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    American virtual fashion platform RTFKT Studios raises $8 mn

    06
    May '21
    Pic: RTFKT Studios
    Pic: RTFKT Studios
    RTFKT Studios, a Utah, US-based virtual fashion platform specialising in sneakers and accessories has raised $8 million in its funding round. The investment will be used to expand the team as well as the company’s online platform, develop an app and support digital designers. The investment round was led by venture capital firm Adreessen Horowitz.

    RTFKT will develop the use case for non-fungible tokens (NFTs) by creating a companion app for digital try-ons and content creation, allowing its users to further connect with their purchases. The company also plans to introduce a creator’s fund in the future, according to global media reports.

    “Our main long-term goal is to create a platform where we can attract new creatives. In the future, we will see NFTs as keys or passports for experiences, games or virtual events,” Steven Vasilev, co-founder of RTFKT, said in a statement.

    “RTFKT is a frontrunner in connecting digital and physical fashion. As we spend more and more time in virtual worlds, I expect we will care as much about digital sneakers and handbags as we do about physical items,” said Jonathan Lai, partner at Andreessen Horowitz.

    Formed by three friends – Benoit Pagotto, Chris Le and Steven Vasilev – in Jan 2020, RTFKT is an eclectic, creator led organisation, which uses the latest in game engines, NFT, blockchain authentication and augmented reality, combined with manufacturing expertise to create one-of-a-kind sneakers and digital artifacts.

    Fibre2Fashion News Desk (KD)


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