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“People spend more time in the virtual world”

According to a Business of Fashion press release, the virtual fashion platform Rtfkt has raised a total of $ 8 million in investment rounds. The investment is aimed at expanding the team and further expanding the online platform, the Business of Fashion writes.

Rtfkt specializes in virtual sneakers and accessories. The company has a history of almost a year and a half, and only three international founders, Benoit Pagotto, Chris Le and Steven Vasilev, remain full-time employees. This should include designers and game professionals. With this investment, Rtfkt wants to further develop the app and support other digital designers. “Our main long-term goal is to create a platform that can attract new creatives,” says Vasilev. “In the future, we will consider NFTs as keys or passports for experiences, games, and virtual events.”

The investment round was led by venture capital firm Adlysen Horowitz. “Rtfkt is a front-runner that connects digital and physical fashion. Andreessen Horowitz partner Jonathan Lai said: Lai believes this is related to the development of the game. Games are often not only entertainment, but also social networks. “For many, games are new shopping centers and sports cafes.”

Rtfkt benefits from the growth of virtual fashion

Rtfkt was launched in January 2020 and went into the black in the same year. The company was able to take advantage of the growing attention to non-fungible tokens (also known as non-fungible tokens or NFTs). At its peak this winter, we sold $ 3.1 million worth of virtual sneaker tokens in less than seven minutes, in collaboration with artist Fewocious. The company has also partnered with The Fabricant in the Netherlands. The collaboration item was sold out in 15 minutes. Rtfkt sales in 2021 are currently estimated to be between $ 600,000 and $ 4.5 million in the starting year.

The mainstream fashion world is also increasingly challenging games. Last week, Pull & Bear launched its own games, following Gucci and Burberry, and unveiled a collection of Uniqlo and Havaianas inspired by popular video games.

This article was originally published on FashionUnited.NL and translated and edited into English.

“People spend more time in the virtual world”

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