Weekly NFT Report:NIKE successfully pioneered the NFT market

Summary

Chart 1: OpenSea Daily Volume ($USD)
Chart 2: OpenSea Monthly Volume ($USD)
Chart 3: OpenSea Monthly NFT Sold (transaction count)

Deep Dive

  • The sportswear giant generated more than $185m in revenue so far, from its NFT-related projects, with $93m from primary sales and $92m from royalties of secondary sales. Nike significantly outperformed other fashion or sportswear brands in the NFT market, for instance, Dolce & Gabbana made $25m from its NFT sales, and Tiffancy&Co., Gucci and Adidas made only ~$12m.
  • As NFT market tumbled over last several months, even the blue-chip NFTs suffered during the downturn. Bored Apes holders who collateralized their NFTs on BendDAO to borrow other assets were in danger since the floor price dropped to 60eth and ETH price also plunged 20% to $1.6k. To save the protocol during credit crisis in this illiquid and volatile market, the team suggested to lower the liquidation threshold from 85% to 70% of loan value.
  • SudoRare, a forked NFT platfrom from SudoSwap and LooksRare, ran off its users’ funds on launch day, approximately 520eth was gone ($850k worth). The team has also deleted all its social media accounts.
  • The flightless bird NFT collection was running hot last week after Nansen and Meta executives joining the team’s advisory board, with floor price doubled to 4eth, taking the lead in the weekly ranking table on OpenSea. “Lil Pudgys”, the mini version of “Pudgy Penguins” followed, floor price went up from 0.17eth to 0.3eth.

Following

  • Puma, a well-known sportwear company, entered NFT market with the launch of “Nitro Token”. The token was a free claim, which will then grant holders the rights to mint a “Nitropass” for 0.2eth on 26 Aug. The pass will give holders exclusive access to Puma’s future projects.
  • Invesco, a world-wide asset management firm, launched a $30m metaverse-focused fund.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store