Virtual Fashion Platform Rtfkt Raised 8 Million Dollars: “People Spend More Time in Virtual World”

According to Business of Fashion, Rtfkt, a platform for virtual fashion, has raised 8 million dollars (converted to 6.7 million euros) in an funding round. Business of Fashion reports that the investment will be used to grow the team and expand the online platform.

Rtfkt is a virtual shoe and accessory company. It has been in existence for nearly a year and half. The only remaining full-time employees are the three international founders Benoit Pagotto and Chris Le. These should include game designers. Rtfkt will use the funds to develop an app and provide support for other digital designers. Vasilev stated that the long-term goal was to create a platform that can attract new talent. “In the future we will see NFTs used as keys or passports to experiences, games, or virtual events.”

Adreessen Horowitz, a venture capital firm, led the investment round. “Rtfkt has been a pioneer in the integration of digital and physical fashion. Jonathan Lai, a partner at Andreessen Horowitz, stated that as we spend more time in virtual realms, I expect we’ll be as concerned about digital sneakers and handbags than we are about physical items. Lai believes this is due to the advancement of games, which are often more entertaining and also act as social networks. “Games are for many the new sports cafe and shopping center.”

Image: Rtfkt website

Rtfkt gains from virtual fashion growth

Rtfkt launched in January 2020, and was made profitable that year. It was able tap into the increasing focus on non-fungible tokens, also known as NFTs or non-replaceable tokens. It sold virtual sneakers tokens worth 3.1 million dollars in seven minutes during peak season this winter. The tokens were created in collaboration with Fewocious. The company also formed a partnership to The Fabricant in the Netherlands. In just fifteen minutes, all the items in that collaboration sold out. The Rtfkt sales for 2021 have been estimated at 4.5 Million Dollars, an increase of 600,000.00 dollars from the year it was founded.

Gaming is becoming a more popular option for mainstream fashion. Pull & Bear, which follows Gucci and Burberry’s footsteps, launched its own game and introduced Uniqlo, and Havaianas collections that were inspired by video games.

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