As per the latest reports, global footwear giant Nike (NYSE: NKE) has made a staggering $185 million so far from the sale of its non-fungible tokens (NFTs). Non-fungible tokens have proved to be an exciting revenue channel for such brands and consumer-centric businesses.
Citing a major boom in the NFT market last year, some of the top brands were quick to venture into this sector. These brands also see NFTs are a big opportunity to connect with their customers on a deeper level. Furthermore, the blockchain-based NFTs serve as a good tool for these brands to avoid duplicity in the market.
Along with Nike, there are other popular brands like Dolce & Gabbana (D&G), Gucci, Tiffany, and Adidas which have been seeing a new revenue stream with the sale of their NFTs. However, Nike seems to be topping the charts among all of them.
Along with NFTs, Nike is also taking some other bold measures. The company is blending virtual experiences with its iconic branding rights to fuel its NFT sales. Additionally, it has also accelerated its Web3 strategy with the acquisition of NFT startup RFTKT last year in December 2021.
Nike’s NFT Sales By Numbers
As per data from Dune Analytics, Nike has amassed $1.3 billion worth of total transaction volume by secondary trading of its NFTs. It has generated $93 million from primary sales of NFTs while generating another $92 million in the form of royalties.
