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RTFKT (pronounced “artifact”) is a crypto project hoping to combine blockchain technology with sneaker culture and fashion. The company is a product of the COVID-19 pandemic and hopes to bring its expertise to a new stage thanks to its recent merger with fashion giant Nike.
What Are RTFKT NFTs?
A non-fungible token (NFT) is a way to store information on the blockchain and can be represented by any form of digital media, ranging from images to songs. Each NFT has a unique address associated with its owner that enables proof of ownership.
RTFKT engages in the creation of NFT projects. While its projects differ conceptually, all surround sneakers, gaming and pop culture. The company released several prominent projects in the past year.
One major release, the Murakami CloneX project, featured a collaboration with Takashi Murakami, a designer working with brands such as Louis Vuitton. The CloneX collection offers 20,000 unique avatars with a variety of defining characteristics. The avatars have a unique 3D look and lots of intricate details. The NFTs minted for 3 ETH, but the floor price is now nearly 6 ETH. The hype surrounding the project further increased when RTFKT announced that the CloneX avatars would be metaverse-ready, allowing users to show off their avatars in virtual worlds.
Another major release from RTFKT was the Jeff Staple collaboration. Staple rose to fame by working with Nike Inc. (NYSE: NKE) on pigeon-themed Nike Dunks, leading to the creation of his own brand, Staple Pigeon. Over 20 years later, it only seemed appropriate for RTFKT to follow suit and create a pigeon-themed NFT project. The project offers both pigeons and sneakers. The limited release allows users to show off their shoes or pigeons in the metaverse game Decentraland. Mint prices ranged from $1 to $2,021, but the floor price is now nearly $15,000.
The first project that RTFKT released was in collaboration with up-and-coming NFT artist FEWOCiOUS. This project features both shoes and digital characters. Each NFT is a video that shows a 360-degree view of the product. The NFTs have vibrant colors that catch the eye, and they can be used in Decentraland as well. The project raised over $3 million in just minutes after the release.
In addition to these three main projects, RTFKT also has several other smaller projects. One project gives bonus items to loyal collectors, while others give physical sneakers for those who own an NFT.
RTFKT has burst onto the NFT scene by combining aspects of sneaker culture and streetwear with NFTs. The company, not even two years old, is already extremely successful and hopes to continue the success moving forward.
Brief History of RTFKT NFTs
RTFKT was founded by Benoit Pagotto, Chris Le and Steven Vasilev. Each has a strong background in both art and pop culture, creating logos for celebrities and iconic shoe designs. The company was a product of the pandemic, as the three friends saw an opportunity to capitalize on the growing NFT space as more people transitioned to life online.
The company’s growth has attracted numerous buyers, and the company was eventually acquired by Nike.
Nike Acquires RTFKT
In December 2021, news broke that Nike acquired RTFKT. This announcement caused chaos in the crypto community, as it was the first time a major brand had made such a large commitment to crypto. The acquisition is intended to not only further RTFKT but Nike as well. John Donahoe, Nike’s CEO, said that the acquisition will “extend Nike’s digital footprint and capabilities.”
The acquisition may just be the beginning of crypto integration. Many other large brands like adidas (OTCMKTS: ADDYY) are hoping to enter the crypto sphere and grab a piece of what may be the future.
Perks of Holding RTFKT NFTs
As mentioned earlier, NFT holders can receive rewards for collecting pieces from RTFKT collections. This benefit is made possible through the bonus items collection, where holders of RTFKT NFTs were airdropped exclusive NFTs.
Another perk of holding an RTFKT NFT is the status symbol owning one comes with. Users can wear their NFTs in the metaverse, showing off their expensive garments. These status symbols can range from shoes to hoodies and allow holders to show off their taste and lavishness.
Holding an RTFKT NFT may also lead to a profit. The releases are extremely limited. When coupled with the Nike acquisition, prices have gone up dramatically in recent months. Some are buying RTFKT NFTs with the hopes of turning a profit.
