022, Nike’s NFT transaction value peaked at 12,776 ETH. The NFT transaction value, which fell to 6,362 ETH as a result of the current market downturn in Q2 2022, was however affected.