Non-fungible tokens, or NFTs, have been generating a lot of excitement lately. The recent hype around NFTS has translated into big bucks for some of the world’s most well-known brands. This revenue stream is a nice bonus for these companies and underscores that NFTs appeal to many people.
Brands such as Nike, Gucci, Dolce & Gabbana, Adidas, and Tiffany have made a lot of revenue from NFTs. According to data from Dune Analytics, they have made a combined total of $260 million from NFTs.
Nike’s NFTs have been a big hit, with total revenue at $185.3 million. And that’s just in the primary market; resales have reached $1.3 billion in the secondary market.
NFTs Are The Future of Brand Collaboration and User Engagement
NFTs have been a big moneymaker for some brands, with Dolce & Gabbana pulling in $25.6 million and Tiffany not far behind at $12.6 million. So what’s driving this newfound interest in NFTs? For one, they provide a way for brands to connect with their most dedicated fans and followers in a way that feels more intimate and interactive than other digital content. Additionally, NFTs offer a level of scarcity and collectability that helps them stand out in a crowded digital marketplace.
Gucci and Adidas had NFT revenue of $11.6 million and $10.9 million, respectively. Basically, NFTs have been around for a while, but they exploded in popularity in 2021. This was partly due to extensive ticket collections, like the Bored Ape Yacht Club and CryptoPunks, which generated billions of dollars in lifetime sales. Furthermore, the hype around digital collectibles also caught the attention of major brands. As a result, these companies began experimenting with technology to create a more robust customer connection.
Many investors and tech experts believe that the NFT market has great potential. For example, a recent survey by CoinGecko found that respondents thought the NFT market could be worth over $800 billion in the next two years. Other research has estimated that the global NFT market could be worth around $230 billion by 2030.