- November 7, 2023
- Posted by: [email protected]
- Category:
Nike and virtual sneaker and collectibles developer RTFKT’s non-fungible token (NFT) collections have not only raked in $170 million in earnings but have also hit an astounding $1.4 billion in trading volume in a remarkable demonstration of partnership. What makes this achievement even more astonishing is the fact that their partnership is relatively young, and a significant portion of this period coincided with a challenging period for the crypto market.
According to Block Research, this astonishing success story has been unfolding since December 2021. During this time, these NFTs collectively achieved almost $1.4 billion in trading volume, with earnings of $170 million. To break down the impressive numbers further, RTFKT recorded $27,537 in the last 30 days, $45.92 million in total loyalty earnings, and $50.07 million in total lifetime earnings.
The CloneX-Takashi Murakami avatar collection, one of their standout collections, ranks fourth in NFT earnings, with $81.31 million in mint earnings, $37.68 million in royalty earnings to date, and a total lifetime earnings of $118.98 million. RTFKT, ranking ninth in earnings, has an impressive portfolio of 25 collections, with ‘RTFKT-MNLTH’ taking the top spot and earning $16.39 million.
The success of CloneX, particularly during a bullish market, significantly contributed to the astounding trading volume, nearing the billion-dollar mark. However, it’s important to note that other collections, such as RTFKT-MNLTH and RTFKT-CloneX Mintvial, also saw substantial trading volumes, with $166 million and $135.4 million, respectively.
These remarkable achievements are even more noteworthy considering the broader cryptocurrency market’s challenges during a prolonged winter. Nike’s acquisition of RTFKT in December 2021 was aimed at creating NFTs and virtual sneakers for the metaverse. By September 2022, the company had already generated over $185 million from NFT sales and received more than $93 million in royalties.
Before the acquisition, RTFKT collaborated with artist Fewocious, releasing three virtual sneaker designs that generated $3.1 million in sales. The partnership with game company Atari resulted in an Atari-themed fashion NFT series for multiplayer blockchain games.
Nike, on the other hand, filed seven patents in 2021, signaling its intentions to produce and sell virtual footwear and apparel. The acquisition of RTFKT came shortly after Nike launched Nikeland, a 3D virtual space that attracted seven million visitors within five months of its debut. In November 2022, Nike introduced SWOOSH, a Web3 platform offering virtual apparel for avatars. Despite some initial technical issues and delays, it successfully launched NFT sales in May 2023, generating more than $1 million in just a few days.
This relentless momentum from Nike indicates that the company is far from slowing down. In June, they hinted at the possibility of releasing a collection of sneaker-themed NFTs within the popular game Fortnite, marking yet another exciting chapter in their NFT journey.
