NFT has become an unmistakable part of the cryptocurrency market. The full form stands for Non-Fungible Tokens. These tokens have become immensely popular among crypto users around the world. The craze of these tokens has gone up to such an extent that Meta has announced introducing them to the Instagram stories. Currently, the crypto market does not seem to be making a lot of profits.
Most of the companies are going through a lean patch. It seems that the honeymoon period for all the crypto companies has come to a screeching halt. The last few months have been disastrous for the crypto community. Prices of every company have gone down significantly. Even the giants of the crypto market like Bitcoin and Ethereum have witnessed their shares go down considerably. Under such a volatile condition, Coinflex came with a dreadful announcement for its employees.
The company stated that they would be cutting down significantly on their staff to cope with the heavy loss that they have incurred during the past months. However, despite all the negativities, the craze for NFT remains fairly unaffected. Reputed companies have made a lot of money by selling these tokens. Some of the biggest names include Nike, Gucci, etc. Let us learn more about the story in detail below.
NFT Proves To Be Lucky For Big Brands
NFT is growing by leaps and bounds. If the recent trends are to be believed, these tokens have the potential to turn around the fates of the tattered crypto markets. Recent data have stated that companies like Nike and Gucci have made profits of up to $260 million from selling these tokens.
Apart from these brands, companies like Tiffany, Dolce & Gabbana, and Adidas have all made significant profits from selling NFT.