Thanks to the metaverse, there has been a lot of hype around digital assets and artifacts during the last couple of years. Many firms have joined the trend to create platforms and spaces and, as the result, encourage the growth and sales of digital products. Many firms believe that the metaverse will revolutionize blockchain technology, and it may drive more people into the industry. RTFKT (ARTIFACT) is one of the latest firms that has joined the trend to motivate the creation of digital arts with the introduction of RTFKT crypto project. In this article, we will be looking into the key details of the RTFKT project to understand how it helps the digital market be more creative.
What is RTFKT?
RTFKT Studios (pronounced “Artefact”) is a digital fashion and collectible company founded in January 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev. RTFKT describes itself as a creator-led organization that includes a community of collectors, investors, artists, gamers, and fans.
In its short presence in the NFT world, RTFKT has created items from digital sneakers to collectible avatars. These items live on the blockchain as NFTs and can be used in gaming and augmented reality.
At present, its community goes active on Twitter, and in its 157,000-member Discord server. RTFKT Discord server is known to host channels dedicated to drops, digital art tutorials, crypto gossip, memes, and exercise. Their ranks have improved after a series of high-profile (and high-grossing) collaborations. Their CloneX avatars in collaboration with Japanese pop icon Takashi Murakami have earned more than $500 million in secondary trades. Besides, RTFKT’s digital sneakers in collaboration with blockchain-native artist FEWOCiOUS sold for $3.1 million within five minutes of release.
A brief history of RTFKT NFTs
As we already mentioned, RTFKT has been active in NFT market since 2020. In its short lifetime in the digital market, RTFKT has launched some of the well—known NFT projects in collaboration to some other famous NFT names. It becomes successful in the market by combining aspects of sneaker culture and streetwear with NFTs. Let’s have a closer look at their NFT collections:
FEWOCiOUS x RTFKT
The first NFT project released by RTFKT was in collaboration with up-and-coming NFT artist FEWOCiOUS. The NFT collection includes digital assets that feature both shoes and digital characters. Each NFT is a video that shows a 360-degree view of the product. The NFTs are painted in eye catching, vibrant colors, and can be used in Decentraland as well. The project raised over $3 million in just minutes after the release, early 2021.
Clone X project
One of the major releases by RTFKT in collaboration with Takashi Murakami is Clone X project, launched in November 2021. Murakami is an NFT designer, working with brands such as Louis Vuitton. The CloneX collection includes 20,000 unique avatars with a wide variety of defining characteristics. The avatars have a unique 3D look and lots of complicated details. The project got hot when RTFKT announced that the CloneX avatars would be metaverse-ready, meaning that users can show off their avatars in virtual worlds. Among all is the legendary tennis player Serena Williams who purchased a Clone X directly from RTFKT.
RTFKT x JeffStaple
RTFKT had another major release in collaboration with Jeff Staple. Staple is famous for working with Nike Inc. (NYSE: NKE) on pigeon-themed Nike Dunks. The collaboration with Nike led him to create his own brand, Staple Pigeon. RTFKT also found it special to follow Staple and create a pigeon-themed NFT project. The project offers both pigeons and sneakers. The NFTs from the project allow owners to show off their shoes or pigeons in the metaverse game Decentraland.
RTFKT x Nike Dunk Genesis CRYPTOKICKS
The most important collaboration of RTFKT seems to be with Nike, a multinational corporation engaged in the design, development, manufacturing, marketing and sales of footwear, equipment, accessories, and services. Nike acquired RTFKT to enter the s-sport and take a share in the digital world by developing CryptoKick NFTs and AR Nike Hoodie NFTs. In the following, we will discuss the projects in more details.
In addition to these three main projects, RTFKT has also released several other smaller projects. it cooperated with RIMOWA to conduct a new line of phygital baggage and NFTs in October 2022. RTFKT also developed wearable metaverse perfume in corporation with Byredo, the luxury fragrance brand.
Last but not least, Murakami and RTFKT teamed up with Crown collection. Altogether, they created 4 limited-edition Clone X Chains NFTs, which are only available to Murakami and RTFKT team.
Nike acquires RTFKT
In December 2021, Nike acquired RTFKT. It was the first time a major brand had made a large commitment to crypto. Both RTFKT and Nike were on news for a while. John Donahoe, Nike’s CEO, said that the acquisition will “extend Nike’s digital footprint and capabilities.”
This acquisition can be start to crypto integration. Many other large brands like Adidas (OTCMKTS: ADDYY) are trying to enter the crypto world and have a share of what may be the future. To do that, Nike and RTFKT purchased several ‘.eth’ section titles to go live on Ethereum Name service NFTs. The latest named “dotswoosh.eth” cost 19.72 ETH for RTFKT and is visible on its OpenSea account.
RTFKT was acquired by Nike on December 13, 2021. This acquisition aimed to serve athletes and creators in the field of sport, creativity, gaming and culture. In April 2022, digital fashion brand RTFKT Studios revealed its new collection of customizable NFT sneakers and wearables, Nike CryptoKicks. This collection was the first big sneaker release by RTFKT since Nike acquired it in December.
The owners of RTFKT Monolith NFT, a token that includes 12,950 pieces of the Monolith, were first to access to the digital sneakers and skins. The holders of Clone X avatars also received pieces of Monolith via an airdrop in February 2022.
The collection was launched on NFT marketplace OpenSea. The digital sneakers generate approximately 3,100 Ethereum in trade volume at release. Besides, a collection of ‘Skin Vials’ that is used to customize the sneakers also sold for another 2,500 Ethereum in trade volume.
Will CryproKicks NFTs be successful?
Nike sponsors over 16,000 athletes worldwide and very few of them own a single NFT, which means there is a wide potential for NFT drops, new innovations, and new NFT investors. It seems that Nike is beginning a massive cultural shift based around NFTs, sports, and gaming. Choosing the best, Nike started the road with RTFKT that has already shown its creativity and success in the world of NFT.
Gaming seemed to be one of the focal points of collaboration with RTFKT. Though, it does not seem to be a P2E game this time since Nike tries to move into e-sports wearables. Nike seems to plan to support e-sports teams and providing them with Nike branded wearables to use in-game in near future. Metaverse is expanding to cover all aspect of life, and there must be a share of sponsorship for e-sports teams by companies like Nike.
Is it worth getting an RTFKT NFT?
At the time being, RTFKT NFTs are very successful. They have a great support from their communities on Twitter and Discord, which adds to their value. On the other hand, the Nike acquisition and collaborations with major artists have made RTFKT more attractive and increase their NFT prices. Therefore, it could be stated that RTFKT is a unique NFT developer team that is bringing sneaker culture to the crypto world.