Nike leads NFT revenue success as fashion shines on Pepsi, Time magazine

0

To become a Vogue Business Member and receive the Technology Edit newsletter, Click here.

The fashion industry’s top NFT projects have surpassed the brand projects of Time magazine, Budweiser and Pepsi by revenue, in the primary and secondary markets, according to new data collected from the Ethereum blockchain.

Nike, through its new acquisition Rtfkt, was the top performer in terms of revenue, bringing in $185.3 million. The CloneX avatar collection made up about half of that. Data analysis, seen by Business in voguesuggests that Nike is ahead of Dolce & Gabbana, Tiffany, Gucci, Adidas and Lacoste.

Total NFT revenue of the top five brands in the database

While individual metrics like these are available through public blockchain records, performance analysis of big brand NFT projects on the Dune cryptanalytic platform, created by the Stanford student and researcher in Noah Levine cryptography, has enabled aggregated comparisons of brand projects over time and includes all NFT drops attributed to that brand. Nike’s Rtfkt, for example, has released over 10 NFT collections. The dashboard also includes information on the monthly trading volume and the number of additional crypto trades each holder has made.

The 13 brands included in the dashboard, while not a complete list of all brand NFTs, reflect some of the most notable in terms of cultural attention. Of these, the top fashion brands are the only five whose NFT revenues exceeded $10 million and include a comparison with entertainment, media and beverage brands. (The dashboard did not include Louis Vuitton, Prada, Balmain or Burberry, which also introduced various NFTs.)

This revenue data is readily available given the transparency of the blockchain, but the high numbers — especially for fashion NFTs — have raised eyebrows among investors like Castle Island Ventures general partner Nic Carter, who is also the co-founder of blockchain data aggregator Coinmetrics.io. Carter says he “spot-checked” the data on seeing such high numbers, and they appear to be correct. (Levine declined a recorded interview at the request of his employer, Visa, where he is a crypto products intern.)

Share.

Comments are closed.