The hype surrounding non-fungible tokens (NFTs) has allowed some of the world’s most well-known brands to rack up hundreds of millions of dollars in additional revenue, underscoring consumers’ mass appeal to digital collectibles.
Leading brands including Nike, Gucci, Dolce & Gabbana, Adidas and Tiffany have amassed $260 million in sales from NFTs, according to data from Dune Analytics first reported by NFTGators. Nike’s NFT drops have collected $185.3 million in revenue, with secondary market volumes approaching $1.3 billion.
Dolce & Gabbana generated $25.6 million worth of NFT revenue. Tiffany, which recently launched the NFTiff token that allows CryptoPunk owners to mint custom pendants, has raised $12.6 million in NFT-related sales. Total NFT revenue for Gucci and Adidas was $11.6 million and $10.9 million, respectively.
NFTs have exploded into the mainstream in 2021, with groups like Bored Ape Yacht Club and CryptoPunks generating billions in lifetime sales. The hype surrounding digital collectibles eventually caught the attention of major brands, who began experimenting with technology to better communicate with their customers. Although the NFT craze has died down in recent months, the impact of the new technology is expected to leave a permanent mark. Companies like Nike and Addidas plan to move their NFT ambitions into the Metaverse – moves designed to expand their brands’ outreach into the virtual world.
Related: Nearly $55 Million Bored Ape and CryptoPunks NFTs Risk Liquidation Amid Debt Crisis
While estimates vary, investors and technologists believe that the NFT market has a very bright future. According to a recent survey by market aggregator CoinGecko, respondents believe the NFT market could be worth more than $800 billion over the next two years. More conventional research has estimated the value of the global NFT market to be around $230 billion by the end of the decade.
