The RTFKT Studios brand of virtual sneakers has become a topic of discussion in the world of digital fashion due to the phenomenal growth of the market for non-fungible token (NFT): virtual products that are sold at auctions through the blockchain.
The brand’s latest sale, which ended recently, is the result of a collaboration with a crypto artist known as FEWOCiOUS. This is an 18-year-old guy who quickly gained popularity in the digital space. RTFKT Studios and FEWOCiOUS worked on a series of virtual sneakers together with two more digital products – “Drip” and “Charm”.
Those wishing to purchase digital sneakers could “try on” virtual sneakers on Snapchat before the start of sales. Those who bought the lot could also buy a real pair of sneakers, although the “real” value is precisely a digital pair.
In total, more than 600 pairs of virtual sneakers of three styles were sold for a total of more than 3.1 million US dollars. Meanwhile, the Charm necklace was sold at a price of $88,880, and the cosmonaut “Drip” went for $1,500 apiece. The latter has already appeared on the secondary market with a price tag of $5000.
Such figures indicate an exponential boom in the crypto art and NFT market, which is rapidly becoming an attractive prospect for investors. Recently, the singer Grimes earned about $6 million at an auction of digital works of art.
The founders of the RTFKT Studios brand, Benoit Pagotto, Zaptio and ClegFX, said:
“We wanted to show people the future, and we have implemented it. This collab is the result of a perfect combination of the whole culture that we love and know. We believe that this is the beginning of a new revolution.”