Cryptocurrencies News – In a groundbreaking collaboration that speaks volumes about the potential of digital assets, sportswear behemoth Nike, in partnership with RTFKT, a creator of virtual collectibles, has made a splash in the Non-fungible Token (NFT) marketplace. The synergy has generated a staggering $1.4 billion in trading volume, highlighting a significant stream of Nike NFT revenue.
Exploring the Nike NFT Revenue
Bloomberg—Despite the crypto market enduring a bearish phase, the joint venture between Nike and RTFKT, which commenced less than two years ago, has proven to be a resilient and flourishing endeavor. Research from The Block revealed that since their alliance in December 2021, the NFTs have accumulated nearly $1.4 billion in trades, contributing a hefty $170 million to Nike NFT revenue.
The numbers from DeFi Llama shed light on RTFKT’s performance, noting its remarkable earnings and loyalty revenue. The CloneX-Takashi Murakami avatar collection emerged as a major player. Ranked fourth in NFT earnings, this collection alone has contributed significantly to the Nike NFT revenue stream.
Post-acquisition, Nike’s strategy to expand into the metaverse through the creation of virtual footwear and apparel NFTs has been ambitious and fruitful. The launch of Nikeland, followed by the SWOOSH platform, underscores Nike’s commitment to integrating digital assets into its brand strategy, further enhancing its revenue streams.
The initiative has been lucrative and positioned Nike at the forefront of the digital revolution in fashion and sportswear, paving the way for potential new ventures like sneaker-themed NFTs in popular games such as Fortnite. (Source)