Non-fungible token (NFT) collections by sportswear giant Nike and virtual sneakers and collectibles creator RTFKT have achieved remarkable success in the crypto market. Despite joining forces less than two years ago and facing challenging market conditions, these collections have generated impressive earnings. According to The Block Research, since December 2021, these NFTs have accumulated a trading volume of approximately $1.4 billion, with total earnings reaching $170 million.
RTFKT’s Impressive Performances
RTFKT, known for its virtual sneakers and collectibles, has positioned itself as a prominent player in the NFT market. Its collections have achieved significant milestones in terms of earnings. Data provided by DeFi Llama reveals that RTFKT recorded $27,537 in earnings within 30 days. Moreover, it has accumulated a total of $45.92 million in loyalty earnings and $50.07 million in total lifetime earnings. RTFKT currently has 25 collections listed under its name, with the top collection, ‘RTFKT – MNLTH,’ earning $16.39 million.
The Success of CloneX-Takashi Murakami Avatar Collection
The CloneX-Takashi Murakami avatar collection has also achieved considerable success, securing its position as the 4th highest earner in the NFT market. It has generated $81.31 million in mint earnings, $37.68 million in royalty earnings, and $118.98 million in total lifetime earnings. This collection’s success, primarily during a bull run, has contributed significantly to the overall earnings generated by Nike and RTFKT.
In addition to these standout collections, other collaborations and partnerships have also contributed to the success of Nike and RTFKT. For example, Nike’s acquisition of RTFKT in December 2021 was a strategic move to create NFTs and virtual sneakers for the metaverse. This partnership has since resulted in over $185 million in NFT sales and over $93 million in royalties by September 2022.
Prior to the acquisition, RTFKT had already established itself as a prominent player in the NFT market. It collaborated with various artists and companies, including Fewocious, Atari, LarvaLabs, and Takashi Murakami. Nike, on the other hand, filed several patents in 2021 to develop and sell virtual footwear and apparel. The acquisition of RTFKT also coincided with the launch of Nikeland, Nike’s 3D virtual space, which attracted seven million visitors within five months of its launch.
In November 2022, Nike introduced .SWOOSH, a Web3 platform that offers virtual apparel for avatars. Although the platform experienced some technical issues and delays initially, it generated over $1 million in sales within a matter of days. As a testament to Nike’s commitment to the NFT market, the company hinted at the possibility of launching a collection of sneaker-themed NFTs within the popular game Fortnite in June.
