Despite the slowdown in the NFT market, Nike generated $11 million worth of NFTs in one week


Quick take:

  • Nike’s RTFXT has minted over $11 million in NFTs in the past seven days.
  • The leading sportswear brand has been among the top performers in the NFT space despite the current market downturn.
  • NFT shoes account for 64% of mint-driven sales from the CloneX Forging collection, which fell in late August.

Nike’s NFT project, RTFKT, has raised over $11 million from NFT coins in the past seven days. The leading sportswear brand’s web3 unit continues to perform well amid an NFT slowdown.

The company launched the Clone X NFT Firging Collection on August 30, with the strike set to run until September 7. NFT Forging starts immediately after the minting process is closed.

According to transaction data, keystroke activity was high at the start of the process, and increased again towards the end as more people rushed for their final opportunity, according to the on-chain dashboard prepared by Noah Levine on Dune Analytics.

Source: Dune Analytics/KingJames23

The Clone X Forging collections are an NFT project of Nike-owned RTFKT, which features exclusive apparel designed for Clone X owners.

The collection has a total of 74 items including shoes, hoodies, t-shirts, jerseys, vests, socks and more.

According to Noah’s Dune Analytics dashboard, shoes accounted for the lion’s share of revenue at 64.7%, while hoodies accounted for 12.8% and t-shirts 8.7%.

Source: Dune Analytics/KingJames23

In terms of items sold, t-shirts T-shits accounted for the majority with 36.2%, while shoes, caps, socks and hoodies followed with 23.5%, 12.9%, 11.5% and 9.3%, respectively.

Nike’s NFT projects have generated nearly $200 million to date if you add Clone X Forge revenue to the $185 million reported by NFTgators last month.

The company is a great example of how traditional retailers are taking advantage of the NFT craze to create viable new revenue streams.

NFTs are described as digital representations of a piece of music, music video, JPEG, collectible, or work of art, stored on the blockchain.

Although their most popular use case has been profile pictures (PFPs), brands see them as an option to build deeper relationships with their customers through digital products and regular NFT drops.

Nike’s RTFKT now has a whole closet based on its main NFT collections that can be worn by web3 users in the metaverse.

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