High-end luxury brands including Nike, Gucci, Dolce & Gabbana have garnered a total of $260 million (approximately Rs 2,074 crore) with the sale of their NFT pieces. NFTs or non-fungible tokens are digital collectibles built on a blockchain network, inspired by real-life goods such as clothing and shoes, as well as virtual characters such as game characters. Many brands are releasing their own NFT chains tied to their identity and products, mainly due to the popular trend of celebrities buying and collecting NFTs.
Nike, which acquired virtual design studio RTFKT last December to accelerate its Metaverse and NFT push, has secured $185.3 million (about Rs 1,478 crore) in NFT sales, citing Dune Analytics data. Report by nftgators recently said.
Nike’s expensive NFTs are inspired by its iconic sneaker collection. It released its first NFT collection called ‘Cryptokix’ in April, with a total of 20,000 pieces. With this collection, the high prices of NFTs have reached up to $134,000 (approximately Rs 1 crore).
According to a screenshot of Dune Analytics data shared by NFTGators, Italian luxury fashion brand Dolce & Gabbana, jewelry brand Tiffany and Gucci took the second, third and fourth places in terms of revenue collected through NFT-related projects.
Budweiser, Time Magazine and Pepsi also made it to the list.
The development comes at a time when the NFT market is struggling to recover from its current slump.
According to a Reuters report, monthly sales on the largest NFT marketplace OpenC fell to $700 million (about Rs 5,500 crore) in June, down from $2.6 billion (about Rs 20,600 crore) in May and much higher than in January. is far. The peak of around $5 billion (about 40,000 crores).
Average NFT sales fell from $412 (about Rs 33,000) at the end of April to $1,754 (approximately Rs 1,40,000) at the end of June, according to nonfungible.com, which tracks sales on the Ethereum and Ronin blockchains. Is.
Now that the cryptocurrency sector seems to be breaking out of its bearish, it is only a matter of time before NFTs become all the rage among members of the blockchain community again.
Data from market tracker DappRadar shows that NFT sales reached $25 billion (about Rs 1,84,700 crore) in 2021, as the speculative crypto asset exploded in popularity.