In spite of a bearish market prevailing, Nike’s NFT programs have placed the brand in good position
Nike’s NFT projects earn around $180 million
According to the recent development of the news, it is noted that, one of the most popular brands Nike, was successful in earning around $180 million from its NFT projects, in spite of a bearish trend. Though, the trading volume of the entire industry dipped by at least 40%, the NFT projects placed the brand in good position. Reportedly, Nike is one of the brands that has earned the most from NFTs sharing its place with Noah Levine.
Not only Nike, it was also reported that, many top brands across various segments benefitted by the NFT projects. Let’s look into the brands and their NFT projects.
Top Brands benefitting by NFT
Credits: Information Age
The top five brands in terms of overall NFT revenue when performing a performance analysis of significant brand’ NFT initiatives on the Ethereum (ETH) blockchain are Dolce & Gabbana, Tiffany, Gucci, and Adidas.
These brands were successful in engaging the users with their NFT projects and their brand credits also made a positive impact in the minds of the investors, which lured them into investing into the NFT projects. The collaborations between Adidas and BAYC and Nike’s acquisition of RTFKT also added more zeal among the investors to enter the NFT space of these brands.
One peculiar observation from the news is that, though these brands were able to generate huge amount of revenue from their NFT projects, the actual market index of their projects were dipping. Despite the profits, Nike NFT prices have decreased since reaching their peaks in February and April 2022; as of August 22, the market index is $23,986.
Crypto investors turning against NFT
Finbold, reported that, more than 25% of the cryptocurrency investors are turning against NFTs. They are refraining and resisting the NFT market space and have gone down to the extent of commenting, “Will never ever buy an NFT again.” This seriously, puts NFT market place in a lot of pressure as crypto investor play a pivotal role in the functioning of the market.
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What is your opinion of Nike’s achievement of earning huge revenue through NFT? Do you think the resistance from crypto investors towards NFT is justified? Share your thoughts in the comment section below. Also if you found the content to be informative, then please share it with your family and friends.
