Global Fashion Labels Like Nike and Gucci have Profited $260M via NFT Sales

Global Fashion Labels Like Nike and Gucci have Profited $260M via NFT Sales

NFTs have garnered multi-millions of dollars in revenue owing to the buzz around them, demonstrating the broad market appeal of digital collectibles.

According to statistics from Dune Analytics, which was initially published by NFTGators, global fashion labels such as Gucci, Adidas, Nike, Dolce & Gabbana, and Tiffany have garnered an approx $260 million from NFTs sales. Reportedly, Nike released NFT has made $185.3 million, and secondary market quantities are close to $1.3 billion.

Dolce & Gabbana garnered $25.6 million from sales in NFT. Adding to the news, Tiffany has made $12.6 million in NFT. The jewellery store has also released their token named NFTiff token, that allows CryptoPunk users to make unique necklaces. Reportedly, Gucci and Adidas respectively generated $11.6 million and $10.9 million in total.

NFTs gained maximum traction 2021. CryptoPunks and Bored Ape Yacht have generated billions so far. Popular fashion labels soon entered the market and presently garnering more traction than their prior anticipations. However, the NFT mania has remarkably dropped, but due to the inception of the Metaverse, the domain is likely to shine again. Nevertheless, the fashion labels are currently earning heavily shutting down the rumours of downfall of NFTs.

Despite varying projections, investors and technologists are optimistic about the NFT market’s future. In a recent study conducted by market aggregator CoinGecko, respondents predicted that within the next two years, the NFT industry might be valued more than $800 billion. By the end of the decade, more traditional studies estimated that the worldwide NFT business will be worth about $230 billion.

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