Nike-owned RTFKT, pronounced "artifact," is giving commercial rights to CloneX NFT holders, in a move which will allow owners to create derivative projects, mint fan art and make and sell merchandise featuring their avatar.
RTFKT, which was acquired by Nike in December 2021, launched in 2019 and was one of the first-movers in the web3 fashion space, creating NFTs for large brands.
CloneX features 20,000 algorithmically-generated cartoon figures, which are currently traded on the secondary market. The floor price for CloneX NFT was 11.7 ETH or around $12,000 on July 6.
The figures were first marketed as 3D characters, which owners will eventually be able to use in the so-called metaverse. When the collection first launched, what people could do with their avatars was very limited.
This change emulates that of other popular NFT collections such as Bored Ape Yacht Club (BAYC), whose holders own full commercial rights. BAYC's liberal allocation of intellectual property rights has spurred spinoffs including Hollywood films, themed restaurants and creative writing projects.
Owners of CloneXs can also now download and customize their 3D avatar, in a file that is token gated (meaning it's only available to those who hold a CloneX NFT).
The news comes in the midst of a bear market, during which floor prices for some of the most popular collections have dropped.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.