Big brands are flipping the Web3 script. According to Dune Analytics, Nike, Gucci, Dolce & Gabbana, Adidas, and Tiffany have amassed a combined $260 million in NFT sales, royalties, and secondary sales. The most interesting (and important) thing about this statistic is that brands, by their very nature, are centralized authorities. If you’re wondering why this matters, pure play NFT collections (such as Bored Ape Yacht Club or CryptoPunks) and single, unique NFTs (such as Nyan Cat or Beeple) are minted (created) using protocols where the unique selling principle is decentralization, meaning they can be bought, sold, and traded in a trustless environment.
While the sample set is pretty small – and it’s just a revenue list – the key takeaway for me is that these brands are successfully using NFTs to create additional value (cash and data) from their intangible assets (trust, story, promise, etc).
Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.