Despite NFT Market Downturn, Nike Minted $11M Worth of NFTs in a Week

Nike continues to score big in the NFT space despite the current market downturn after minting more than $11 million in NFTs over the last seven days.
Image source: OpenSea

Quick take:

  • Nike’s RTFKT minted over $11 million in NFTs over the past seven days.
  • The leading sportswear brand has been among the best performers in the NFT space despite the current market downturn.
  • NFT shoes account for 64% of the sales driven by the CloneX Forging collection mint, which dropped at the end of August.

Nike’s NFT project RTFKT has raised more than $11 million from NFT mints over the last seven days. The leading sportswear brand’s web3 unit continues to perform well in the midst of an NFT downturn.

The company launched the Clone X NFT Firging collection on August 30, with minting scheduled to take place through September 7. NFT Forging begins immediately after the close of the minting process.

According to transaction data, minting activity was high at the beginning of the process, and spiked again towards the end as more people trooped in for their last opportunity, according to the on-chain dashboard prepared by Noah Levine on Dune Analytics.

Source: Dune Analytics/KingJames23

The Clone X Forging Collections is an NFT project by Nike-owned RTFKT, which features exclusive apparel designed for Clone X holders.

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

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

Source: Dune Analytics/KingJames23

In terms of items sold, T-shits T-shirts 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 mint revenue from the Clone X Forge to the $185 million reported by NFTgators last month.

The company serves as a great example of how mainstream retailers are taking advantage of the NFT craze to create new and viable revenue streams.

NFTs are described as digital representations of a music track, a video clip, JPEG, collectible or artwork, stored on the blockchain.

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

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

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