Non-fungible token (NFT) startup RTFKT Studios has raised $8 million in a seed funding round led by Andreessen Horowitz (a16z).
Other participants in the round included Mike Novogratz's Galaxy Digital, Ledger, Dapper Labs CEO Roham Gharegozlou, Hong Kong billionaire Adrian Cheng's C Ventures, Shrug Capital, NFT artist Fewocious, Genie founder Akash Nigam and several others.
With fresh capital at hand, RTFKT Studios plans to scale its team of three by hiring creators and artists, build an NFT marketplace, and invest in people that are helping to develop a metaverse or virtual world.
"Through unique partnerships and projects, we can push the NFT ecosystem forward and help shape the future of fashion and commerce in the metaverse," said RTFKT.
RTFKT is best known for holding an NFT sale of digital sneakers in collaboration with 18-year-old artist Fewocious. The sale, held in March, yielded over $3 million in under 7 minutes.
RTFKT said it made history with Fewocious and that they will "continue to do so."
"Digital fashion will be huge as we spend more time socializing virtually," said A16Z partner Jonathan Lai. "RTFKT Studios is building 'Digital Supreme' starting with sneakers."
"As we spend more time in virtual worlds, we will care just as much about our digital sneakers/handbags as we do our physical ones," said Lai. "This is already happening in games. The majority of spend in the $150B+ games market is for virtual goods."