Non-fungible token (NFT) collections from sportswear giant Nike and creator of virtual sneakers and collectibles RTFKT have seen $170 million in revenue and a whopping $1.4 billion in trading volume.
There are two notable factors to consider. First, Nike and RTFKT joined forces less than two years ago. Two: For most of this time, the crypto market was covered in snow.
And yet the duo’s collections flourished.
The Block Research revealed for the first time that these NFTs had amassed nearly $1.4 billion in trading volume as of December 2021, with the collections collectively raising $170 million.
According to the data provided by DeFi LamaRTFKT recorded $27,537 in 30 days, $45.92 million in total loyalty revenue and $50.07 million in total lifetime revenue.
The CloneX-Takashi Murakami Avatar Collection ranks 4th in NFT revenue with $81.31 million in mint revenue, $37.68 million in royalty revenue to date, and $118.98 million in total lifetime revenue.
RTFKT, ranked 9th in terms of revenue, has 25 collections listed under its name. The top one is ‘RTFKT – MNLTH’, which earns $16.39 million.
According to The Block Research, CloneX’s success – during a bull run – has generated most of the money. The volume alone was almost a billion dollars.
But other collections also have high numbers.
RTFKT – MNLTH trails CloneX with almost $166 million. RTFKT – CloneX Mintvial is third in volume with $135.4 million.
These are quite significant numbers considering the market as a whole has struggled during a prolonged winter.
Nike acquired RTFKT in December 2021. The plan was to create NFTs and sneakers for the metaverse.
As of September 2022, the company raked in more than $185 million from sales of its NFTs and received more than $93 million in royalties.
Prior to the acquisition, the company collaborated with artist Fewocious and released three virtual sneaker designs, which grossed $3.1 million at the time.
It also collaborated with the gaming company Atari to launch an Atari-themed limited fashion NFT series for multi-player blockchain games including Decentraland, The sandpitAnd Atari Metaverse.
The startup also cooperated CryptoPunks Creator LarvaLabs and artist Takashi Murakami.
As for Nike, the company has filed seven patents showing plans to make and sell virtual shoes and apparel in 2021.
RTFKT’s acquisition came a month after it unveiled its 3D virtual space, Nikeland. Within five months of its launch, Nikeland attracted seven million visitors.
A year later, in November 2022, Nike was launched .SWOOSH, a Web3 platform with virtual clothing for avatars.
The platform experienced some early technical issues and delays. The NFT sale for select users started on May 15 and for the general public on May 24, 2023. And as of May 26, it generated over $1 million in sales.
And Nike isn’t slowing down. In June, it hinted at the possibility of launching a collection of sneaker-themed NFTs within the popular game Fortnite.