Image: Nike x RTFKT Cryptokicks
Many are the brands that are foraging the Metaverse seeking for new
revenue streams. Companies like Nike, Adidas or Tiffany’s have already
cracked the code of non-fungible tokens (NFTs) sales, earning more
than 245 million dollars collectively.
Whilst partnerships with online gaming, investments in property in
the Web 3.0., and pushing the runway into the realm of augmented
reality are the most common initial outings into the Metaverse, some
of the leading players in the fashion industry have turned to NFTs in
order to increase their revenue. It’s the case of Nike, Tiffany’s,
Gucci, Dolce & Gabana, Adidas, and Lacoste, amongst others.
A recent NFT Brand Case Study authored by @kingjames23 on
blockchain analytics platform Dune, reviews the performance measured
by number of transactions and revenue of about a dozen of large brand'
NFT projects on Ethereum Blockchain. Seven out of those large brands
NFT projects belong to the fashion industry. This analysis looks at
NFTs sales volume, royalties’ value, and total NFT sales dollar
amount.
Nike’s 185 million dollars in NFTs sales
Nike holds the crown of early adopters of all things Metaverse. In
December last year, Nike Inc. announced the acquisition of RTFKT, a
leading brand that leverages cutting edge innovation to deliver next
generation collectibles that merge culture and gaming. Nike’s included
the buyout of RTFKT’s CloneX NFT avatar collection, which launched a
month before the acquisition was made public. As explained back then
by John Donahoe, president and CEO of the sportswear company, “This
acquisition is another step that accelerates Nike’s digital
transformation and allows us to serve athletes and creators at the
intersection of sport, creativity, gaming and culture.”
Nike and RTFKT did their first NFT drop in February and since April
this year, RTFKT’s has been bringing virtual, officially licensed Nike
sneakers into the NFT market: the CryptoKicks NFT collection. These
20,000 pairs of virtual sneakers sell for everything between 1,300
dollars and 130,000 dollars, with some designed by artist Takashi
Murakami topping the most coveted ones.
Nike NFT-generated revenue includes CloneX sales and royalties
pre-acquisition of RTFKT. Per Dune’s data, the sports apparel company
has seen over 70,000 transactions until October, earning 91.2 million
dollars in royalties and bringing in another 93.1 million dollars in
revenue. In total, Nike’s NFTs sales to date have generated over
184.31 million dollars.
Dolce & Gabbana millionaire NFT auctions
Image: Collezione Genesi, NFT collection designed by
Dolce&Gabbana for UNXD.
Since their first NFT project a year ago, Dolce & Gabbana has
earned 23.68 million dollars through NFT sales. It’s worth recalling
that in October 2021, Dolce & Gabbana closed nine NFT auctions,
bringing in a total of 1,885 ETH (valued at circa 5.7 million dollars
at the time.) The auctioned items were unique 1/1 pieces forming the
‘Collezione Genesi’ collection. The collectors who bought each of them
received the corresponding custom-fitted physical garment within a one
to two-year claim period. The leading piece was the Glass Suit, a suit
personally designed by D&G founders. Made of silk organza, it features
78 embroidered glassworks, each of them completely distinct in design,
size, shape, and color. As the Italian luxury brand announced on
Twitter, the Glass Suit sold for 351.384 ETH, or 1 million dollars.
Tiffany’s nod to CryptoPunk’s holders
Earlier this year, Tiffany’s made it to the news when unveiled a
partnership with blockchain firm Chain to launch its first NFT
collection, “NFTiff.” As the legendary jewellery house explained, they
are “taking NFTs to the next level. Exclusive to CryptoPunks holders,
NFTiff transforms your NFT into a bespoke pendant handcrafted by
Tiffany & Co. artisans. You’ll also receive an additional NFT version
of the pendant.” According to publicly available data, Tiffany’s NFT
revenue stood at 12.6 million dollars in October.
