According to CryptoSlam, the sales volume of NFTs has increased by more than fifty percent in the previous thirty days, and it has now surpassed four billion dollars. NFTs have gotten off to a blazing fast start in 2022, with over 6.3 million transactions relating to NFTs having been registered and involving more than 873,670 buyers.
In contrast to cryptocurrencies like Bitcoin, which are designed to be identical and can be exchanged with one another at will, non-fungible tokens, also known as NFTs, are intended to be singular and cannot be traded with one another. Their primary application is currently in the fields of art and music. The majority of the non-fungible tokens (NFTs) are constructed on blockchains based on Ethereum as well as Solana.
Up from a meager $106 million in 2020, Chainanalyis reports that at least $44.2 billion worth of cryptocurrency was sent to ERC-721 and ERC-1155 contracts, the two types of Ethereum smart contracts associated with NFT collections. This is a significant increase from the previous year’s total of only $106 million.
NFTs had one of the most impressive years of growth in the cryptocurrency industry in 2021, and that pattern is expected to carry over into this year as well.
CloneX, which is one of the most well-liked NFT collections, has seen a spike of 135% in transactions to a total of $90 million over the course of the past week. More than 2700 purchasers participated in the purchase of CloneX NFTs during the month of January 2022, contributing to a sales volume of more than $165 million.
With a total sales volume of approximately $364 million, CloneX ranks as the eighth largest NFT collection overall. Now, let’s take a look at what what it is about CloneX that has the NFT community so excited.
Regarding CloneX
Do you want to represent yourself in the real world with the same NFT avatar you use in the game? In that case, CloneX is the NFT collection you should be using. RTFKT (pronounced ‘artifact’), the company behind the creation of virtual footwear and collectibles, is responsible for the development of this portable NFT set.
These NFTs were designed by the renowned Japanese artist Takashi Murakami, and RTFKT worked closely with him to bring his iconic artwork to life in the form of these limited avatars through the creation of these NFTs. The blockchain is used to specify particular aspects of these avatars, such as their eyes, mouths, and clothing, giving them a unique appearance.
CloneX was also developed in conjunction with the well-known Daz 3D, a firm that specializes in 3D digital and electronic art as well as software. RTFKT Studios has been able to produce such a varied collection as a result of its utilization of Daz 3D’s PFP Utility Kit.
CloneX was not only one of the most widely awaited NFT projects prior to its premiere, but it is still one of the most popular NFT collections even now. The only way to buy these NFTs was through a Dutch Auction, which involves gradually lowering the price until all of them are purchased. During the public sale, each purchaser had the opportunity to purchase a maximum of three avatars per wallet.
This initiative, which is centered on the community, has a strong emphasis on quality and showcases sophisticated avatars that are suitably geared up for the metaverse. Midway through the month of November saw the release of a total of 20,000 NFT avatars, with that number being split evenly between the presale and public sale. The avatars were generated at random, and the characteristics and attributes of the avatars were not revealed until after the sale had been completed.
These CloneX NFTs are ready for use in the metaverse because the team has developed a Clone.meta vault that provides access to 3D data that can be utilized on multiple platforms. There is also a specific inventory for clones called Clonex Wearables, which gives its owners the ability to personalize their clones in any way they see fit by equipping them with one-of-a-kind accessories obtained from RTFKT.
In addition, the ownership of a CloneX NFT grants its holder exclusive access to the RTFKT ecosystem as well as unique CloneX experiences.
The True Account
The team has determined that the plot would be driven by three aliens who live on a planet called orbitar that is situated in the neighborhood of the Draco galaxy. In this lab, human qualities and behaviors are cloned and implanted into metaverse clones in an effort to “evolve people into more complex entities,” as the lab’s mission statement puts it.
In this technologically advanced civilization, humans do not exist in their natural form; rather, they are represented by their digital clones or avatars, which are able to travel around the cosmos in quest of new places to call home.
In addition to this, they have “planned to transfer all human consciousness into advanced clone forms in order to establish the ultimate Metaverse.” This project, which RTFKT considers to be one of its “most ambitious” ones to date and which marks the beginning of a full ecosystem for its community, is described as follows:
RTFKT was established in January 2020 by three close friends. The company creates one-of-a-kind sneakers and digital artifacts by utilizing non-fungible tokens (NFT), blockchain authentication, augmented reality, and the most recent in-game engines.
