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🚨 ApeChain has landed on NFT Price Floor 🦍 Check it out! 🚀
RTFKT
BrandRank #38
14Total projects
24Brand sales
$23,256,900NATIVEBrand market cap
$21,244NATIVEBrand volume
What is RTFKT?
RTFKT Studios is a dynamic digital fashion and collectible company that emerged in January 2020. Founded by Benoit Pagotto, Chris Le, and Steven Vasilev, RTFKT positions itself as a creator-led organization, encompassing a diverse community of collectors, investors, artists, gamers, and enthusiasts. Their innovative approach involves the creation of NFT-based items, ranging from digital RTFKT sneakers to collectible avatars, which reside on the blockchain and find utility in gaming and augmented reality.
The company has gained significant traction, evident through its active presence on platforms like Twitter and a vibrant Discord server with over 157,000 members. The RTFKT Discord server serves as a hub for various channels dedicated to drops, digital art tutorials, crypto discussions, memes, and even fitness. Notably, their reputation skyrocketed after successful collaborations with renowned figures. For instance, their CloneX avatars, created in partnership with the iconic Japanese pop artist Takashi Murakami, have generated over $500 million in secondary trades. Furthermore, their collaboration with blockchain-native artist FEWOCiOUS resulted in the sale of digital sneakers worth $3.1 million in just five minutes.
The acquisition news has catapulted RTFKT into the spotlight, prompting them to release a statement on their website. This acquisition is expected to accelerate Nike's digital transformation and enable RTFKT to cater to athletes and creators. Benoit Pagotto, one of the co-founders, expressed his optimism, highlighting the benefits of Nike's expertise in community building and their commitment to innovation, community, and creativity.
As a creator-led organization, RTFKT harnesses the power of cutting-edge technologies such as augmented reality, NFTs, blockchain, and game engines to craft distinctive virtual sneakers and digital artifacts. Their activities in the digital asset realm exemplify the fashion industry's aspirations to forge partnerships and leverage the capabilities of other companies in the field. By embracing these innovative technologies, RTFKT paves the way for a future characterized by digital ownership, interconnected online ecosystems, and fashion inspired by gaming and virtual experiences. The utilization of NFTs allows for unique tokens that can be associated with various forms of artwork, subscriptions, tickets, and potentially many more applications that lie ahead.
The RTFKT studios and Nike relation
In a significant move that caught the industry's attention, Nike acquired RTFKT Studios in December 2021, marking the first major brand to make a substantial commitment to the world of cryptocurrency. As stated by John Donahoe, Nike's CEO, the acquisition is expected to extend Nike's digital reach and enhance its capabilities. This collaboration may pave the way for the integration of crypto technology, a trend that other prominent brands like Adidas are also exploring to tap into the potential of the future. As part of their crypto integration strategy, Nike and RTFKT have acquired ' .eth' section titles on the Ethereum Name service NFTs, with examples like "dotswoosh.eth" being visible on RTFKT's OpenSea account.
Nike's interest in blockchain technology has grown, as evidenced by their acquisition of RTFKT and their endeavor to explore the metaverse through virtual sneakers. The renowned sportswear giant has filed new trademarks specifically for virtual shoes and apparel, suggesting their intention to delve deeper into the realm of virtual products. This aligns with a broader trend, with other companies like Facebook rebranding as Meta and emphasizing the potential of the metaverse to revolutionize the internet and enhance human experiences.
RTFKT has gained significant attention for their collaboration with artist Takashi Murakami called CloneX, which has already generated substantial transaction volume. The terms of the acquisition were not disclosed, but RTFKT had previously raised funding and was valued at $33.3 million. This move aligns with the industry trend, with Adidas also partnering with NFT projects to explore the potential of this emerging market.
What are the RTFKT NFT sneakers?
RTFKT Studios has unveiled its latest creation, the Cryptokicks iRL sneaker collection. Following its acquisition by Nike, RTFKT collaborated with its parent company to introduce a line of futuristic footwear that brings its signature sneaker NFTs to life. Described as the first native Web 3 sneaker, the Cryptokicks iRL combines Nike's decades of sneaker innovation with RTFKT's vision to merge the digital and physical worlds. The collection features impressive features such as auto-lacing, customisable lights, wireless charging, and a lacing system that adjusts to a comfortable fit. Each pair of Cryptokicks iRL comes with an NFC chip to authenticate its digital counterpart.
Having gained recognition for the RTFKT shoe sales in the past, RTFKT's collaboration with Nike further solidifies the sportswear giant's position as a frontrunner in the Web3 space. The Cryptokicks iRL not only showcases RTFKT's futuristic design elements but also pays homage to Nike's iconic sneaker history, particularly the Nike Mag from Back to the Future 2. Limited to 19,000 pairs, each physical sneaker is authenticated through NFC chips and can be redeemed through the corresponding NFT. With the release of Cryptokicks iRL, Nike and RTFKT demonstrate their ability to blend the best aspects of digital and physical experiences and how they plan to erase the lines between real and virtual items. The innovative features of the sneaker reflect RTFKT's forward-thinking approach, while the iconic silhouette and Nike's sneaker heritage contribute to its significance in pop culture.
