If you haven’t heard, the NFT market has cooled. Maybe a more accurate way of describing it is by saying it’s in a freefall.
At the beginning of the year, people were fearful they were missing out on the NFT craze, and now people are grateful they didn’t understand the concept and stayed on the sidelines. In January, there was $17 billion in trading volume across the entire NFT marketplace.
Seven months later, it’s doubtful that the number will hit $800 million in August. That’s a 95% drop, so yeah, let’s go with “freefall.”
Venture funds are running from the NFT market, and nonbelievers of the nonfungible token are saying, “I told you so.”
One lone wolf has found success in the NFT marketplace, and that’s Nike. No other major brand is close to what Nike has accomplished in 2022.
So far, they have generated $185 million in revenue covering over 67,000 transactions.
Nike’s success is so rare; of the top 13 major corporate brands in the NFT space, Nike had more revenue than the rest of the list combined. There are some gold star names eating Nike’s dust, including Dolce & Gabbana, Tiffany, Adidas, Budweiser, Nickelodeon, and Gucci.
Does Nike have some secret sauce that no other brand has figured out? Kind of. They were foresighted enough to acquire RTFKT in 2021, which is a leading company in the NFT space when it comes to virtual sneakers, collectibles, and experiences.
Good timing can be as profitable as luck or brilliance, and Nike has 185 million reasons to believe that.
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