The NFT collection is made of 250 custom-built pendants designed
with materials like gemstones, enamel, and gold and were sold for
about 30 ETH (about 49,000 dollars at the time of the announcement in
August 2022.) The cost of the NFT, the custom pendant, the chain, and
shipping/handling are all included in the fee and the physical
pendant, which comes with a chain to serve as a necklace, will be
available to be redeemed in 2023.
Tiffany’s decision to partner with CryptoPunk - a popular Profile
Picture (PFP) NFT collection launched in 2017 and made up of 10,000
uniquely generated digital characters – also lifted the sales volume
of CryptoPunk. Indeed, Tiffany’s has seen the highest volume of
transactions among top brands trading with NFTs, surpassing the likes
of Nike and Adidas. Those 74.000 transactions have resulted into 6.20
million dollars’ worth of NFTs sales and another 4.76 million dollars
in royalties.
Gucci’s limited Supergucci NFT drop
Image: Supergucci, NFT collection by Gucci.
Gucci’s pioneering exploration of the Metaverse started in May
2021, with the drop of an NFT film inspired by its Aria fashion
collection as part of Christie’s Proof of Sovereignty sale curated by
Lady PheOnix. The film was co-directed by Gucci’s creative director
Alessandro Michele and renowned photographer Floria Sigismondi,
presented Aria collection runaway as a four-minute video clip which
sold for 25,000 dollars. Six months later, in early 2022, Gucci
started collaborating with vinyl toy creator Superplastic. They
co-created a 10,000-piece NFT drop called Supergucci and released it
as a three-part series of limited edition NFTs co-created by Michele
and Superplastic’s digital personas Janky & Guggimon. Gucci has taken
a similar approach than those of Tiffany’s and Dolce & Gabbana,
enabling the NFTs’ owners to unlock handmade white ceramic sculptures
to accompany their digital corresponding items. To date, Gucci has
made close to 11.6 million dollars from selling NFTs.
Adidas ‘Into the Metaverse’
Adidas is another brand betting on the Metaverse and already
reaping the benefits of such bet. At the end of 2021, Adidas partnered
with Bored Ape Yacht Club to sell 30,000 NFTs for 0.2 ETH a piece (22
million dollar at the time.) Each of those non-fungible tokens were
redeemable for physical hoodies, tracksuits, and beanies. ‘Into the
Metaverse’ is the name of this collaborative NFT project between
adidas Originals and NFT pioneers gmoney, Bored Ape Yacht Club and
PUNKS Comic. The Phase 1 NFT was the first step of the Into the
Metaverse. Phase 1 physical product claims have now closed and the
Phase 1 token no longer grants the ability to claim collaborative
physical merchandise.
Adidas NFTs have been the object of 52,770 transactions ever since,
generating 6.2 million dollars in sales and adding other 4.7 million
in royalties revenue.
Lacoste’s NFTs give owners a say
The iconic polo brand has recently joined the Metaverse fashion
crowd with an NFT drop. In June, Lacoste launched its first NFT
collection titled ‘Undw3’ and pronounced “underwater”. As advanced by
the fashion brand, they are looking to sell 11,212 digital pieces that
reference Lacoste’s iconic polo shirt L1212 at the starting price of
0.08 ETH (around 1,300 dollars at the time of this edition.) Lacoste’s
chief brand officer Catherine Spindler stated in the official
announcement how “Undw3 attests to our desire to accompany the
phenomenon of decentralization driven by Web3 and bears witness to our
ambitions in this area.” Spindler shared the company’s desire to bring
together both their physical and digital consumers. Lacoste pioneered
yet a different promise to its NFTs owners: They will not only have
access to exclusive physical products but will also have a say in the
upcoming designs. Noteworthy, Lacoste already tested the Metaverse
waters in March, when they launched ‘Croco Island’ in Minecraft,
featuring 30 skins (digital outfits) that served as a preview into the
Minecraft x Lacoste apparel collection. According to the Dune’s data,
these efforts are already paying off in the form of 1.1 million
dollars in NFTs sales.
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