The Cryptokicks iRL functionalities can be accessed through the RTFKT iRL App, allowing owners to customize their fit and lighting animations. Moreover, RTFKT hints at the potential for "move-to-earn" quests and events for sneaker holders in the future, indicating an exciting evolution in the digital fashion realm.
Who created the RTFKT NFT?
RTFKT, was founded by Benoit Pagotto, along with Chris Le and Steven Vasilev, in early 2020. Prior to RTFKT, Pagotto had experience in retail and marketing, including working at the renowned Colette concept store in Paris and esports company Fnatic. Despite facing initial challenges with Nike obtaining a patent for a blockchain-based virtual sneaker similar to their planned product, RTFKT persevered and gained attention with its virtual sneaker drops featuring collaborations with artists like Jeff Staple and Takashi Murakami. The company experienced rapid growth, securing an $8 million funding round and achieving significant revenue from virtual sneaker sales.
In a full-circle moment, RTFKT was acquired by Nike at the end of 2021, solidifying its position in the market. Benoit Pagotto took on the role of senior director, brand and partnerships at Nike, and the long-awaited CryptoKicks collaboration between the two companies was finally released. RTFKT's mission revolves around using blockchain technology to create unique digital artifacts, particularly digital sneakers, that are sold as NFTs and collectibles. The founders draw inspiration from gaming, crypto culture, and their fashion industry background. By leveraging NFTs and NFC technology, RTFKT aims to create an ecosystem of authenticity and utility for its digital merchandise.
Steven Vasilev, one of the co-founders, highlighted the team's realization of the potential of NFTs and blockchain technology to enhance the collector's experience. They incorporated NFC chips and partnered with Nike, tapping into the footwear giant's extensive research and development in NFC technology. This combination allows RTFKT to create an ecosystem of authenticity while offering new utility to their products. The integration of NFTs and NFC technology provides two layers of immutability and opens up possibilities for applications such as event access verification. RTFKT's innovative approach demonstrates its commitment to pushing the boundaries of digital fashion and creating unique experiences for its customers.
What are the RTFKT most known collections?
RTFKT has gained widespread recognition for its distinctive collections and collaborations within the Web3 and NFT realm. One of their most prominent partnerships was with CryptoPunks, known as the "Punks + Fewocious" collection. This collaboration involved the creation of exclusive physical and metaverse drops tailored to match the unique designs of each Punk NFT holder. However, it was the collaboration with the talented 19-year-old crypto artist FEWOCIOUS that truly propelled RTFKT into the spotlight. Their NFT sneaker and digital character collection sold for an impressive $3.1 million in just under seven minutes, showcasing the brand's ability to capture attention and demand.
Another notable collaboration for RTFKT was with renowned artist Jeff Staples, famous for his work with Nike on the iconic pigeon-themed Nike Dunks. This collaboration introduced a new set of virtual sneakers and pigeons that owners could showcase within the Decentraland metaverse game. These pigeon-inspired shoe NFTs became foundational elements for one of the most expansive NFT ecosystems in the space, demonstrating RTFKT's commitment to innovation and pushing boundaries.
The brand's partnership with the legendary Japanese artist Takashi Murakami gave rise to the Clone X collection, which marked their foray into the metaverse world. This NFT avatar project featured 20,000 3D avatars with anime undertones and unique attributes designed by Murakami himself. Clone X quickly became the most notable and prominent aspect of the brand, with the Clones trait being the most sought-after. The collection gained significant popularity, with 11,133 Clones initially distributed through a presale. Holders of Clones enjoyed versatile utility, including discounts on digital and physical products, access to exclusive events, and personalization options with various 3D files based on their Clones' attributes.
In August 2022, RTFKT introduced the Clone X Forging SZN 1, allowing holders to redeem digital and physical items such as caps, jackets, pants, socks, and sneakers. The available apparel was determined by each Clone X DNA, offering a wide range of gear for all 10 types of Clones. The forging process enabled holders to mint up to two items from their NFT's DNA and receive additional bonuses like a free item from the Genesis X collection or a corresponding t-shirt.
Notably, certain Clone variations, such as the Human Clone with Murakami Drip, had exclusive privileges to mint up to 31 premium wearables. It's worth mentioning that while Murakami Drip traits carried special benefits, commercial licensing was not included, except for the other traits, which could be commercialized up to $1,000,000, adding further value to the collection.
Naturally, with the incredible background we have described throughout this article, the NFT world is eagerly awaiting RTFKT's next move. There is no doubt that it will be epic.