Want to jump straight to the answer? You need Ethereum to buy NFTs, which you can get today on Gemini.
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.
Gemini is a cryptocurrency exchange and custodian that offers investors access to 26 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.
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In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.
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