![]() “What a journey it has been,” Le tweeted. The RTFKT founders were excited about the acquisition by Nike, which has also taken steps toward the metaverse with the 2021 launch of Nikeland, a virtual world on Roblox, along with a number of trademarks issued for the production of virtual Nike wearables back in November, according to CNBC. RTFKT’s CloneX Mintvials, used to mint random CloneX NFT avatars designed in partnership with the Japanese artist Takashi Murakami, have done over $100 million in sales over the last two months, according to CryptoSlam, and over $17.5 million of it came on December 13th, the day the partnership with Nike was announced. Terms of the acquisition were not announced, but the announcement made a splash across the internet, from people in the NFT world to investors in Nike stock. In February of 2021, just 13 months after the company’s launch, the company sold out of its FEWO collection, an NFT drop with the artist FEWOCiOUS, in just seven minutes-raising $3.1 million. Elon Musk purchased a pair of the company’s $90,000 cyber sneakers, with other drops selling between $500 and $100,000. Individually, RTFKT’s virtual sneakers on OpenSea have recently sold for over 20 ETH, or roughly $80,000. The response has been excellent, and RTFKT’s social growth has been almost frightening.” In 2020, they formed an entity to expand their services into the public metamarket. “For many years, RTFKT was an undefined collective, working strictly in the shadows, providing designs and concepts to game companies and a few select fashion brands. “We are here to accelerate our digital future now,” the website says. RTFKT, pronounced ‘artifact,’ was founded by Benoit Pagotto, Chris Le, and Steven Valisev in January 2020, quickly shooting up in value and cultural prominence with its “cybersneakers sold to the metaverse.” According to their website, the project was originally scheduled for takeoff in 2040, “but the human development in consciousness has accelerated faster than anticipated.” ![]() “This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming, and culture,” Nike president and CEO John Donahoe said at the time. The future is bright.Utah-based NFT company RTFKT joined the ranks of some of the world’s most iconic brands in December when Nike announced it had acquired RTFKT for an undisclosed sum. The utility coming with the CloneX does give everyone quite some excitement: amazing derivatives, accessories, metaverse access, IRL events access, you name it. The price picked up on OpenSea coming to 2.7 ETH, close to what those who paid most in the Dutch Auction (3 ETH), meaning they are very unlikely to lose money should they need to liquidate early for whatever reason.įinally, considering the massive amount of funds and the amazing track record of the team, I’m very optimistic on what’s to come. The 2nd round of public sale sold out very fast and the Dutch Auction is just a bad memory now. Pros: On the other hand, halting the dutch auction seemed to have work out.I’m also disappointed on the community management, there were so few moderators to handle the situation. Cons: The Dutch Auction turned out to be a terrible idea given the sales mechanism, it would have worked if the market did not already have so many cheaper items in circulation.I cannot help but to have mixed feelings about how this all went. ![]() They then announced re-starting the public sale the next day.2h30min into the sale: the team STOPPED the public sale! They also blocked the discord chats announcing that the website got massively attacked, the discord was full of trolls and the sale almost stalled.Add to that the massive shitshow with the website under attack and people not being able to access it. At this point no-one knew if these were from genuine community members or FUDers. Discord got crazier and exploded with tons of messages.So many did that, it created a crazy dynamic: no-one was buying from the auction anymore. When reaching 2.7 ETH, people started seeing an opportunity: the auction might reach 2 ETH or less, so some people started to sell their Mint Vials just under the current auction price (2.6 or 2.5 ETH) in the hope of buying one when the auction is down to 2 ETH or less.Less people than anticipated bought from the Dutch Auction at close to 3 ETH starting price.The RTFKT website got totally overloaded + the Discord Chat got flooded with tons of messages.
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