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HomeTop NFT CollectionDespite NFT Market Downturn, Nike Minted $11M Worth of NFTs in a...

Despite NFT Market Downturn, Nike Minted $11M Worth of NFTs in a Week

Quick take:

  • Nike’s RTFKT minted over $11 million in NFTs in the last seven days.
  • Industry-leading sportswear brands are the best performers in the NFT space despite the current market downturn.
  • NFT shoes accounted for 64% of sales, driven by mints in the CloneX Forging collection, which declined at the end of August.

Nike’s NFT project RTFKT has raised over $11 million from the NFT Mint in the last seven days. A major sportswear brand’s web3 unit continues to perform well amid the NFT downturn.

The company will launch the Clone X NFT Firging collection on August 30th, with castings expected to run until September 7th. NFT forging starts immediately after finishing the casting process.

According to transaction data, an on-chain dashboard created by Noah Levine shows minting activity to be high at the beginning of the process, and as more people join in for the last chance, minting activity tapers off at the end. surged again towards. Dune analysis.

Source: Dune Analytics/KingJames23

Clone X Forging Collections is an NFT project by Nike-owned RTFKT, featuring exclusive apparel designed for Clone X holders.

The collection consists of 74 items including shoes, hoodies, T-shirts, jerseys, vests, and socks.

According to Noah’s Dune Analytics dashboard, shoes account for 64.7% of revenue, hoodies account for 12.8%, and t-shirts account for 8.7%.

Source: Dune Analytics/KingJames23

By item, T-shirts accounted for the majority at 36.2%, followed by shoes, hats, socks, and hoodies at 23.5%, 12.9%, 11.5%, and 9.3%, respectively.

Nike’s NFT project has generated nearly $200 million to date, including mint revenue from the Clone X Forge of $185 million. Reported by NFTgators last month.

The company is a prime example of mainstream retailers capitalizing on the NFT craze to create new viable revenue streams.

NFTs It is described as a digital representation of a music track, video clip, JPEG, collectible or artwork stored on a blockchain.

Profile pictures (PFPs) are the most popular use case, but brands see it as an option to establish deeper relationships with customers through digital and recurring products. NFT drop.

Nike’s RTFKT offers an entire closet based on major brands. NFT Collection can be worn by web3 users in metaverse.

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