The “Realness” Of NFTs: Nike’s Astounding Results

Nike, one of the biggest athletic apparel brands globally, recently announced that they sold NFTs for over $185 million surpassing Dolce & Gabbana, Gucci, and Tiffany among others. Nike managed to reach $1.3 billion in transaction volume and received $92.3 million in royalties and over $93 million in primary sales of minted NFTs.

The news is quite interesting as the whole crypto market and NFTs specifically experience a very depressing bearish trend with NFT marketplaces losing a lot of value and liquidity.

Non-fungible tokens are still a highly debated topic among crypto enthusiasts across the globe and many technology experts. It is hard to find the right middle ground since both sides have their strong arguments and make solid points trying to predict the future.

However, our debates do not mean much if, ultimately, NFTs will become irrelevant due to a loss of interest from the general public. We already know that the industry is full of scammers, Ponzi schemes, and really weird individuals who comprise a very cult-like community of people interested in using NFTs for everything even if they do not solve any issues at all.

While the impressive earnings of Nike and Adidas make us believe that NFTs are here to stay and the current slump is only a temporary symptom of an overall macroeconomic recession, we have to remember that many other NFTs did not manage to remain relevant. Many lost money despite being backed by well-recognized brands and celebrities.

Companies like Dolce & Gabbana set trends for a very specific audience and can affect them directly through powerful, targeted marketing. Other entities that try to publish NFTs do not have the luxury to invest in specific promotional campaigns.

The initial dream of NFTs becoming a great outlet for creative talent is slowly becoming completely unachievable as more people start thinking of these tokens less and do not understand the value of ownership verification.

Artists and creators are not positioned to build the same level of interest from their audiences compared to already established fashion and sports brands. For many, this industry is still not something tangibly “real”.

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