Nike’s Virtual Sneaker Studio RTFKT Signs With Talent Agency CAA to Explore New Mediums for Its IP

Nike-owned virtual sneaker studio, RTFKT, has signed with talent agency CAA to expand its IP into film and TV, according to Hollywood Reporter.

Together with CAA, RTFKT will also create webinars and educational programs for other crypto and 3D-focused artists on platforms like Discord and Twitter Spaces.

Launched in 2020 by co-founders Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT secured $8 million in a seed round led by Andreesen Horowitz in 2021 at a valuation of $33.3 million. 

With the escalating excitement surrounding NFTs and the metaverse, Nike made an undisclosed acquisition of the virtual sneaker studio towards the end of 2021. The acquisition came as the hype surrounding NFTs and the metaverse reached its peak.

Since the acquisition, RTFKT has partnered with prominent artists and big brands to launch virtual apparel. The studio is most known for its Clone X NFT collection, developed in partnership with renowned artist Takashi Murakami. The 20,000 unique avatars from the NFT collection can be used within Metaverse platforms, Zoom meetings, NFT-based games and as AR filters. The collection has generated more than $500,000 in secondary sales to date.

Last August, Clone X holders were rewarded with perks, such as the ability to unlock physical RTFKT fashion items including sneakers, hoodies, t-shirts, jackets, hats, socks, and accessories.

Releases by RTFKT include Cryptokicks, the Genesis AR hoodie, and an AR helmet. The studio has also partnered with Rimowa and Byredo on metaverse wearable perfume.

“We’ve always built our brand to inspire the next generation of creators, accelerating a future where talent and creatives can merge cultures and technology in new ways,” Pagotto said in a statement. “Being able to work with such a world-class team and explore new mediums for our IPs and creativity, such as TV, film and define what the future of interactive storytelling is a dream come true.”

RTFKT joins the likes of other web3 projects including Moonbirds, Boss Beauties, Deadfellz, Cryptopunks, World of Women, and BAYC, for talent representation. This allows the projects to expand their IP beyond the web3 space and into brand partnerships, media, merchandising, and events.

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