Thread
In 2020, 3 friends started an NFT project
By 2021, they sold their company to Nike for millions
THREAD: A case study on building a digital fashion empire (and why community is the secret to growth)
By 2021, they sold their company to Nike for millions
THREAD: A case study on building a digital fashion empire (and why community is the secret to growth)
@RTFKTstudios was founded in June 2020 by @clegfx, @zapito, and @benitopagotto.
The trio met while working at @FNATIC, a European e-sports league
This isn’t your typical Silicon Valley story
The trio met while working at @FNATIC, a European e-sports league
This isn’t your typical Silicon Valley story
In October 2020, RTFKT sold its first pair of digital sneakers for 30 ETH ($90,000).
This sale set the record for the highest price on a digital fashion item.
In April 2021, RTFKT partnered with @fewocious and sold 600 sneaker NFTs for $3.2M in 7 minutes.
Absolutely crazy.
This sale set the record for the highest price on a digital fashion item.
In April 2021, RTFKT partnered with @fewocious and sold 600 sneaker NFTs for $3.2M in 7 minutes.
Absolutely crazy.
Digital fashion is growing fast, but many aren’t sold
Here’s the bullish case
Fortnite makes millions selling outfits to gamers
This type of digital fashion is useless outside Fortnite
But, if multiple metaverses are connected, then digital fashion could have a real purpose
Here’s the bullish case
Fortnite makes millions selling outfits to gamers
This type of digital fashion is useless outside Fortnite
But, if multiple metaverses are connected, then digital fashion could have a real purpose
If you’re using the same avatar in multiple metaverses, you may want multiple digital outfits
If you’re interviewing for a job, you could wear a suit
If you’re going on a virtual date, you could wear custom Nikes
First impressions count - even online
If you’re interviewing for a job, you could wear a suit
If you’re going on a virtual date, you could wear custom Nikes
First impressions count - even online
In May, RTFKT took digital fashion to the next level and partnered with @larvalabs on a CryptoPunks collab.
Each punk-holder gained access to:
· 1/1 punk sneaker NFT
· 1 complementary physical sneaker (IRL = key)
· 1/1 portrait
· metaverse wearables
Each punk-holder gained access to:
· 1/1 punk sneaker NFT
· 1 complementary physical sneaker (IRL = key)
· 1/1 portrait
· metaverse wearables
Why do musicians release collabs? To make cooler art and reach bigger audiences
The same thing goes for web3 collabs
RTFKT understands web3 partnerships are the key to web3 distribution
It’s like the old expression “Rising tides lift all boats”
It works!
The same thing goes for web3 collabs
RTFKT understands web3 partnerships are the key to web3 distribution
It’s like the old expression “Rising tides lift all boats”
It works!
In May, RTFKT raised $8M from @a16z, @VaynerMedia, @scottbelsky, and more.
a16z’’s Jon Lai backed up his move saying, "The majority of spend in the $150B+ games market is for virtual goods."
The vision for the Nike of the Metaverse seems like a bet worth taking.
a16z’’s Jon Lai backed up his move saying, "The majority of spend in the $150B+ games market is for virtual goods."
The vision for the Nike of the Metaverse seems like a bet worth taking.
In December, @RTFKTstudios was acquired by @Nike for an undisclosed amount
Think about this
Nike started in 1964 before the internet existed
From this RTFKT move, it’s clear they believe digital fashion and web3 is worth betting big on
I don’t blame them.
Think about this
Nike started in 1964 before the internet existed
From this RTFKT move, it’s clear they believe digital fashion and web3 is worth betting big on
I don’t blame them.
Thinking out loud, it’s no surprise Nike is a first mover in digital fashion
Phil Knight started making Nike sneakers with a waffle iron
RTFKT and Nike are a great pair because of the shared emphasis on community
Phil Knight started making Nike sneakers with a waffle iron
RTFKT and Nike are a great pair because of the shared emphasis on community
Example:
Nike hosts running clubs and partners with charities across the globe
That's pure investment in community
Nike hosts running clubs and partners with charities across the globe
That's pure investment in community
RTFKT understands a community’s importance in web3
That’s why they’re investing in their community to fuel growth.
One example: weekly zen sessions on Discord
Last month, 1,000 people attended a guided meditation led by @KenjiSummers
The community loves it.
That’s why they’re investing in their community to fuel growth.
One example: weekly zen sessions on Discord
Last month, 1,000 people attended a guided meditation led by @KenjiSummers
The community loves it.
By investing in their community’s well-being, the community is stronger as a whole.
They’re not just trying to grow their community’s Discord numbers
They’re providing real value to their community.
Point: if you invest in your community, they’ll invest in you
They’re not just trying to grow their community’s Discord numbers
They’re providing real value to their community.
Point: if you invest in your community, they’ll invest in you
Community-based products perform better
When a community is involved, there’s genuine connection to a company.
Just by being excited, the community turns into the company’s #1 sales team
Think about how many people have Bored Apes, Adam Bombs, Cryptoadz etc as their pfps
When a community is involved, there’s genuine connection to a company.
Just by being excited, the community turns into the company’s #1 sales team
Think about how many people have Bored Apes, Adam Bombs, Cryptoadz etc as their pfps
Key learnings:
· @Nike is betting on the digital fashion community
· Web3 projects that do partnerships will grow distribution
· We could see companies like Disney, Sony start buying web3 projects and NFT collections to integrate with their existing products
- IRL x Digital =🤌
· @Nike is betting on the digital fashion community
· Web3 projects that do partnerships will grow distribution
· We could see companies like Disney, Sony start buying web3 projects and NFT collections to integrate with their existing products
- IRL x Digital =🤌
If you enjoyed learning about web3 and community in this thread but want a DEEPER understanding, come join me a course I’m teaching called Crypto College to learn how to build killer NFT projects
You need an NFT to join
Minting here: cryptocollege.latecheckout.studio/
Spots limited
You need an NFT to join
Minting here: cryptocollege.latecheckout.studio/
Spots limited
And if you want tweet-sized web3/community insights, give me a follow on Twitter @gregisenberg and my agency/fund/studio @latecheckoutplz
If you're anything like me you find the word metaverse to be silly/cringe, but until there is a better word, I'll resort to it
Have a wonderful weekend!
Have a wonderful weekend!
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Blake Burge @blakeaburge
·
Mar 19, 2022
Super interesting! Great thread, Greg!