NFT collections from sportswear giant Nike and virtual sneakers and collectibles creator RTFKT have achieved remarkable success, generating $170 million in earnings and an astonishing $1.4 billion in trading volume.
Two noteworthy aspects stand out: first, the collaboration between Nike and RTFKT began less than two years ago, and second, this success unfolded during a period when the cryptocurrency market faced challenges.
Despite these factors, the combined collections of Nike and RTFKT thrived. According to findings from The Block Research, since December 2021, these NFTs have generated nearly $1.4 billion in trading volume, with the collections accumulating a total of $170 million in earnings.
As per DeFi Llama’s data, RTFKT has reported $27,537 in the last 30 days, with a total of $45.92 million in loyalty earnings and $50.07 million in overall lifetime earnings.
The CloneX-Takashi Murakami avatar collection holds the 4th position in NFT earnings, boasting $81.31 million in mint earnings, $37.68 million in royalty earnings to date, and a total lifetime earnings of $118.98 million.
Ranked 9th by earnings, RTFKT has 25 collections listed, with the top one, ‘RTFKT – MNLTH,’ earning $16.39 million.
According to findings from The Block Research, CloneX’s success, especially during a bullish market, contributed significantly to its earnings, with nearly a billion dollars in volume attributed to its performance alone.
Indeed, the NFT collections showcase impressive figures beyond CloneX and RTFKT as well.
Following CloneX, RTFKT – MNLTH holds a substantial amount, nearing $166 million. The third position by volume is secured by RTFKT – CloneX Mintvial, with an impressive $135.4 million.
These noteworthy numbers are particularly significant considering the broader market’s challenges and struggles during an extended period of downturn, often referred to as a prolonged winter.
When Nike Met RTFKT
In December 2021, Nike acquired RTFKT with a strategic plan to venture into the creation of NFTs (Non-Fungible Tokens) and sneakers tailored for the metaverse.
By September 2022, the company had experienced significant success, generating over $185 million from the sale of its NFTs and receiving more than $93 million in royalties.
Before the acquisition, RTFKT collaborated with artist Fewocious, releasing three virtual sneaker designs that garnered $3.1 million at the time. The company also partnered with game company Atari to launch a limited Atari-themed fashion NFT series designed for various multiplayer blockchain games, including Decentraland, The Sandbox, and Atari Metaverse.
RTFKT further collaborated with prominent figures in the NFT and art space, including teaming up with CryptoPunks creator LarvaLabs and artist Takashi Murakami.
Nike has been actively exploring the virtual space, evident from the filing of seven patents in 2021 that outlined its intentions to develop and market virtual footwear and apparel.
The acquisition of RTFKT occurred a month after Nike unveiled Nikeland, a 3D virtual space that gained seven million visitors within five months of its launch.
In November 2022, Nike took a significant step into the Web3 space by introducing .SWOOSH, a platform offering virtual apparel for avatars. Despite facing initial technical challenges and delays, the NFT sale commenced on May 15 for selected users and on May 24, 2023, for the general public. By May 26, the platform had generated over $1 million in sales.
Far from slowing down, Nike hinted in June at the prospect of launching a collection of sneaker-themed NFTs within the popular gaming platform Fortnite. The move indicates Nike’s continued commitment to exploring and leveraging opportunities in the growing NFT and virtual space.
