Virtual Fashion Platform RTFKT Raises $8 Million in Funding Round Led by A16z

Virtual fashion platform RTFKT has raised $8 million in a funding round. The company specializes in digital sneakers and other virtual accessories.

Virtual Fashion Platform RTFKT Raises  Million in Funding Round Led by A16z

Virtual fashion platform RTFKT has raised $8 million in a funding round. The company specializes in digital sneakers and other virtual accessories.

Virtual fashion platform RTFKT has raised $8 million in a funding round led by Andreessen Horowitz (A16z). The money was dedicated to team development and the development of a proprietary online marketplace. Currently with only two full-time employees, RTFKT will be hiring engineers, designers and game specialists.

The latter indicates that the next step on RTFKT’s to-do list is to target NFT in games and virtual spaces. Riot Games co-founder Marc Merrill, Behance co-founder Scott Belsky, artist Fewocious, and former LVMH Chief Digital Officer Ian Rogers are participated in the funding round.

Bridging the gap between digital and physical fashion
RTFKT caused a stir last month when it announced the release of a non-homogenized token (NFT) for virtual sneakers. The product was designed with the help of digital artist Fewocious and sold $3.1 million in less than ten minutes. RTFKT and Fewocious designed not only virtual shoes, but also digital goods called “Drip” and “Charm”. Each pair of digital shoes is priced between $3,000 and $10,000.

Jonathan Lai, partner at Andreessen Horowitz, spoke of his firm’s interest in RTKFT: ” RTFKT is building a digital fashion business.

” RTFKT is leading the way in building a bridge between digital and physical fashion […] As we spend more time in the virtual world, I believe we will pay as much attention to digital sneakers and handbags as we do to physical sneakers and handbags. In the last decade, gaming has evolved from entertainment to social networking-for many people today, gaming is the new shopping mall and sports bar.”

RTFKT launches in January 2020 and grows with the NFT boom in 2021. The company has generated $4.5 million in revenue so far this year, a significant increase over its full-year 2020 profit of $600,000.

Digital fashion is a big emerging business
Demand for virtual fashion is on the rise, and brands are scrambling to keep pace. The landscape is always in a state of flux when it comes to anything related to the world of fashion. That number will double when the world of NFT and digital marketplaces is introduced.

The $3.1 million shoe sale is not RTKFT’s first foray into NFT in 2021. in March, they teamed up with The Fabricant to create an original line of earrings and formal wear (including sneakers). As with the sneaker sales, the entire collection was snapped up in less than 15 minutes.

With the recent rapid growth of street trends, instant sales on sneakers selling out in minutes is nothing new. The RTKFT / Fabricant sale has led to a brand new development in the apparel industry, and thus a new direction for the industry as a whole. The sale also showed that virtual sneakers are not the only ideal digital fashion.

As a result, virtual fashion houses are springing up, such as The Dematerialised, a Web3 marketplace that allows big brands to deal with smaller designers on a platform to sell virtual wearable goods.

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