Brands Continue to Enter the Space Despite the "Crypto Winter"

After being valued at $11.3 billion in 2021, web3 continues to draw the attention (and investment) of web2 companies. Despite the possibility of a prolonged icing over of the market, creating a "crypto winter," the following brands continue to invest and build in the space.

1. Nike gained over $183 million in total NFT revenue with the launch of two successful projects, including CloneX and Cryptokicks. They’re doubling down with the dotSWOOSH NFT creator marketplace which is launching soon.

2. Adidas is also in on the game with over $10 million in NFT-related revenue. They launched a successful project with over 30K NFTs and established a lucrative partnership with BAYC.

3. Next we have Nickelodeon, which built its own marketplace for fans to collect NFTs related to their popular intellectual property.

4. Then there's TIME magazine, which came back from the grave under the leadership fo Keith Grossman, with their extremely popular Timepieces collection.

5. Gucci, which earned over $11 million in NFT revenue.

6. And a few more successful launches include Tiffany, Disney, Marvel, Budweiser, and McLaren, and Lacoste also recently announced their first foray into the wild west that is web3, more brands join the space every day.

Liquidity may be at a low right now, but that doesn't mean that big things aren't being built in the background, and when the market heats up again, it will be back to that wild ride we all love.