With the crypto winter, NFT trading volume dropped by 40% in the second quarter. In fact, there has recently been a decline in interest in this type of asset. Still, world famous brands such as Nike and Adidas have achieved significant turnover in the sector.
Nike sold a huge amount of NFTs despite the crypto winter
According a tweet from Blockworks on August 22, Nike NFT revenue on the Ethereum (ETH) blockchain is $185 million. Meanwhile, Adidas records $10.9 million in NFT sales. The top 5 brands by total NFT revenue are made up of Nike, Dolce & Gabbana, Tiffany, Gucci and Adidas.
Since their launch, Nike’s NFT projects have been on the rise. The major sports brand has been able to take advantage of digital tokens despite the bear market. She quickly became the brand that earns the most thanks to NFTs. However, Nike NFT prices have been falling for some time, having exploded in February and April 2022. The market index was $23,986 on August 22.
It must be said that non-fungible tokens were very lucrative in the beginning thanks to the many efforts made by brands. Indeed, they have implemented various marketing strategies. For example, Nike acquired RTFKT, and Adidas signed a partnership with BAYC. Moreover, celebrities had bought a lot of NFTs. And as you might expect, there have been appearances of these tokens in music videos.
The NFT market has slowed down a lot in recent months. In this context, the volume of transactions on OpenSea, for example, fell by at least 70% in March. Despite everything, big brands like Nike, Dolce & Gabbana, Tiffany, Gucci and Adidas continue to do well.
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