Fashion brands have been quick to capitalize on NFTs as the digital collectibles become more lucrative, and their investments are paying off. Nike, Dolce & Gabbana, and Tiffany & Co. are among the top companies bringing in the most revenue from NFTs. The former, thanks to its acquisition of RTFKT, leads the way with a whopping $185.3 million in revenue from its NFT collections.
Nike first entered the metaverse with its launch of “Nikeland,” a virtual world made in partnership with Roblox. It wasn’t until it acquired RTFKT that the brand began pumping out its own NFTs — although Nike did defend its digital likeness when StockX offered NFT versions of the Swoosh’s sneakers. Clearly, there’s money to be made from the digital collectibles, and the brand isn’t one to miss out on profits.
The breakdown — According to Dune Analytics, roughly half of Nike’s NFT revenue was generated by primary sales while the other half is from royalties. In total, Nike NFTs have generated $1 billion in revenue on the secondary market, of which the Swoosh took $93 million. The brand tops others like Dolce & Gabbana, which brought in a total NFT-related revenue of $25.66 billion, according to Dune Analytics.
The Italian fashion label made headlines in October 2021 with its Collezione Genesi, a nine-piece collection of fashion NFTs and physical garments that sold for almost $5.7 million. D&G has since expanded its NFT offerings, enabling it to generate $23.14 million of its total NFT revenue from primary sales revenue and $2.52 million in royalties.
Taking third place on the overall list, Tiffany & Co. boasts $12.62 million in total revenue from digital collectibles, a result courtesy of the brand’s 250 NFTs offered up and sold to CryptoPunks NFT holders for 30 ETH each. According to Dune data, Tiffany & Co. does not generate royalties for secondary sales, but the secondary volume for the brand’s NFTs is worth $3.4 million based on 74 secondary transactions.
Gucci, the second highest-ranking luxury brand on the list, claims the fourth spot on the list with $11.56 million in total NFT revenue. Adidas follows in the fifth spot with $10.95 million, a surprisingly low number considering the brand’s ongoing “Into The Metaverse” NFT project with Bored Ape Yacht Club. Other organizations flaunting high NFT revenue include Budweiser, Time Magazine, and the Australian Open.
A good start — So far, the revenue made from NFTs looks more than promising, especially considering last year was the first time most of these brands delved into the metaverse. As labels continue to wade into NFTs and successfully create communities within their respective realms, their total revenue will undoubtedly increase. After all, the digital projects don’t call for the same production capacity or distribution needs as real-life products, meaning they may prove more lucrative in the end.