Co-founder Benoit Pagotto explained to Forbes late last year, during the public drop of the NFT project, that the studio started the project with sneakers because they are already a cultural collectible and are also the best item to merge gaming with streetwear. This was stated in an interview that took place during the public drop of the NFT project.
When asked about the development of the brand, Pagotto stated that the company started off with sneakers, but eventually expanded into fashion with items like the Metajacket and their Decentraland wearables. Then, they came up with the concept of Forging events, which allow owners of NFT to trade in their tokens for one-of-a-kind physical sneakers or other supplemental things. At this point, they begin transitioning into avatars.
The new business enterprise has based its brand around the metaverse, which the founders believe “allows for a new method for fashion labels to develop not only apparel but a full living ecosystem.”
In contrast to the real world, persons in the virtual world are not constrained by the same physical, legacy, or other kinds of limitations. According to Pagotto, “having the ability to design fashion pieces as well as characters to wear them and utilize them as your identity in the metaverse is a significant new step for fashion brands of the future.”
Aside from NFTs, the metaverse was another major topic of conversation in 2021, and everyone was jumping on the bandwagon. However, this marks the beginning of a new age for RTFKT, one in which the value of physical things has been replaced by that of digital ones in order to “live a more healthy and uncomplicated life in the real world.”
Another reason to place your bets on the metaverse is that it is the logical progression from activities such as playing video games, amassing virtual objects, and forming relationships with other players. Not to mention the fact that there has been “a genuine transfer of power toward the artists.”
Important Step Forward: the Acquiring of Facebook
RTFKT completed a seed funding round in May 2021, raising a total of $8 million. The round was sponsored by the venture capital powerhouse Andreessen Horowitz (a16z). Other participants in the round included Ledger, the CEO of Dapper Labs, Roham Gharegozlou, as well as Mike Novogratz’s Galaxy Digital, Hong Kong billionaire Adrian Cheng’s C Ventures, Shrug Capital, NFT artist Fewocious, and Genie founder Akash Nigam.
RTFKT Studios had stated at the time that it intended to use the funding to “push the NFT ecosystem forward and help create the future of fashion and commerce in the metaverse.” Other goals for the money included investing in projects, building an NFT marketplace, and expanding the company’s personnel.
Prior to the release of CloneX NFTs, RTFKT made history when they sold the NFTs of digital sneakers that they had created in partnership with the artist Fewocious. The sale generated a profit of more than $3 million in just 7 minutes.
RTFKT took graphics from other NFT initiatives, such as Bored Ape Yacht Club and CryptoPunks, and used it on its actual shoes.
However, RTFKT wasn’t the only reason behind this. In December of 2021, Nike completed the purchase of RTFTK for a price that was not disclosed. Pagotto, co-founder of RTFKT, was quoted in a release as saying, “This is a unique chance to expand the RTFKT brand, and we are eager to benefit from Nike’s underlying strength and knowledge to build the communities we love.” [Citation needed]
The floor price of the collection has increased to 6 ETH, from 3 ETH before the news was made public. This is due to the fact that secondary sales of CloneX NFTs have skyrocketed ever since the announcement was made. Investors have been flocking to buy them.
The possible involvement of Nike in the metaverse has been the subject of much conjecture ever since the corporation submitted multiple patent requests in October for “downloadable virtual goods” featuring its trademark Jordan and Swoosh emblems.
The sportswear firm Nike is likewise getting ready for the metaverse by acquiring RTFKT Studios, a move that President and CEO John Donahoe said “accelerates Nike’s digital transition and allows us to serve athletes and artists at the convergence of sport, creative, gaming, and culture.”
Already, technological behemoths like Facebook have rebranded themselves as Meta and committed billions of dollars in developing the metaverse. Recently, Apple CEO Tim Cook, who owns bitcoin, stated that the firm sees “a lot of potential” in the metaverse and is investing in the technology because of this belief. Cook also stated that the company is investing in the technology.
Google is yet another large company working toward the goal of capturing the virtual reality market, which Goldman Sachs estimates could be worth $8 trillion in the future. This prediction is based on the fact that the digital economy currently accounts for approximately 20–25 percent of the overall economy.
However, Google is looking into blockchain technology in addition to the metaverse as well. Sundar Pichai, the CEO of the company, remarked that “It’s such an exciting and powerful technology with broad applications.” In the meantime, Google Cloud has announced the formation of a new business that will concentrate on blockchain applications and is investigating the idea of enabling its customers to make payments using cryptocurrencies.
