Top brands have recorded huge success selling NFTs worth $260 million according to data released by Dune Analytics.
The brands reportedly include; Gucci, Dolce & Gabbana, Nike, Adidas, and Tiffany, these brands appear to be in pole position to benefit from the hype surrounding the non-fungible tokens sector of the crypto space.
For most world iconic brands, the crypto space has become a new income stream, they now rake in hundreds of millions of dollars in revenue.
Nike’s NFT has amassed $185.3 million in revenue, with a secondary market volume of around $1.3 billion.
Dolce & Gabbana has generated $25.6 million worth of NFT revenue. Tiffany recently launched its NFTiff token allowing CryptoPunk holders to mint customized pendants, as well as amassed $12.6 million in NFT-related sales.
Total NFT revenue for Gucci and Adidas was $11.6 million and $10.9 million respectively.
Facts you should know/top brands & NFTs
- NFTs find their way into the mainstream in 2021, with collections such as the Board Ape Yatch Club and CryptoPunks generating billions in lifetime sales. ( A new campaign intends to give a wider base of investors a stake in some of the most valuable NFTs by fractionalizing ownership to reinstate accessibility. A unique network, an NFT infrastructure running on the Kasuma and Polkadot networks, will split the ownership of a CryptoPunk to more than 56,000 addresses that have signed up for a share)
- The hype surrounding digital collectibles eventually garnered the attention of major brands, which began experimenting with the technology to connect effectively with their customers.
- Not minding that the NFT craze has died off in recent months, the impact of the new technology is expected to leave a lasting mark. This is given that companies like Nike and Adidas plan to take their NFT ambitions into the Metaverse, a move designed to extend the ubiquity of their brands into the viral worlds.
Given this, investors and technologists believe the NFT market has a very bright future. In a recent survey by market aggregator CoinGecko, respondents believe the NFT market could be worth more than $800 billion over the next two years.
However, more detailed research puts the value of the global NFT market at about $230 million by the near future measured around 10 years.