Fashion NFTs are proving to be the next big thing in the luxury and retail fashion industries, as more brands are getting involved in the Web3 space, according to Messari research analyst Ally Zach. The transaction volume in the fashion NFT field is expected to approach 1.3 billion US dollars in 2022, driven largely by the partnership between Nike and RTFKT Studios.
Nike’s acquisition of RTFKT Studios in 2021 has been a game-changer for the fashion NFT space. RTFKT collections account for more than 70% of phygital transactions in the industry’s secondary market, making them the largest player in the market. The CloneX NFT line is one of the most popular collections in the market, and Nike’s involvement has only helped to further increase the popularity of RTFKT collections.
RTFKT’s impact on the fashion NFT space cannot be overstated. The collectibles have generated $1.25 billion in transaction volume and $178 million in revenue since mid-2021. During the same time period, Nike branded collections were valued at $52 million, with 30% going directly to consumers and the remaining amount being paid as royalties to project creators. Nike’s acquisition of RTFKT Studios has enabled the company to become the largest contributor to NFT trading activity in the fashion NFT space, accounting for over 65% of all Nike brand NFT trading activity in 2022.
NFTs are quickly becoming a popular form of digital collectibles, as they offer a unique and secure way of owning a piece of art or collectible. The fashion NFT space is no exception, and major brands are taking notice of the potential for growth and profitability in this space. With the rise of NFTs in the fashion industry, it is clear that this trend will only continue to grow in the coming years.