The Plan of Attack
As was mentioned earlier, RTFKT’s primary objective is to provide its users with easy access to the metaverse. In order to accomplish this, they have developed a Clone.meta vault that will provide you with access to the 3D files of the avatars so that you can use them on several platforms.
It is located in the 3D vault, which is where you can get live updates to the 3D files that your clone can use in the metaverse. The following file formats can be downloaded:.blend,.obj,.fbx,.MA, and glb. Unreal Engine is also an option.
Forging events are also available through RTFKT, and they let players to build one-of-a-kind physical treasures using their clones. You have the ability to claim the NFT’s physical object through the forging events if you are the owner of an NFT for which the startup is preparing a physical redemption. In order to successfully claim the item in the real world, you will first need to establish an RTFKT account and then connect that account to either your Metamask or Bitski wallet. Your wallet needs to have the NFT that you want to forge already in it, and once the event is live, all you have to do is follow the steps to choose your sizes and enter your delivery address.
Your NFT is essential to the process of forging, and you will receive one actual item for every NFT you spend. The official website of RTFKT reveals that they will be hosting more events of this kind in the future. The upcoming forging event will be called Space Drip, and it will bring together the work of 18 different artists.
There is also something called Clonex Wearables, which functions in a similar way to a specialized Clone inventory but also grants access to new collection drops. Using one-of-a-kind accessories crafted by RTFKT and other producers, you are free to personalize your clones in any way you see fit.
Having a CloneX NFT also gives you exclusive access to the RTFKT ecosystem, which you can only get if you have one.
There are also space pods available, in which you can show off your NFTs to other people who own CloneX NFTs and socialize with them. Space pods are only available to owners of Clone X devices because they are powered by OnCyber.
When asked what to anticipate from RTFKT in 2022, co-founder Pagotto responded, “If there’s one thing we’ve developed with this brand, it’s to always expect the unexpected from us.” This was mentioned in response to a question posed during an interview.
How do I go about Buying a CloneX NFT?
Due to the high demand for CloneX, its floor price has increased to 14.4 ETH, which is the lowest price at which it is presently being offered for sale. This is an increase from 0.05 ETH, which was the price point for the RTFKT pre-sale, and 3 ETH, which was the beginning price for the Dutch auction.
Due to “too many attacks,” RTFKT Studios had to temporarily stop the minting before it could begin again the following day when the company was put up for sale. After that, when the sale started up again, it was gone in no time.
Now that the excitement around NFTs has been on an upward trend ever since last year and is showing no signs of slowing down, you might be tempted to purchase some colorful NFTs as well. This is because the hype surrounding NFTs has been on an ascent ever since last year. Therefore, if you are interested in obtaining some CloneX NFTs, you will have to make a purchase on the secondary market in order to do so.
These NFT avatars are now up for purchase on OpenSea, which is widely considered to be the most popular NFT marketplace. You simply need to go to the OpenSea website, search for the NFT, and then either buy it directly or make an offer to purchase it in order to purchase CloneX on this platform.
You must now link your wallet to your computer. OpenSea is compatible with a number of different wallets, including Metamask, Coinbase Wallet, WalletConnect, Kaikas, Bitski, and Trust, amongst others. As soon as the wallet is connected, you will be able to view details regarding your purchase, including the projected amount of gas fees and the amount of time it will take to process the transaction. Check that you have sufficient funds to cover the gas fees, which vary depending on the amount of activity on the network.
Your transaction will be processed once you have selected the confirm button, and your NFT will be available to you in a matter of seconds. You will then be able to view it in your collection.
The Last Word
Profile Picture (PFP) RTFKT’s CloneX collection is currently trending and attracting a lot of attention, transaction volume, and funds. Non-fungible tokens (NFTs) are the most popular trend in the non-fungible token arena. Its potential is strongly indicated by the fact that it is compatible with a variety of platforms and is prepared for use in the metaverse.
CloneX may get a lot of interest if it grants unique privileges to the people who possess its NFT tokens and if it establishes a connection with the real world through the use of tangible goods. In addition to this, it provides other advantages in the form of upgrades and the ecosystem that RTFKT is constructing for the long term around them. Pagotto, who was also one of the company’s co-founders, stated that “having a Clone will most certainly be a flex.”
