Luxury Brands, Gucci, and Nike Have Made $260 From NFT Sales

  • The 2020 lockdown led luxury brands to explore opportunities in the Web3 space, especially the NFT market.
  • Despite declining trade volumes, experts predict that the NFT market might be worth more than $800 billion in two years.

Non-fungible tokens, NFTs, have generated hundreds of millions of dollars for some of the firms that have embraced them. In addition, the buzz around this digital asset attracted some top organizations in different industries, including luxury brands Gucci and Nike.

According to a report by NFTGatorss, brands such as Adidas, Gucci, Nike, and Dolce & Gabbana, have made a combined $260 million from NFT sales. Nike’s NFT releases have generated $185.3 million in revenue, and secondary market volumes are close to $1.3 billion.

Meanwhile, Dolce & Gabbana raked in $25.6 million in NFT sales. Tiffany has reportedly generated $12.6 million in NFT-related sales since launching the NFTiff token, which enables CryptoPunk holders to create unique ornaments. Gucci and Adidas made $11.6 million and $10.9 million in total from NFT sales.

Although the NFT frenzy has subsided lately, the impact of the new tech is anticipated to last. Sportwear companies Nike and Addidas intend to expand their NFT ambitions to the metIn addition, averse. NFTs and luxury brands make for surprisingly appealing allies.

More than other industries, high-end fashion has embraced NFTs, and it appears that everyone agrees that Web3 will play an important role in its evolution. The relationship between NFTs and the luxury fashion space is purely logical. Luxury brands and NFTs both thrive on models of exclusivity and rarity. This explains why the fashion world has embraced Web3 trends more than any other industry.

The importance of these luxury brands adopting the NFT market is significant. The presence of traditional brands in the NFT industry shows the level of mainstream attention Web3 presently enjoys. Additionally, some of these brands noted that NFTs offered them new ways to connect and bond with their communities.

What Does the Future Hold For the NFT Space?

NFTs are unique digital tokens that represent ownership of an asset and are tied to digital assets like pictures and clips. They are sometimes used to track the ownership of tangible commodities like real estate, artwork, and clothing. Fashion NFTs come in various shapes and sizes, including virtual clothes that users can wear in virtual settings.

Despite varying projections, investors and developers are optimistic about the NFT market’s future. In a recent study conducted by market aggregator CoinGecko, respondents predicted that the NFT industry might be worth more than $800 billion within the next two years. Other studies predict that by the end of the decade, the NFT market could be worth about $230 billion.

Lawrence Woriji Verified

Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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