Apparel and luxury goods industries are leading the NFT adoption

According to a recent research study by CoinGecko, the apparel and luxury goods industries are leading in the adoption of tradable non-fungible tokens (NFT), with major brands launching their own NFT collections.

The crypto aggregator discovered that the apparel and luxury goods sector has advanced significantly faster than other industries, with 19 of the sector’s top brands taking part in NFT projects since 2020.

The study looked at both international and conventional brands that have, independently or in collaboration, entered the NFT space since 2020.

All companies had to have their corporate headquarters in either the US or Europe.

While leading companies like Time, Fortune, Reddit, Rolling Stone, and Fox Corp launched NFT collections, the media sector came in second on CoinGecko’s list.

Retail food and staples with McDonald’s and Taco Bell, entertainment with Paramount and Warner Records, and automobiles with McLaren and Porsche were among the other sectors launching NFT collections.

However, data from analytics company Dune Analytics shows that the monthly NFT trading volume peaked since the study began in January before dropping 97% as of September.