How Big Fashion Brands Raised $260 Million from NFT?
Despite the downturn in the market, it seems that NFTs still give the iconic fashion houses a certain appeal to customers and generate hundreds of millions of dollars in revenue.
NFT collections from major brands that have helped increase their consumer engagement include art, fashion and games.
NFT has enabled some of the world’s most iconic brands to add hundreds of millions of dollars in revenue, underscoring the mass consumer appeal of digital collections.
Top brands including Nike, Gucci, Dolce & Gabbana, Adidas, and Tiffany have amassed a combined $260 million in revenue from NFTs, according to data from Dune Analytics first reported by NFTGators. Nike’s NFT drop brought in $185.3 million in revenue, with volumes in secondary markets approaching $1.3 billion.
Dolce & Gabbana generated $25.6 million in NFT revenue. Tiffany, which only recently launched the NFTiff token that allows CryptoPunk holders to mint custom pendants, has amassed $12.6 million in NFT-related sales. The combined NFT sales of Gucci and Adidas were $11.6 million and $10.9 million, respectively.
NFT becomes mainstream in 2021, with collections like Bored Ape and CryptoPunks generating billions in lifetime sales. The hype surrounding digital collections has finally caught the attention of major brands, which have begun experimenting with technology to better connect with their customers.
Although the NFT craze has died down in recent months, the impact of the new technology is expected to leave a lasting mark. Companies like Nike and Addidas plan to bring their NFT ambitions to the Metaverse — moves designed to expand the popularity of their brands into the virtual world.
While estimates vary, investors and technologists believe that the NFT market has a very bright future. According to a recent survey by market aggregator CoinGecko, respondents believe the NFT market could be worth more than $800 billion in the next two years. More conventional studies put the value of the global NFT market at around $230 billion by the end of the decade.
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