Fashion brands earn over US $ 245 million in NFT sales: Report

A vast number of companies are canvassing the Metaverse for untapped sources of income. Brands like Nike, adidas, Gucci and Tiffany & Co, Lacoste, etc., have already figured out the NFTs market and made earnings of US $ 245 million collectively.

According to blockchain analytics platform Dune‘s report, sportswear giant Nike has seen over 70,000 transactions by October end generating US $ 91.2 million in royalties and another US $ 93.1 million in revenue. Till 2022 year end, Nike has generated over US $ 184.31 million.

On the other hand, Dolce & Gabbana has made US $ 23.68 million from NFT sales since it began its first project a year ago. The Glass Suit, a custom suit created by D&G’s founders, was the showstopper. It’s crafted from silk organza and embellished with 78 hand-embroidered glassworks, all of which are unique in terms of size, shape, colour and design. The Italian high-end label tweeted that the Glass Suit had sold for 351.384 ETH, or around US $ 1 million, which is a great move.

The fashion house Gucci has teamed up with the vinyl toy maker Superplastic. They collaborated on a three-part drop of 10,000 NFTs called Supergucci. Gucci has made nearly US $ 11.6 million from NFT sales.

Another company that has staked its future on the Metaverse and is seeing success is adidas. With the help of Bored Ape Yacht Club, adidas sold 30,000 NFTs at 0.2 ETH a piece at the end of 2021 (US $ 22 million at the time). Those tokens couldn’t be exchanged for cash but could be used to buy actual goods like hoodies, tracksuits and beanies.

Adidas NFTs have been the object of 52,770 transactions ever since, generating US $ 6.2 million  in sales and adding another US $ 4.7 million in royalties’ revenue. On the other hand in March, Lacoste took a dip into the Metaverse with the release of ‘Croco Island’ in Minecraft, which featured 30 skins (digital outfits) and served as a sneak peek at the forthcoming Minecraft x Lacoste clothing line. So far, these initiatives have yielded US $ 1.1 million in NFTs sales, as reported by the Dune.