The apparel and luxury goods industry is leading in tradable non-fungible token (NFT) adoption, with major brands launching their own NFT collections, according to a new research study by CoinGecko.
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- The independent cryptocurrency aggregator found the apparel and luxury goods industry has far outpaced other sectors, with 19 leading brands in the sector participating in NFT projects since 2020.
- The study examined international and traditional brands that have ventured into the NFT space since 2020, independently or in collaborations. All brands were required to have headquarters in Europe or the U.S.
- Adidas AG led all apparel and luxury goods companies with the “adidas Originals: Into the Metaverse” NFT collection, having a total trading volume of 47,000 ETH (US$64 million) since its launch in December 2021, the report said.
- The media industry took second place on CoinGecko’s list, with top brands such as Time, Fortune, Reddit, Rolling Stone and Fox Corp. all launching NFT collections.
- Other industries launching NFT collections included food and staples retailing with McDonald’s and Taco Bell, entertainment with Paramount and Warner Records, and automobiles with McLaren and Porsche.
- However, since the start of the study, monthly NFT trading volume hit a peak in January and then proceeded to drop 97% as of September, according to data from analytics firm Dune Analytics.
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