A whopping $185 million from the sale of its non-fungible tokens (NFTs).
Non-fungible tokens have proven to be an exciting revenue channel for such brands and consumer-centric enterprises.
Following a significant increase in the NFT industry last year, some of the top brands were quick to join this industry. These companies consider NFTs as a significant potential to interact with their consumers on a deeper level. Furthermore, blockchain-based NFTs are a useful tool for these companies to minimize market duplication.
Along with Nike, prominent brands like Dolce & Gabbana (D&G), Gucci, Tiffany, and Adidas have seen a new revenue stream with the sale of their NFTs. However, Nike appears to be at the top of the list.
Along with NFTs, Nike is also taking several additional bold measures. The company is integrating virtual experiences with its renowned trademark rights to boost NFTs sales. Additionally, it has accelerated its Web3 plan with the acquisition of NFT company RFTKT last year in December 2021.
Nike’s NFT Sales By Numbers
According to Dune Analytics statistics, Nike has generated a total transaction volume of $1.3 billion from the secondary trading of its NFTs. It has made $93 million in primary sales of NFTs and an additional $92 million in royalties.
CloneX is one of Nike's best-performing collections, with a $40 million royalty fee. The 2nd best performing is the Nike Sneakers-themed NFT collection MNLTH, which generated $25 million in revenue.
Mint Vial, Skin Vail, CryptoKick, and other Nike NFT collections have generated at least $1 million in royalty payments. It demonstrates that Nike's acquisition of RTFKT, the creator of the CloneX NFT collection, has been extremely beneficial to the company. This NFT company is responsible for the majority of Nike's NFT collections, including MNLTH, MNLTH2, and Mint Vial.
Nike's NFT transaction value peaked at 12,776 ETH in April 2022. However, the current market downturn in Q2 2022 has impacted the NFT transaction value, which has plummeted to 6,362 ETH.
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