Nike and Dolce & Gabbana have generated the most revenue from NFT collections of any traditional brands in the space, according to data on Dune Analytics compiled by blockchain researcher Noah Levine.

Nike’s total NFT revenue sits in a league of its own at more than $185 million according to the data, as of press time. Dolce & Gabbana holds the second spot at nearly $26 million. Nike and Dolce & Gabbana also maintain the first and second ranks, respectively, in terms of primary sales revenue, indicating the brands’ success is not merely dependent on secondary marketplaces, but also on the initial drops themselves.

The analysis covers 13 traditional brands that have released Ethereum-based NFTs including Adidas, Budweiser and Lacoste. With blockchain data on royalties, minting demographics and monthly progress, the report presents a de facto leaderboard for brands. It is also auditable using Dune’s open-source platform.

Nike’s resounding success has been fueled by RTFKT, an NFT company it acquired in December. The partnership has produced six drops in the time since, including a virtual sneaker collection called Cryptockicks and, most recently, an AR hoodie paired with a real-life counterpart. 

There is an important caveat to Levine’s data on Nike. The report’s numbers across all the brand’s data points account for projects that RTFKT launched before its acquisition by Nike, including CloneX, one of the most popular NFT collections to have hit the market. It is unclear whether Nike considers these projects to be part of its NFT portfolio. Nike did not immediately respond to a request for comment.

Even without the upward boost from RTFKT’s pre-acquisition days, Nike easily maintains the top spot across nearly all data points. Total secondary volume generated is $314 million (nearly $1.3 billion before adjustments) and total royalties are $33 million. Data for adjusted total revenue was not calculable.  

Dolce & Gabbana’s prominence on the leaderboard points to how deeply luxury brands have embraced NFTs. Dolce has dropped five NFT collections, led by its “Family Glass Box” token, which has generated nearly $20 million in revenue since its launch in April. Fellow luxury retailers Tiffany and Gucci place third and fourth, respectively, in terms of revenue.

Adidas, which previously teamed with Bored Ape Yacht Club on an NFT campaign, sits in fifth place on the leaderboard, having generated nearly $11 million in NFT revenue. That figure accounts for the brand's sharing of revenue with various partners. Adidas is second only to Nike in both secondary volume and total royalties earned on its tokens. When the data is adjusted to exclude RTFKT’s previous projects from Nike’s data, Adidas holds the top spot in terms of total transactions, with 51,540.

Another notable finding from Levine’s data is the level of experience of those buying branded NFTs. The most popular demographic for each brand—with the exception of Time—is buyers who have previously made between five and 40 transactions with their crypto wallets. This suggests that brands’ collections are primarily catering to consumers who are firmly familiar with crypto and NFTs. Consumers making their first crypto transaction accounted for more than 30% of mints for only three of the 13 brands.