According to a January 15 post from CoinGecko on X, just under half of global fashion brands, including Adidas, Nike and Puma, have NFT collections.
This release comes at the same time that OpenSea’s CEO expressed in a Bloomberg interview the platform’s intention to develop the most compelling use cases for non-fungible tokens (NFTs) amid a decline in trading volumes.
Methodology: This study examined NFT collections launched by the world’s 50 largest apparel brands, based on Brandirectory’s 2023 market capitalization and publicly available information, as of January 15, 2024. NFT collections used as coin cards and digital wearables are excluded.
— CoinGecko (@coingecko) January 15, 2024
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The research shows that nine brands have one NFT collection, while six brands have each introduced two NFT collections. In terms of timeline, most fashion brands launched their first NFT collections in 2021 or 2022. However, exceptions to this trend include Cartier, The North Face and Ralph Lauren, who entered the NFT space in 2023 amid the NFT boom. bear market.
The thread states that Adidas is the prominent NFT brand in the traditional apparel sector, with 12 NFT collections and a dedicated Web3 internal team called the Three Stripes Studio. The first fashion NFT collection, ‘Into the Metaverse’, was unveiled by Adidas in late 2021.
Another major player in the traditional space to venture into fashion NFTs is Nike, which has introduced nine NFT collections so far. Nike gained attention in late 2021 with its acquisition of web3 studio RTFKT, known for its avant-garde designs and Clone X profile photo NFTs.
Sportswear brands are leading 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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