Nike Sets a New Sales Record With $185 Million in NFT Sales

Jamal Molla
Written By Jamal Molla
Jamal is an English teacher and freelance writer with a passion for NFTs, metaverse, crypto and technology.

Nike sets a new sales record with $185 million in NFT sales, Dunn Analytics said in a news release on Tuesday. Nike has raised the bar in both the sporting and NFT worlds. Even though there has been a 40% drop in non-fungible tokens (NFTs) usage during the second quarter of the year, Nike still emerged as the number one sporting brand to make the most money from the sale of digital collectibles.

According to Dunn Analytics, Nike tops the list of successful brands in digital assets sale, netting over $185 million in revenue. Gucci, Tiffany, Adidas, and Dolce & Gabbana are the top brands raking in the most sales in NFT collections on the Ethereum blockchain. After Nike, Adidas is the next largest sportswear company in Europe and the second-largest brand in the world. At the moment, the company is valued more than $14.4 billion.

Since NFT and cryptocurrency became hot topics in most social discussions, many sportswear companies started investing in NFT collections, a niche that has grown so quickly in the last year. We reported previously as crypto fundraising hit $30.3B in H1, exceeding 2021 record. The performance of Nike has been amazing, even the company even admitted it.

Sportswear companies see the NFT space as a tool to attract customer loyalty. Some see the involvement in NFTs as a way to get closer to their customers and build solid relationships with them. With the help of blockchain-based NFTs, Nike and other sportswear brands can stop market duplication.

Nike launched its first digital shoe line tagged “Cryptokicks” in April this year. The shoe line hosted more than 20,000 NFTs, one of which was made by Takashi Murakami which sold for a whopping $134,000. According to data collected by Non-Fungible.com, NFT sales went down in the last one year, except for a sharp spike that occurred on May 1.

Nike was able to sustain its growth trajectory because the company’s team had measures on ground that helped it to move against the trend. On August 27 last year, Nike sets a new sales record, netting about 210,000 transactions. Two days later, August 29, the sportswear company recorded $430 million worth of sales.

Could Nike’s makeover wake up the slow-moving NFT industry?

Despite the impressive performance by Nike in the NFT world, the prices of digital collectibles have been on a continuous decline since February of this year. According to available data, the NFT market index is valued at $23,987 as of August 22.

Nike, is a sportswear company with its headquarters based in Beaverton, Oregon. The company has a strong financial history, beating other clothing brands to their game. Nike made over $46 billion in sales in its most recent fiscal year.

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