crypto.news
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
You might also like: Over 50% of tokens listed on CoinGecko since 2014 have died, data shows
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.
Read more: CoinGecko’s X accounts breached by hackers