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According to a Jan. 15 post by CoinGecko on X, just under half of the world’s global fashion brands, including Adidas, Nike, and Puma, have $NFT collections.
This release comes at the same time the OpenSea CEO, in a Bloomberg interview, expressed the platform’s intention to develop the most compelling use cases for non-fungible tokens (NFTs) amidst a decline in trading volumes.
Methodology: This study examined $NFT collections launched by the global top 50 apparel brands, based on Brandirectory’s 2023 market cap ranking and publicly available information, as of January 15, 2024. $NFT collections used as mint pass and digital wearables were excluded.
— CoinGecko (@coingecko) January 15, 2024
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The study states that nine brands have a sole $NFT collection, while six have introduced two $NFT collections each. Regarding the timeline, most fashion brands initiated their inaugural $NFT collections in 2021 or 2022. However, exceptions to this trend include Cartier, The North Face, and Ralph Lauren, which entered the $NFT space in 2023 amidst the $NFT bear market.
The thread states that Adidas is the prominent $NFT brand in the traditional apparel sector, boasting 12 $NFT collections and featuring a dedicated web3 internal team named the Three Stripes Studio. The inaugural fashion $NFT collection, “Into the Metaverse,” was unveiled by Adidas in late 2021.
Another key player in the traditional realm venturing into fashion NFTs is Nike, which has introduced nine $NFT collections thus far. Nike gained attention in late 2021 with the acquisition of web3 studio RTFKT, recognized for its avant-garde designs and Clone X profile picture NFTs.
Sportswear brands are at the forefront of the traditional apparel industry’s embrace of fashion NFTs, evidenced by Puma securing a position in the top-three fashion $NFT rankings.
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