Numerous fashion brands are searching the Metaverse for new revenue sources. Non-fungible tokens (NFTs) have already been successfully sold by Nike, Adidas, and Tiffany’s, bringing in a total of more than 245 million dollars.
A recent NFT Brand Case Study on the blockchain analytics platform Dune by @kingjames23 examines the performance of approximately a dozen large brand NFT projects on the Ethereum Blockchain in terms of revenue and number of transactions. The fashion industry is responsible for seven of the major brands that NFT projects. The value of royalties, NFT sales volume, and total NFT sales are all examined in this analysis.
With 185 million dollars in NFT sales, Nike is the Metaverse’s leading early adopter
The leading brand RTFKT, which uses cutting-edge innovation to produce next-generation collectibles that combine culture and gaming, was acquired by Nike Inc.
Last year Nike’s acquisition of RTFKT’s CloneX NFT avatar collection, which was released a month prior to the acquisition’s public announcement. “This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming, and culture,” said John Donahoe, president and CEO of the sportswear company at the time.
In February, RTFKT and Nike released their first NFT, and ever since April, RTFKT has introduced virtual, officially licensed Nike sneakers into the NFT market: the CryptoKicks collection of NFTs Some of the 20,000 virtual sneakers designed by Takashi Murakami are among the most sought-after, selling for anywhere from $130,000 to $1,300.
Adidas’s entry into the metaverse
Adidas is yet another brand that is making a bet on the metaverse. The rewards of this bet are already evident. Adidas and Bored Ape Yacht Club sold 30,000 NFTs at a price of 0.2 ETH (22 million dollars at the time) each at the end of 2021. Hoodies, tracksuits, and beanies could be exchanged for any of those non-fungible tokens. This NFT project that adidas Originals, NFT pioneers gmoney, Bored Ape Yacht Club, and PUNKS Comic are working on together is called “Into the Metaverse.” The first step in the Into the Metaverse was the Phase 1 NFT. The Phase 1 token no longer grants the ability to claim collaborative physical merchandise because claims for Phase 1 physical products have now closed.
Since then, Adidas NFTs have been the subject of 52,770 transactions, resulting in sales of 6.2 million dollars and additional royalties revenue of 4.7 million dollars.
The polo brand Lacoste has joined the Metaverse fashion crowd
Lacoste introduced its first NFT collection in June, dubbed “Undw3,” which means “underwater.” According to the fashion brand, they hope to sell 11,212 digital items based on Lacoste’s iconic polo shirt L1212 at a starting price of 0.08 ETH, which is equivalent to approximately 1,300 dollars at the time of this publication. “Undw3 attests to our desire to accompany the phenomenon of decentralisation driven by Web3 and bears witness to our ambitions in this area,” Lacoste’s chief brand officer Catherine Spindler stated in the official announcement.
Spindler agreed with the company’s desire to connect their digital and physical customers. Lacoste was the first to make a new promise to the owners of its NFTs: Not only will they have access to exclusive physical products, but they will also be able to influence the designs that come next. Notably, in March, Lacoste launched “Croco Island” in Minecraft, which featured 30 digital outfits known as skins and served as a preview of the Minecraft x Lacoste apparel collection. These efforts are already paying off, as evidenced by the Dune’s data, with sales of 1.1 million NFTs.
