RTFKT, a brand creating virtual sneakers and collectibles co-founded by Benoit Pagotto, Steven “Zaptio” Vasilev and Chris “ClegFX” Le, has raised $8 million in funding led by Andreessen Horowitz. Making the announcement on Tuesday, RTFKT is working to develop its own digital marketplace.  

“RTFKT is born on the blockchain to ensure authenticity, ownership and grant access to new experiences,” the brand included in the announcement. 

Formed by three friends at the beginning of the COVID era in Jan 2020, RTFKT was born on the metaverse with the idea that digital artifacts are soon to become ingrained in our everyday lives. This year, the business has already racked up $4.5 million in revenue, including 621 pairs it created alongside artist Fewocious, and subsequently netted $3.1 million in sales in under seven minutes in March. 

More than 90 percent of RTFKT’s goods are digital, known for sneaker collaborations using blockchain-based technology. This funding further cements the brand’s position in fashion’s NFT space, an area that is beginning to grow in conjunction with the rise of NFT’s in the art world. It also points to the venture capital world increasing interest in the digital-only space. The growth in the NFT industry runs parallel with a booming digital fashion industry. 

RTFKT plans on expanding, using the funding to invest in the development of new NFT utilities, to hire more staffers, and develop its own marketplace. They also are working on a companion application for digital try-on and construct a digital platform for NFT’s and hope to help content creators develop NFT’s and create a fund for them in the future.

“Today we’re ready to go to the next level, and take all the creators with us into this future,” the brand announced on Tuesday.

“It’s time for creators to take over.”

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