At Rarity Sniper, we’ve reported on several fashion brands going all-in on Web3 and blockchain technology. Perhaps no other brand has been as active as Nike, and sales for the footwear and apparel brand in the digital world are reflecting its hard work in the space.
Nike leads the list of brands active in Web3 so far by generating a staggering $185 million in revenue from non-fungible token (NFT) sales. Other leading brands in Web3 include Tiffany & Co., Gucci, Adidas, and Dolce & Gabbana.
Through several projects over the past year, Nike has been able to blend virtual products and experiences with its iconic branding rights. Another big push to its strategy was acquiring the NFT startup RTFKT last December.
Nike’s top NFT collections include CloneX, which has generated nearly $40 million in royalties so far, and MNLTH, which has generated almost $25 million. Other popular Nike NFT collections include MNLTH2, Mint Vial, and CryptoKick. RTFKT is the NFT company behind most of Nike’s NFT collections.
Although total transaction volume for Nike NFTs has slowed in recent months, it can be expected from the dip in crypto and NFT markets overall. And even with slow sales, the iconic brand is still well ahead of the pack. The next biggest earners from NFTs in fashion include D&G ($25.6 million), Tiffany ($12.6 million), Gucci ($11.5 million), and Adidas ($10.9 million).
Fashion Brands Are Earning in the Metaverse
When it comes to Web3 technology, it’s not just NFT collections that are important for fashion and apparel brands. The metaverse, worlds built for virtual (VR) and augmented reality (AR), are critical to these companies’ strategies and their ability to sell NFTs and give them value.
The metaverse gives a pair of Nike’s digital Cryptokicks utility in a virtual world. The metaverse is where brands like Gucci and Dolce & Gabbana can show off real-world and virtual fashion, make new connections with fans, and sell digital assets. Because of its expansiveness and potential, fashion brands have launched all sorts of projects in the metaverse. Here are a few headlines from Rarity Sniper:
- Gucci Opens a Metaverse Experience on Roblox
- Gap Partners with Roblox for Metaverse Experience
- Gucci Buys Digital Land in The Sandbox Metaverse
- Tommy Hilfiger Participates in Decentraland’s Fashion Week
- Adidas to Create Personality-Based Metaverse Avatars
- RTFKT Announces Metaverse-Ready Nike Dunks NFTs
Non-fungible token technology allowed people to verify, store, and sell digital assets. But the metaverse and people’s participation in it give these digital assets more value and utility. Major fashion brands understand this and are investing heavily in the metaverse and teaming up or acquiring Web3 companies like RTFKT.
For now, Nike seems to be running in the lead. But if the brief history of Web3 and NFTs tell us anything, the road can be full of surprises. We’ll be paying attention for future news from fashion and apparel brands in Web3.