- The corporation is combining virtual experiences with its renowned trademark rights.
- With the purchase of NFT company RFTKT in December 2021.
New projections show Nike’s (NYSE: NKE) total earnings from the sale of its non-fungible tokens (NFTs) at an astounding $185 million. Non-fungible tokens have emerged as a promising new income stream for consumer-focused firms and organizations.
Some of the most well-known companies have recently entered the NFT industry, citing the sector’s explosive growth over the last year. Similarly, many companies see NFTs as a significant chance to forge meaningful relationships with their target audiences.
Entering the Stage Early
Additionally, NFTs based on the blockchain are a useful tool for these companies to combat counterfeiting in the marketplace. Aside from Nike, other well-known companies have also benefited from the sale of NFTs, including D&G, Gucci, Tiffany & Co., and Adidas. Nike, on the other hand, consistently ranks higher than the others.
Nike is also making some other significant moves with NFTs. In order to boost sales of its NFTs, the corporation is combining virtual experiences with its renowned trademark rights. With the purchase of NFT company RFTKT in December 2021, it has also expedited its Web3 plan.
Dune Analytics reports that secondary trading of Nike NFTs has generated $1.3 billion in total transaction volume. It has earned $92 million altogether from royalties and main sales of NFTs. One of the most successful Nike collections, CloneX brings approximately $40 million annually in royalties. At $25 million in sales, NFT’s MNLTH collection celebrating Nike’s sneaker line came in second.
In April of 2022, Nike NFT transactions were worth a record 12,776 ETH. However, the value of NFT transactions fell to 6,362 ETH as a result of the market correction in Q2 2022.
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