Who is ARTFKT?
They are a creative collective of friends who decided to build the RTFKT creative collective in 2020 during the COVID-era. The founders are Benoit Pagotto,Steven Vasile and Chris Le. Their first collection was released in March 2020, proceeded to be acquired by Nike in December after acquiring an estimated $8.6 million from the VC companies:
- American A16z
- Galaxy Digital
- GFR Fund
Now, the question is... how did a project such as that grow so quickly?
Let us have a look at the growth in numbers. The mint price of the original RTFKT collection was 0.05 Ethereum, which at the time was probably around $200 USD which considering gas fees may have cost you around $280 USD in total. Now, I am sure everyone is curious of the value of the NFTs currently?
Pulled from RTFKT Opensea Collection
As we can see above, the RTFKT NFTs are going for unbelievable prices now, with the floor price of the specific collection above being 11.69 ETH, which amounts to somewhat around $35,000 USD at the current Ethereum price to date. This translates to an unbelievable gain of above 100x for those who got into the project early.
But why has RTFKT grown so fast?
Nike, Jordan, Converse, RTFKT Logos (Nike)
They built traction and created value. The RTFKT collectables can also be used to redeem physical equivalents of the NFT that you buy, for example, if you buy a hoodie; there are claim events where you can get the real hoodie and not only the digital equivalent. Furthermore, RTFKT is not simply creating NFTs as art; their NFTs have a use case to a certain extent; the NFTs will be programmed in order to be usable in a multichain metaverse (if possible). Lastly, such projects also have accelerated growth due to access to capital and a stamp of approval that they had. Firstly, they have raised a considerable amount from VC & Angel investors; raising upwards of $30 Million USD is not an easy feat for such a young and undefined industry. Furthermore, it is important to note who is behind them too; being acquired by Nike is arguably the biggest stamp of approval if you are working in collectables. If someone can sell or merchandise something, it is Nike.
What is the next RTFKT? Drop your opinions in the comments!
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Written by Rodrick Rahim Chattaika © Crypto University 2022
