NFTs Present in 21 of the Top 50 Global Fashion Brands

### Nearly Half of Global Fashion Brands Have NFT Collections, Including Adidas, Nike, and Puma

According to a recent post by CoinGecko, just under half of the world’s global fashion brands, including Adidas, Nike, and Puma, have entered the world of non-fungible tokens (NFTs). This surge in NFT collections coincides with OpenSea CEO’s announcement of their intention to develop compelling use cases for NFTs, despite a decline in trading volumes.

The study conducted by CoinGecko focused on the top 50 apparel brands globally, based on Brandirectory’s 2023 market cap ranking. It found that nine brands have introduced a single NFT collection, while six brands have launched two NFT collections each. Most fashion brands began their foray into NFTs in 2021 or 2022, but exceptions like Cartier, The North Face, and Ralph Lauren entered the NFT space in 2023, even amidst the bear market for NFTs.

Among the fashion brands, Adidas stands out as the prominent NFT brand in the traditional apparel sector. Adidas has introduced 12 NFT collections and even has a dedicated web3 internal team called the Three Stripes Studio. Their first fashion NFT collection, “Into the Metaverse,” was unveiled in late 2021.

Nike, another key player in the traditional realm, has also embraced fashion NFTs. Nike has launched nine NFT collections so far and made headlines in 2021 with its acquisition of web3 studio RTFKT. The studio is known for its avant-garde designs and Clone X profile picture NFTs.

Sportswear brands are leading the charge in the fashion industry’s adoption of NFTs. Puma, for example, has secured a position in the top three fashion NFT rankings.

Overall, the presence of NFT collections from prominent fashion brands like Adidas, Nike, and Puma indicates a growing interest and recognition of the potential value in the NFT market. As the OpenSea CEO aims to develop compelling use cases for NFTs, it is likely that more fashion brands will follow suit and explore the possibilities of this emerging technology.

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Original Story at crypto.news – 2024-01-15 18:20:37

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