Quick take:

• NFTs are turning out to be a gem for fashion brands.
• Leading brands have generated at least $1 million for a total of $260 million.
• Nike tops the list with a whopping $185 million revenue from NFT sales.

Non-fungible tokens (NFTs)are becoming an exciting revenue channel for businesses. Often dismissed as a passing fad, or a frenzy generated by the Fear of Missing Out (FOMO), companies worldwide have made NFTs a key ingredient in their strategies.

Some, are attracted by the opportunity to establish deeper connections with their fans; others are simply interesting in optimising the revenue per user through NFT drops and merchandise.

But Nike seems to have found the perfect mix, blending virtual experiences with its iconic branding rights to net a whopping $185 million in revenue from NFT sales. The companyacquired NFT startup RTFKTto accelerate its web3 strategy in December last year.

Dolce & Gabbana (D&G), Tiffany, Gucci, and Adidas join Nike in the list of the top five fashion brands leading a wave of businesses looking to take advantage of the rapid adoption and growth of NFTs in the mainstream.