Adidas and Nike Lead the Fashion NFT Wave

Recent research from CoinGecko highlights that major fashion players, such as Adidas and Nike, are at the forefront of the NFT landscape. In a groundbreaking move, Adidas introduced its first fashion NFT collection, “Into the Metaverse,” in late 2021, followed by additional solo collections and a Web3 artist residency program.

Collaborations with renowned brands like Bape and Bugatti resulted in six joint NFT ventures, contributing to Adidas’s impressive tally of 12 NFT collections.

Likewise, Nike has strategically entered the NFT space with nine collections, including the acquisition of Web3 studio RTFKT in late 2021. Post-acquisition, Nike released six collections under RTFKT and established its Web3 platform, “.SWOOSH,” operated by the in-house team Nike Virtual Studios.

The platform has successfully launched two sneaker NFT collections and an identity NFT collection. The study underscores the pivotal role of sportswear brands in shaping the evolving landscape of fashion NFTs.

Puma secures the third position in the fashion NFT rankings, boasting six collections that feature both solo releases and collaborations. Notably, their collaboration with the NFT project Gutter Cat Gang and basketball player LaMelo Ball resulted in a distinctive redeemable sneaker collection.

Related: GameStop Shut Down Its NFT Marketplace Platform

Intriguingly, luxury fashion brands have shown less enthusiasm in embracing fashion NFTs. Gucci, however, has been an exception, showcasing the 10KTF Gucci Grail collaborative collection, NFT artwork collections, and Sandbox avatar NFTs. Other notable brands like Yves Saint Laurent, Prada, and Tiffany & Co. have also entered the NFT space with unique offerings.

CoinGecko’s research reveals that among the top 50 global fashion brands, 21 have delved into NFTs, constituting 42% of the total. Despite this, the study highlights that many of these collections lack significant impact, as traditional fashion brands allocate less investment towards NFT marketing efforts.