What Is CloneX?

Republished By Plato

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CloneX is an NFT collection of 20,000 algorithmically-generated 3D characters designed for metaverse interaction.

There have been some public statements conveying that traditional art, which once dominated the art world and people’s imaginations, is fading into everyone’s consciousness in the digital age. But based on current trends, it seems that traditional art is making a big comeback by adapting, instead of resisting, one of today’s most advanced technologies.

Table of Contents

Background

The CloneX collection was born from the collaboration between NFT studio RTFKT, now owned by Nike, and legendary Japanese artist Takashi Murakami.

The project aims to introduce non-fungible token (NFT) enthusiasts to the wonders of traditional art, which became the foundation of today’s NFT artists.

What is CloneX?

CloneX is a collection of 20,000 algorithmically generated 3D characters designed for metaverse interaction that launched on the Ethereum blockchain.

RTFKT, pronounced as ‘artifact,’ which backs the project, is a digital NFT studio that became famous for its NFT sneakers that earned fans worldwide, even the giant Nike.

The NFT studio has also partnered with various icons to launch multiple projects, and Murakami is the latest and biggest icon to hop on its ship.

CloneX: OpenSea Info (As of Feb 5, 2022)

Items	18.8 K
Owners	8.2 K
Floor Price	14.65 ETH
Volume Traded	111.1 K

The Magic of Takashi Murakami

Murakami lent his artistic touch to the collection by contributing NFT body parts, including eyes, clothes, helmets, mouth, and other significant character traits.

CloneX can be immediately recognized as possessing a ‘Murakami-element’ because of its cartoonish art, which is his signature style.

The collection was also inspired by the highly successful Crypto Punks collection, and the CloneX team hopes that they could generate rare items that can turn into collector’s items just like the Punks. CloneX’s characters are technically called ‘3D rigged models’, which means holders can use them as AR filters in games, cameras, and even in zoom meetings!

The first batch, which comprises 10,000 avatars, will be available for the existing RTFKT collectors in a 2-day pre-sale, after that, the other 10,000 characters will be made available to the public.

Before collaborating with RTFKT, Murakami partnered with other world-renowned icons, including Louis Vuitton and Kanye West.

He discovered RTFKT by accident on Instagram. And from there, he was smitten by the potential of NFTs and started communicating with the company’s team.

Even if they were separated by different backgrounds, Murakami and RTFKT shared the same passion for immersive creations.

RTFKT Caught in Controversies

Unfortunately, RTFKT also has its own share of bad news, like what happened on the recent NFT ‘Dutch auction’ of its CloneX collection.

Dutch auction works by starting with a high price, which is gradually reduced until someone accepts the price.

The auction was stopped midway because of an ”attack” on its website, forcing RTFKT to change its pricing rules, and put a uniform price of 2 ETH on remaining NFTs.

Previous buyers lashed out at this decision, saying that it was unacceptable and unfair for buyers who had already spent large sums of money.

Doubts and Clarifications

While hacking incidents on NFT platforms and events seem to be a norm these days, OKHotShot, an on-chain analyst, doesn’t buy RTFKT’s story.

The on-chain analysts said that with the significant capital that the project has raised, which reached $8 million, they should have at least invested in digital protection.

OKHotShot also requested to check the IP addresses that “attacked” the NFT collection’s website to determine if the company’s hacking claim was true.

RTFKT’s chief technical officer Samuel Cardillo said they have already “identified” the IP addresses and immediately blocked them.

Nike Brings Home RTFKT

Rumors were spreading that Nike is highly interested in venturing into the world of NFTs and tapping its growing potential.

Last Dec.13, the rumor was crystallized when Nike purchased RTFKT to tap its expertise in augmented reality, blockchain, and digital assets.

After the announcement, investors rushed into the CloneX bandwagon, expecting RTFKT-related assets to jump in price.

CloneX’s value has jumped drastically, from only having 3 ETH value before the announcement; it has increased to 6 ETH after the news.

Conclusion

With RTFKT now under Nike’s wings, it may survive the CloneX auction controversy it went through last year, but earning the trust of its community may be harder than expected.

Trust is already proven to be a significant asset in the NFT space, and RTFKT more or less appears to be in good standing now that it has been acquired by the most valuable shoe company in the world.

Time Stamp: February 5, 2022