- Declining interest of users in NFT has caused a decrease by 40% in Q2 trading volume.
- Nike has emerged as the sports brand that has profited the most from digital tokens.
- NFT prices of Nike NFT have reduced in February and April 2022.
Nike has profited from NFTs even though the NFTs Q2 trading volume has reduced by 40%. Ever since Nike has launched NFT-based projects, the company has earned a revenue of $185 million. As a result, the brand has become the biggest revenue generator from NFTs.
If the performance of larger brands is analyzed on the Ethereum blockchain, the top five brands are Gucci, Dolce & Gabbana, Adidas and Tiffany.
The detailed dashboard on the IRL Life Brand NFT landscape unveils how profitable NFTs are now for the biggest brands in the world.
Created a comprehensive dashboard on the IRL Brand NFT landscape. Crazy to see how lucrative NFTs have been for some of the largest brands. #dune #web3 #NFT https://t.co/dBRAaNjA9e— Noah Levine (@nlevine19) August 22, 2022
Though Nike has earned well, its NFT prices have reduced in February and April this year. The market index was $23,986 on August 22.
A combination of marketing and branding led to the building of the NFT cycle. Such endeavors feature collaborations such as Nike acquiring RTFKT and Adidas with BAYC besides celebrities buying NFTs and featuring them in music videos.
As promotions slowed down, the present state of NFTs is still the same.
Based on the observations of a new study, about 30% crypto users have refused buying NFT ever.
Despite 2021 being a rewarding year for NFTs, interest among the users has decreased and crypto users do not seem as interested in the innovative technology like they were before.