Nike NFT Revenue Soars Despite Crypto Winter

Despite non-fungible tokens (NFT) Q2 trading volume plummeting by 40% as interest in NFTs begins to fade, global sports brand Nike has profited from the digital tokens in the midst of a crypto market winter.

Nike’s NFT-related projects have generated over $185 million in revenue since their inception, putting the corporation as the highest-earning brand from NFTs, according to data released by Noah Levine on August 22 using Dune data.

When performing a performance analysis of significant brand’ NFT initiatives on the Ethereum (ETH) blockchain, Dolce & Gabbana, Tiffany, Gucci, and Adidas round out the top five brands in total NFT revenue.

Despite the revenue, Nike NFT prices have dropped since peaking in February and April 2022; the market index is $23,986 as of August 22.

The initial development of this NFT cycle was aided in part by a combination of branding and marketing initiatives. These ventures included collaborations such as Adidas with BAYC and Nike’s acquisition of RTFKT, as well as celebrity purchases and appearances in music videos.

However, because the rate of promotion has decreased dramatically, the current status of NFTs appears to be stable. In March, NFT trading volume on the world’s largest marketplace, OpenSea, had decreased by more than 70%.

Despite the fact that 2021 was a strong year for NFTs, natural curiosity has subsided, and crypto consumers appear to be less interested in this new technology than they were a year ago.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News