Which Brands Are Leading in Fashion NFTs?
Adidas is the top fashion NFT brand from the traditional apparel industry, with 12 NFT collections to date and a dedicated web3 internal team known as the Three Stripes Studio. Adidas launched their first fashion NFT collection Into the Metaverse in late 2021. Since then, the German sportswear brand has added 5 more solo fashion NFT collections and a web3 artist residency program. Adidas has also been active in partnering other brands including Bape and Bugatti, with 6 collaborative NFT collections in total so far.
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.
Sportswear brands seem to be leading the traditional apparel industry’s adoption of fashion NFTs, with Puma rounding off the top 3 fashion NFT rankings. Puma’s 6 NFT collections are similarly a mix of solo launches and collaborations, including a redeemable sneaker collection with NFT project Gutter Cat Gang and basketball player LaMelo Ball.
In comparison, luxury fashion brands have pursued fashion NFTs less extensively. Luxury fashion brands with notable NFT efforts are: Gucci’s multi-faceted approach to web3, with its 10KTF Gucci Grail collaborative collection, NFT artwork collections and Sandbox avatar NFTs; Yves Saint Laurent, which has created a series of NFTs around its beauty line; Prada’s Timecapsule NFTs which are still minting monthly; Tiffany & Co’s high profile collaboration with CryptoPunks for its NFTiff collection.
How Many Top Fashion Brands Have NFTs?
In total, 21 out of the top 50 fashion brands worldwide have NFTs, or slightly below half (42%). Among the 21 fashion brands with NFTs, 9 brands only have a single NFT collection and 6 have just two NFT collections each.
Moreover, most of these fashion NFT collections can be considered as unimportant, with low awareness or impact due to brands investing less resources compared to their overall marketing efforts. This suggests that even when traditional fashion brands are open to exploring NFTs, most are cautious and do not currently consider NFTs as a meaningful part of their marketing strategies.
In terms of timing, most of the fashion brands launched their first NFT collection in 2021 or 2022. The exceptions are Cartier, The North Face and Ralph Lauren, which launched their first NFTs in 2023 amid the NFT bear market.
How Are Fashion Brands Using NFTs?
The top traditional fashion brands are using NFTs as part of their marketing strategies, to increase brand loyalty, form partnerships, as well as create virtual collectibles and experiences that go beyond physical products.
For example, Adidas’ 2022 Virtual Gear collection allows users to customize their avatars with digital collectibles and better express their virtual identities. Meanwhile, Nike’s .SWOOSH ID and Louis Vuitton’s VIA Treasure Trunks show how fashion brands are using NFTs to provide new gated experiences for their customers.
Redeemable fashion NFTs have also become a popular mechanism for certain brands seeking ‘phygital’ experiences, including Nike, Adidas, Puma and Tiffany & Co.
Top Fashion NFT Brands
Global top traditional fashion brands by market capitalization, ranked by their total number of NFT collections as of January 15, 2024 are:
| Traditional Fashion Brand | No. NFT Collections |
|---|---|
| Adidas | 12 |
| Nike | 9 |
| Puma | 6 |
| Gucci | 5 |
| Yves Saint Laurent | 4 |
| Givenchy | 3 |
| Prada | 2 |
| Moncler | 2 |
| Louis Vuitton | 2 |
| Coach | 2 |
| Levi's | 2 |
| Bulgari | 2 |
| Tiffany & Co | 1 |
| Under Armour | 1 |
| Burberry | 1 |
| Ray-Ban | 1 |
| Cartier | 1 |
| Old Navy | 1 |
| Ralph Lauren | 1 |
| Tommy Hilfiger | 1 |
| The North Face | 1 |
Methodology
The study examined non-fungible token (NFT) collections launched by the global top 50 apparel brands, based on Brandirectory’s 2023 market capitalization ranking and publicly available information, as of January 15, 2024. The study excluded NFT collections used as a mint pass, as well as digital wearables that could not be confirmed as NFTs.
This study is for illustrative and informational purposes only, and is not financial advice. Always do your own research and be careful when putting your money into any crypto or financial asset.
This article was co-authored by Vlad Hatze (@hatzetheman).
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