With the crypto winter, the trading volume of NFTs fell by 40% during the second quarter. In fact, there has recently been a decline in interest in this type of asset. However, world-famous brands such as Nike and Adidas have achieved a significant turnover in the sector.
Nike has sold a lot of NFTs despite the crypto winter
Under tweet from Blockworks on August 22, Nike NFT’s turnover on the Ethereum (ETH) blockchain is $185 million. Meanwhile, Adidas records $10.9 million in NFT sales. The top 5 brands in terms of total revenues generated by NFTs are composed of Nike, Dolce & Gabbana, Tiffany, Gucci and Adidas.
Since their launch, Nike’s NFT projects have been on the rise. The big sports brand has been able to take advantage of digital tokens despite the bear market. She quickly became the brand that earns the most thanks to NFTs. However, the prices of Nike’s NFTs have been falling for some time, after exploding in February and April 2022. The market index was $23,986 on the day of August 22.
It must be said that non-fungible tokens were very lucrative at the beginning thanks to the many efforts made by brands. Indeed, the latter have implemented various marketing strategies. For example, Nike acquired RTFKT, and Adidas signed a partnership with BAYC. In addition, celebrities had bought a lot of NFTs. And as you might expect, there was the appearance of these tokens in music videos.
The NFT market has slowed down a lot in recent months. Against this background, the volume of transactions on OpenSea, for example, fell by at least 70% in March. Despite everything, big brands like Nike, Dolce & Gabbana, Tiffany, Gucci and Adidas continue to pull their weight.
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