In a recent study, crypto data aggregator platform CoinGecko unveiled that 21 out of the top 50 global fashion brands, representing 42%, have delved into NFT investments.
CoinGecko based its latest study on Brandirectory’s 2023 market capitalization ranking and publicly available data as of January 2024. Notably, CoinGecko excluded collectibles utilized as mint passes from its analysis.
Adidas leads the pack as the foremost fashion NFT brand originating from the traditional apparel sector, boasting a total of 12 NFT collections and a specialized web3 internal unit called the Three Stripes Studio. The journey commenced with Adidas' inaugural fashion NFT collection, "Into the Metaverse," launched in late 2021. Since then, the renowned German sportswear label has expanded its repertoire, introducing five additional standalone fashion NFT collections and initiating a web3 artist residency program. Moreover, Adidas has actively forged partnerships with other brands, such as Bape and Bugatti, resulting in a collective output of six collaborative NFT collections to date.
Another traditional brand leading fashion NFTs is Nike, which has launched 9 NFT collections to date. Nike made headlines in late 2021 when it acquired web3 studio RTFKT, then known for its edgy designs and Clone X profile picture NFTs. After launching 6 fashion NFT collections under RTFKT, Nike created its own web3 platform .SWOOSH run by an internal team Nike Virtual Studios. Through .SWOOSH, the US sportswear brand has launched two sneaker NFT collections and an identity NFT collection.
Leading the charge in the traditional apparel industry's embrace of fashion NFTs are sportswear brands, with Puma securing a spot in the top three fashion NFT rankings. Puma's repertoire includes six NFT collections, featuring a blend of standalone releases and collaborative efforts. One standout among these collections is the GutterMelo MB.03 Sneakers, a collaboration between Puma, NBA player LaMelo Ball, and the NFT project Gutter Cat Gang, garnering significant popularity.
Italian luxury brand Gucci comes fourth on CoinGecko’s report with five NFT collections. Through collaborations with popular Web3 company Yuga Labs and other endeavors, Gucci imprinted its fashion-themed digital footprint in the non-fungible realm.
Several other traditional fashion brands have embraced non-fungibility, including Givenchy, Prada, Louis Vuitton, Levi’s, Tiffany & Co., Burberry, Ray-Ban, Ralph Lauren, Tommy Hilfiger, and The North Face. Among these, nine brands have introduced a solitary digital collection, while six have ventured into the space with two collections.
In terms of timing, the majority of these fashion brands launched their inaugural NFT collections in 2021 or 2022. However, exceptions to this trend include Cartier, The North Face, and Ralph Lauren, which debuted their first NFTs in 2023 amid the NFT bear market.
This metric underscores the brands' keen interest in integrating NFTs into their strategies despite a waning user engagement in non-fungible assets. By leveraging digital collectibles to bolster their marketing initiatives and showcase physical products, it's conceivable that more brands will gravitate towards the non-fungible path in the future.