RTFKT

RTFKT (pronounced "artifact"), also referred to as RTFKT Studios, was a virtual fashion and digital collectibles brand specializing in NFT-based sneakers, accessories and other wearable items that merged fashion, gaming aesthetics and blockchain technology. The team combined game engines, non-fungible tokens, blockchain authentication and augmented reality with manufacturing expertise to produce virtual products and experiences, and also sold physical counterparts to digital items.

The company was founded by Benoit Pagotto, Chris Le and Steven Vasilev, with sources dating the founding to 2020 (January 2020 per one account) and describing the founders as working remotely from Salt Lake City, Paris and Mexico. Coverage variously described RTFKT as London-based and as Salt Lake City-based. RTFKT released periodic "drops" of sneaker designs and collaborated with brands, artists and creators including Atari, Jeff Staple, Fewocious, Janet Jackson, Lexus and Takashi Murakami, and reportedly worked with EA Games on avatar skins for Apex Legends.

NIKE, Inc. acquired RTFKT in December 2021 on undisclosed terms, stating plans to invest in the brand and extend Nike's digital footprint. Nike subsequently launched its own digital collectibles platform, .Swoosh, in November 2022. On 2 December 2024, RTFKT announced a plan to wind down operations, saying it would launch an updated website showcasing its past work and release a final drop.

Founding story

Co-founder Chris Le, a Utah-based 3D designer, had previously worked on graphic design for Def Jam, music-video and film production, and skins for video games such as Counter-Strike, selling them on the Steam Community Market. Observing that Twitch gamers were also collecting physical sneakers, he began designing virtual sneakers, and RTFKT was created to sell them as NFTs that could be worn in games and virtual worlds. During the 2020 Covid lockdowns the three co-founders built the products remotely: Le from his Salt Lake City basement, Benoit Pagotto (a UK branding consultant) from a shared 290-square-foot flat in Paris, and Steven Vasilev from Mexico.

Business model

RTFKT generated revenue by minting and selling limited-run NFTs representing virtual sneakers, apparel and collectibles, with drops priced from roughly $500 to $100,000 per pair and secondary-market trading of the tokens. It also linked digital and physical goods through "forging events," in which an NFT could be redeemed for a 3D-printed physical pair of sneakers shipped to the token holder, and pursued brand and creator collaborations. At the time of its 2021 funding round the company cited plans to grow its team and build out an online marketplace.

Sales of NFT digital collectibles and virtual apparel, secondary-market activity on those tokens, physical product redemptions via forging events, and collaborations with brands and creators.

Traction

First cyber sneaker pair sold for 30 ETH (about $90,000) in October 2020; a 600-NFT sneaker drop in April 2021 sold out in seven minutes and produced $3.2 million in revenue; drops priced between roughly $500 and $100,000 per pair. One report cited a $33.3 million valuation in May 2021. Following the Nike acquisition, RTFKT was credited with a key role in Nike's NFT sales, which reportedly totaled $185 million as of August 2022.

Latest developments

On 2 December 2024 RTFKT announced via a statement on X a plan to wind down operations, to launch an updated website archiving its work, and to release one final drop.