How Brands are Minting Millions in the Metaverse Through NFTs
What Nike, Dolce & Gabbana, and Tiffany & Co. are doing to be at the top of the revenue list.
Photo Source: The Fashion Law via Nike
As the metaverse grows, so do large brands. Nike, Dolce & Gabbana, and Tiffany & Co. are among the top brands minting millions in the metaverse through NFTs.
At the top of the list, Nike has acquired $185.31 million in NFT revenue, followed by Dolce & Gabbana at $25.65 million and Tiffany & Co. at $12.62 million, according to Dune Analytics and Fashion Law.
Photo Source: The Fashion Law
Nike made its first move in the metaverse in November 2021 when the brand launched Nikeland in Roblox. In December, it bought RTFKT, an NFT studio that produces virtual sneakers. In April 2022, Nike launched Cryptokicks NFTs, which sold for $7,500-9,000 per pair, according to Quartz (QZ).
As the second brand to generate the most NFT revenue, Dolce & Gabbana is breaking records with the launch of #DGFamily, an NFT community in collaboration with digital luxury and culture marketplace UNXD.
Holders of #DGFamily receive benefits in both real life and the metaverse with access to exclusive drops, digital wearables, physical products, and digital and physical events, according to Dolce & Gabbana World.
#DGFamily was launched after Dolce & Gabbana’s debut NFT release, Collezione Genesi, broke records for fashion NFTs.
The nine-piece collection of digital NFTs and some physical couture pieces sold at auction for 1,885.719 Ether (Ethereum cryptocurrency), equivalent to nearly $5.7 million, according to The New York Times. According to Dolce & Gabbana World, this was the first luxury NFT collection to combine digital and physical products.
Ranking third in brands to bring in the most NFT revenue is Tiffany & Co., which recently launched NFTiff in August 2022.
NFTiff is exclusive to holders of CryptoPunks and consists of 250 NFTs at the price of 30 ETH each (around $50,000). When the NFTiff is purchased, it can be redeemed for a custom designed pendant and an NFT digital artwork of the design, according to NFT Culture.
Whether NFT revenue is making brands stronger or keeping them afloat, the metaverse is bringing in millions of dollars of revenue, and it’s likely to keep growing.
Ariana for the Don’t Count Us Out Yet Staff