March 14, 2023
By Murtuza Merchant
Aside from brand awareness, loyalty, and customer engagement, NFTs offer a very tangible benefit to fashion brands: new revenue streams.
By utilizing these digital assets, retailers can sell not only physical products but also purely virtual ones, opening a world of opportunities for fashion players.
Some well-known brands have already made millions of dollars with their NFT projects. According to data from Dune Analytics, Nike, Dolce & Gabbana, Tiffany, Gucci, and Adidas are the leading brands generating revenue from NFTs.
Let’s explore some of their notable NFT projects and how they can inspire other brands to hop on the NFT bandwagon.
Nike’s CloneX Collection
Nike has made over $185 million in revenue from NFT-related projects, positioning it as the top-earning brand in the NFT space.
The sports brand earned $1.3 billion in transaction volume, with $93 million coming from primary sales of NFTs, and generated $92 million in royalties. CloneX, a collection of NFT avatars made by RTFKT Studios, tops Nike’s list of collections with its highest royalty fees generating over $39 million.
The Sneakers-themed NFT collection MNLTH generated $24.22 million, and other successful collections include Mint Vial, MNLTH2, CryptoKick, Skin Vail: EVOX, RTFKT Pod X, and RTFKT Bonus Items, all of which generated at least $1 million in royalty fees.
Dolce & Gabbana’s Collezione Genesi
Dolce & Gabbana generated $25.65 million in revenue from NFTs. Their first NFT collection, Collezione Genesi, fetched approximately $5.65 million in sales. The collection was personally designed by Domenico Dolce and Stefano Gabbana and featured nine one-of-a-kind pieces.
Buyers of each item received not only the NFT but physical versions of the items and exclusive access to Dolce & Gabbana events. In 2022, the brand launched its second NFT collection in partnership with UNXD, offering 5,000 DGFamily Boxes that serve as a pass to a wide variety of D&G events and additional content.
Tiffany earned $12.6 million from NFTs, ranking third on the list of brands leading in revenue generation from NFTs. Its recently launched “NFTiffs” (NFTs exclusively available to CryptoPunk owners) have made quite a buzz among crypto fans.
The collection is made up of 250 digital assets (each worth 30 Ethereum or $51,000 USD) that grant holders access to a one-of-one example of their Punk in the form of a bespoke pendant. All pendants will be made with an 18k rose or yellow gold base engraved with a unique Punk serial number and Tiffany logo on the back. Collectors will also receive an accompanying NFT render of their pendants.
Gucci’s SUPERGUCCI NFT Collection
Italian luxury fashion house Gucci ranks fourth in the list, with $11.5 million made through NFTs. The SUPERGUCCI NFT collection, created in collaboration with Superplastic, helped the brand succeed in this space. SUPERGUCCI is a three-part series of ultra-limited NFTs co-created by Gucci’s Creative Director Alessandro Michele and synthetic artists Janky & Guggimon.
All drops are accompanied by an exclusive 8-inch tall ceramic SUPERGUCCI sculpture, hand-crafted by ceramicists in Italy.
Adidas’ NFT Art Project
Adidas is another fashion brand that has made a considerable sum of money through NFTs, generating $10.9 million in revenue. The sportswear giant has collaborated with a number of well-known NFT projects, such as Bored Ape Yacht Club, Punks Comics, and GMoney. In exchange for purchasing an NFT, Adidas offers access to special physical goods like a hoodie, a tracksuit worn by the Bored Ape that Adidas owns, and upcoming digital experiences.
In addition, the brand has launched a collaborative NFT art project with Prada, which enabled the community to contribute to a large-scale digital artwork in a Beeple-style collage and earn some money for their involvement.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.