What Is CloneX NFT?

[TL; DR]

Recently, there has been increased buzz and attention around the NFT ecosystem.

One of those NFT collections that have recorded success is the CloneX NFT.

CloneX NFT collection provides an array of NFT Avatar sets.

CloneX NFT is a creation of both RTFKT (pronounced artifact) and Takashi Murakami.

In November 2021, RTFKT studio began publicly selling all 20,000 CloneX avatar digital artworks.

CloneX is a special type of NFT collection that algorithmically generates its 3D characters.

CloneX displays a high level of inclusiveness by representing different clothing styles, haircuts, races, skin tones, and undefined genders.

The first CloneX auction was via a Dutch auction.

A piece of this non-fungible token collection starts from 3 ETH.

When Nike purchased RTFKT, the price of a CloneX avatar collection soared to 6ETH.

Since the first auction took place in 2021, the project has raised about $8 million.

Keywords: NFT, digital art, creators, avatar, non-fungible token, collections, CloneX.

[Full Article]

The Non-Fungible Token (NFT) ecosystem is robust, allowing thousands of digital art creators to create, mint, and make their collections available for sale on NFT Marketplaces.

When people's attention is shifting away from artworks and other related collections, the Non-fungible token brings back the attention. The Non-fungible token ecosystem has low-level requirements for both creators and collectors (sellers&buyers).

Since the NFT ecosystem was launched in 2018, it eventually gathered buzz and attention in 2021. Since then, the market has surged with various digital art creators and their array of works.

In this article, we shall explain CloneX, one of the NFT collections that NFT enthusiasts are anticipating.

Let's begin!

CloneX NFT

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Image: NFT News

CloneX NFT collection is the highly anticipated collection that provides the NFT Avatar set. The CloneX collection is the first that allows you to take your NFT Avatar wherever you go.

CloneX NFT is a creation of RTFKT (pronounced ‘artifact’) and Takashi Murakami, a Japanese artist. In November 2021, RTFKT Studios began a public sale of its 20,000 CloneX avatar digital artworks. The public sale covered social media, video games, movies, and other features within and outside the Metaverse.

CloneX collections are algorithmically generated and contain 3D characters designed for metaverse interaction. These NFT collections are launched on the Ethereum blockchain.

Experts and enthusiasts in the Nft ecosystem applaud the inclusivity of Clone X. In the CloneX collection, you will find avatars that include various clothing styles, accessories, and unique haircuts. The collection also covers various races, skin tones, and undefined genders.

There are unique Clones (a piece of NFT in the collection) that feature real-life characters such as Vitiligo. According to RTFKT, avatars are very rare and valuable.

There are eight "DNA types" for 20,000 clones, each with varying degrees of rarity. 50% of the Clones in the CloneX NFT collection are humans, and 30% are robots. Angels and Demons are about 8.75% each; reptiles are 1.25%, the undead is 0.6%, Murakami's are approximately 0.5%, while the rarest are aliens that make up less than 0.15%.

In CloneX, each DNA has unique variants. There is a common characteristic among all these variants; 15% of all clones have Murakami Drip Trait.

Clone holders have the privilege to personalize their avatars. They can access 3D files with an array of customized attributes that the CloneX NFT holders can use to make changes and express their avatars better.

The secondary market royalty of Clones is 55, and it contains two licenses. They are; The clones with Murakami Drip traits and those without Murakami Drip traits. The former clone can be freely commercialized for up to $1,000,000, while the latter clone does not come with a commercial license.

Having identified how the CloneX NFT was launched, the various collections available, and some of its essential details, we shall now explain how the first auction took place.

CloneX NFT Collection’s First Auction

Image: NFT News

RTFKT studios, now owned by NIKE, is the creator of CloneX, and it was announced that the public sales of the CloneX avatar would begin on November 29. It was, however, postponed to the next day.

CloneX started its launch via a Dutch auction. In a Dutch auction, the price of an NFT collection starts at a fixed price and drops by a fixed amount until it regularly drops to its lowest price. The minting starts with a higher price and gradually drops until the collection reaches its resting point or gets sold out.

CloneX's Dutch auction began with 3 Ethereum. One of the 20,000 CloneX NFTs was sold for 3ETH (Ethereum). The mechanism was set that the CloneX NFT collection sale will reduce by 0.1 ETH every 30 minutes; therefore, after 10 hours, the sale price will reduce to 1ETH.

The first auction did not last 24 hours before it sold out. Since the first auction in 2021, the project has raised about $8 million.

Conclusion

The popularity of the CloneX NFT collection soared more when NIKE, the popular sports brand, acquired RTFKT. The acquisition of RTFKT will enable Nike to become a stakeholder in NFT and tap into RTFKT's expertise in augmented reality, blockchain, and digital assets development.

Since Nike purchased RTFKT, the CloneX value has increased exponentially. A piece that was available for 3ETH has now increased to 6 ETH.

The acquisition by Nike will also strengthen RTFKT and enable it to survive the various controversies surrounding this virtual NFT studio. Experts opine that efforts should be made to improve the security and privacy features of the CloneX NFT. Similarly, efforts should be geared towards earning the trust of the NFT community.

Author: Valentine. A, Gate.io Researcher

This article represents only the researcher's views and does not constitute investment suggestions.

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