RTFKT, owned by Nike, grants CloneX owners commercial rights to NFT
RTFKT, a fashion brand owned by Nike, has announced new use cases for its CloneX NFT collection.
The Nike-owned fashion brand RTFKT, pronounced "artifact", grants commercial rights to the owners of CloneX NFT, which will allow them to create derivative projects, produce fan art, as well as produce and sell products with the image of their avatar.
The RTFKT project was launched in 2019 and was one of the pioneers in the web3 fashion space, creating NFT for major brands. In December 2021, RTFKT was acquired by Nike.
CloneX contains 20,000 algorithm-generated cartoon figures that are currently sold on the secondary market. The minimum price of CloneX NFT on July 6 was 11.7 ETH or about $12,000.
At first, the figures were sold as 3D characters, which the 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 mimics other popular NFT collections, such as the Bored Ape Yacht Club (BAYC), whose owners own full commercial rights. BAYC's liberal distribution of intellectual property rights stimulated the creation of additional revenue, including Hollywood films, themed restaurants and creative writing projects.
CloneX owners can now also upload and customize their 3D avatar in a token-protected file (meaning it's only available to those with CloneX NFT).
This news came at the height of the bear market, when the minimum prices for some of the most popular collections dropped significantly.
https://coin-signal.com/cryptonews/rtfkt-owned-by-nike-grants-clonex-owners-commercial-rights-to-nft-2/
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