How to Buy RTFKT NFTs
Now that you understand the basics of RTFKT, you may be interested in purchasing an NFT of your own. Fortunately, doing so is fairly easy and only involves a few short steps.
Step 1: Open an online account.
The first step to getting your own RTFKT NFT is to open an account on a crypto trading platform and purchase Ethereum (ETH). While there are dozens of platforms, Gemini, Coinbase Global Inc. (NASDAQ: COIN), Voyager and Webull stand out due to their ease of use, security and low fees.
Opening an account on any of these platforms is easy and only requires an email and password. After setting up an account, you provide basic documentation to verify it. Once you have a verified account, you can fund it using a bank transfer.
After you’ve verified and funded your account, search for ETH. Select the trade option and enter in the amount you would like to purchase. Execute the trade, and your ETH will be stored in your wallet.
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Step 2: Buy or download a wallet.
You will need a wallet in order to purchase and store an NFT. There are 2 types of wallets: hardware and software.
Hardware wallets are physical devices that store the keys needed to send crypto. Without the physical device, the crypto cannot be sent. Software wallets store these private keys online. Software wallets are often easier to use, while hardware wallets are generally more secure.
Best Hardware Wallet: Ledger
Ledger is a brand of hardware wallet that supports ETH and NFTs. It currently offers Nano S and Nano X models.
The Nano S is designed for beginners and only offers basic features. The Nano X is more expensive, but it provides extra features for convenience, such as bluetooth connectivity and a larger screen. The Ledger Nano S retails for $59 while the Nano X will set you back around $129.
Best Software Wallet: MetaMask
MetaMask is a leading software wallet. The company takes extreme precautions to protect users’ crypto. These features range from cold storage to two-factor authentication. However, the cold storage requires a hardware wallet and the two-factor authentication is not automatically enabled.
MetaMask is also supported on almost every NFT marketplace built on Ethereum. It is very usable and is ready for trading across the Ethereum, Binance, and Avalanche blockchains.
Step 3: Send ETH To Metamask
Once you have a crypto wallet and ETH balance on an exchange, transfer your ETH to the wallet. To do so, locate your wallet address. On Ledger and MetaMask, this icon can be found near the top of the screen. The address is a 64 characters string that is a unique identifier for your wallet.
Take your wallet address and enter it into the send feature on your trading platform. Enter the amount you would like to send and execute the trade. ETH transactions may take up to 30 minutes to process, so don’t be worried if it does not show up immediately.
Step 4: Make your purchase.
Once you have a funded wallet, head over to OpenSea, the Ethereum-based NFT marketplace that houses RTFKT’s projects. Search for the project you would like to purchase and use filters or the sorting feature to find the NFT you want.
Once you have found an NFT that you want to purchase, you can either place a bid or buy it directly for a set price. Keep in mind that Ethereum has high fees, so it is important to have some extra ETH for this purpose.
Current Crypto Prices
The final quarter of 2021 brought unseen volatility to the crypto markets. Tokens shot up to all-time highs, only to fall back within a week. This volatility calmed down in December 2021.
Many believe that the beginning of 2022 will be a crucial time for crypto. It could be the beginning of major adoption or major downfall. Either way, make sure to keep an eye on prices through our up-to-date price table.
Is it Worth Getting an RTFKT NFT?
As of right now, RTFKT NFTs are very speculative. Most of their value comes from the community and hype with little to justify prices. However, the Nike acquisition and collaborations with major artists can be very attractive and drive prices higher. Conversely, an overbearing Nike team could destroy the company’s creativity. Either way, RTFKT is a unique project that is bringing sneaker culture to the crypto world.
Frequently Asked Questions
Are NFTs a good investment?
NFTs can be a good investment if you buy a good price and have the opportunity to sell the NFT at a higher price in the future.
Can you make money on NFTs?
You may not get rich on NFTs, but you can make money when purchasing an NFT for a low price and selling it later for a higher price.
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