For many businesses, the NFT space still looks like a black hole, and they find it hard to understand what is in it. Some simply see NFT from the perspective of digital images that do not really communicate value. While those who are optimistic about its introduction still do not know how it could be of use to their businesses.
The recent revelation by Dune Analytics, however, could be an eye-opener for many brands, especially those in the fashion industry, on how beneficial it could be for them to start harnessing the potential of NFTs for their businesses. If you are to tap into the benefits of NFT for your business, we recommend that you team up with Amberfi to get on the right track from the onset.
The Dune Analytics report
From the report, it was revealed that American fashion and sports brand, Nike, is currently the brand making the most revenue from NFT sales. In less than a year, the brand has already made sales estimated at $185 million while also topping the number of transactions made with over 67,000 transactions. This should not come as a surprise as the brand has successfully sold NFT sneakers for prices above $100,000 with some as high as $134,000.
It becomes clear that this is not a rare occurrence when you dig deeper into the report. Making up the list of the top ten brands with the highest revenues in NFT sales are five other fashion brands, namely, Dolce & Gabbana, Tiffany, Gucci, Adidas, and Lacoste. These brands occupy the second, third, fourth, fifth, and tenth positions, respectively.
Below is the list of the top brands with the highest NFT revenues;
source: @NFTgators on Twitter
An opportunity for fashion brands
There is already fierce competition among brands to gain the attention of consumers in the contemporary digital space. Ad campaigns, video advertising, coupons, traditional sponsorships, and the like, have already become saturated.
Therefore, NFTs bring a new kind of innovation that brands could tap into. It offers a way for fashion outlets to get closer to users, offering exclusivity while giving them the opportunity to hold valuable digital assets that could eventually find use cases in the metaverse.
At present, fashion NFT is still in its infancy, making it possible for fashion brands of all sizes to easily get in and build their reputation while making good revenues in the process. With the rapid evolution of the metaverse, fashion NFTs will only continue to grow in the future, and if there is any indication of what is attainable, Nike has already shown how lucrative NFT fashion could be for brands.