Nike NFT revenue surpasses $185 million despite crypto winter
Despite non-fungible tokens(NFT) Q2 trading volume dropping by 40% as interest in NFTs starts to wane, global sports brand Nike (NYSE: NKE) has found itself profiting from the digital tokens amid a crypto market winter. In particular, since launching, Nike’s NFT-related projects have made the company over $185 million in revenue.
Dolce & Gabbana, Tiffany, Gucci, and Adidas round out the top five brands in total NFT revenue when carrying out the performance analysis of large brand’ NFT projects on the Ethereum (ETH) blockchain. The initial build-up of this NFT cycle was brought in part by a mix of branding and marketing efforts. These endeavours included partnerships like Adidas with BAYC and Nike’s acquisition of RTFKT, as well as purchases made by celebrities and appearances in music videos.
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