A huge number of companies are exploring the Metaverse for untapped revenue streams. Brands such as Nike, adidas, Gucci, Tiffany & Co and Lacoste have already grasped his NFT market, and in total he has generated $245 million in revenue.
According to the blockchain analytics platform sand dunesSportswear giant Nike had completed more than 70,000 deals through the end of October, generating $91.2 million in royalties and $93.1 million in revenue, according to a report by the company. By the end of 2022, Nike generated more than US$184.31 million.
Meanwhile, Dolce & Gabbana has made $23.68 million from NFT sales since launching its first project a year ago. The Glass Suit, a custom his suit created by the founder of D&G, was the show stopper. Crafted from silk organza, it is embellished with his 78 hand-embroidered glasswork, all unique in size, shape, color and design. The Italian high-end label tweeted that the Glass Suit sold for his 351.384 ETH, or about US$1 million. This is a great move.
Fashion house Gucci has partnered with vinyl toy maker Superplastics. They collaborated on his three-part drop of 10,000 of his NFTs called Supergucci. Gucci made about $11.6 million from NFT sales.
Another company that has successfully staked its future on the metaverse is adidas. With the help of the Bored Ape Yacht Club, adidas sold 30,000 NFTs at 0.2 ETH per unit at the end of 2021 (the price at the time was US$22 million). These tokens were not redeemable for cash, but could be used to purchase real-world merchandise such as hoodies, tracksuits, and beanies.
Since then, the Adidas NFT has been the subject of 52,770 deals, generating $6.2 million in sales and adding an additional $4.7 million in royalty income. Lacoste, meanwhile, jumped into the metaverse with the release of his Minecraft “Croco Island” in March. This featured his 30 skins (digital outfits) and served as a sneak peek at his upcoming Minecraft x Lacoste clothing line. So far, these initiatives have brought NFT sales to his $1.1 million. sand dunes.
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