In Crypto: Nike just did it! Huge NFT earnings see him leading the pack

Cryptocurrency

Nike, the world’s most popular sportswear company, is also the leader in the NFT space for brands.

The $30 billion US giant amassed $185.3 million in revenue from NFT drops, with $93 million in primary sales and $92 million in royalties.

Data from Dune Analytics and first reported by NFTGators showed that Nike inspired 67,000 trades, with secondary market volumes approaching $1.3 billion.

European competitor Adidas generated fifth in NFT revenue, but was a distant second with $10.9 million from 51,000 transactions.

The CloneX collection topped Nike’s list, generating $39.93 million, followed by the sneaker-themed MNLTH collection, which generated $24.22 million.

Nike acquired NFT startup RTFKT in December 2021 to accelerate its Web3 strategy, just weeks after the launch of the CloneX collection. NFT has produced most of its campaigns to date, including MNLTH and MNLTH2, Mint Vial, and Cryptokicks virtual trainers, which launched in April.

This latest collection included 20,000 NFTs, including a design by Takashi Murakami that was purchased for $134,000.

Dolce & Gabbana (revenue of $25.6 million from 9,000 transactions) ranks second on the Dune Analytics list, followed by Tiffany, which recently launched its NFTiff token allowing CryptoPunk holders to make personalized pendants. Tiffany’s $12.6 million came from just 74 transactions.

Gucci ($11.6 million) finished fourth ahead of Adidas then Budweiser, Time Magazine, Bud Light, AO and Lacoste.

Trading volume across the entire NFT market fell 40% in Q2 2022 as interest in digital collectibles wanes.

Cryptocurrency Shorts

Coinbase CEO Brian Armstrong isn’t worried about weathering his last crypto winter, this time as a listed company, despite warning that crypto exchange fees will drop. “I can’t tell you what the world will look like in a year from now,” he told CNBC. “We have this saying internally, ‘it’s never as good as it looks, it’s never as bad as it looks’. If we keep making great products, we’re going to do well for the next five or 10 years.

Members of the Uniswap community voted to create the Uniswap Foundation to support open source development and community governance under the protocol. The foundation is seeking $74 million from the DAO treasury, which currently holds over $3 billion in UNI, the protocol’s native token.

Cardano founder Charles Hoskinson has come to the defense of the founders of Tornado Cash after the crypto mixer was sanctioned by US authorities for allegedly enabling the laundering of stolen funds through its platform. Comparing writing code to a book, he said, “For the most part, it’s just words. You don’t tell people to go do that.

Iran’s Importers Association has called for a regulatory framework for cryptocurrency after its government, which faced the world’s most economic sanctions before Russia’s invasion of Ukraine, recently used crypto to pay for imports.

Transact365, a UK-based global payment platform that powers merchants around the world, has entered into a strategic partnership with crypto exchange FINECTUM. Merchants can now accept and process crypto payments, including BTC, LTC, USDTE, USDTT, ETH and more, across five continents.

Crypto prices

The aggregate market cap of over 20,700 coins is $1.03 trillion at the time of writing (7am UK), an increase of 2.3% in the last 24 hours.

Market leader Bitcoin – the original cryptocurrency created by the mysterious Satoshi Nakamoto – gained 2% to $21,400. BTC is down 12% from a week ago.

Ethereum, the second most valuable crypto coin — created as a decentralized network for smart contracts on the blockchain — rose 4% to $1,645. ETH is down 7% in a week.

Binance Coin is a cryptocurrency created by popular crypto exchange Binance to help its goal of becoming the infrastructure service provider for the entire blockchain ecosystem. Its BNB token climbed 1% to $299, leaving it down 7% over seven days.

Ripple’s XRP token, a payment settlement asset exchange and remittance system, acts as a bridge for transfers between other currencies. XRP gained 3% to 34.4c, with the price down 12% from seven days ago.

Cardano is an open-source network facilitating dApps that sees itself as an updated version of Ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, added 2% below 46c and is down 21% in a week.

Solana is a blockchain designed to make decentralized finance accessible at scale – and capable of processing 50,000 transactions per second. Its SOL token added 2% to $35.04 and is 21% lower than its price a week ago.

The Meme DOGE coin was created as a satire on the hype surrounding cryptocurrencies, but is now a major player in the space. DOGE rose 1% to 6.8c and is down 22% over seven days.

Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralized web. Its DOT token, which aims to securely connect blockchains, rose 4% to $7.55 and is down 17% from its price a week ago.

Avalanche is a lightning-fast auditable platform for institutions, businesses, and governments. Its AVAX token added 6% to $23.25 and was down 17% in a week.

Polygon aims to securely connect blockchains as a kind of decentralized internet. Its MATIC token gained 6% to 81.5c, while down 15% in a week.

To see how the valuations of major coins have changed lately – and for a roundup of recent developments in cryptocurrency news – click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price changes, see below.