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CloneX NFT Prices Spike on Nike’s Acquisition of RTFKT Studio

Nike, Inc. has made a running start into the metaverse.

On Dec. 13, the sporting goods behemoth announced that it has acquired RTFKT, an NFT studio that blurs the lines between the digital and physical through virtual sneakers and collectibles like one of a kind sneakers. The terms of the deal were not disclosed.

Following the announcement, secondary sales of RTFKT’s CloneX NFTs shot through the roof as investors piled in. The floor price of the collection is currently around 6 ETH, up from 3 ETH before the news was made public.

<em>CloneX NFT prices spiked on the Nike deal news.</em>
CloneX NFT prices spiked on the Nike deal news.

An OpenSea user who goes by the handle “Criminal” made out like a bandit, minting and selling a rare ‘split’ CloneX avatar #4939 for 200 ETH ($760K) in a matter of hours.

Patent Filings

Rumours about Nike’s metaverse play have been running wild ever since the company filed multiple patent requests in October for “downloadable virtual goods” bearing its trademark Swoosh and Jordan logos.

RTFKT Controversy

It hasn’t all been smooth sailing for RTFKT (pronounced Artifact).

The CloneX drop two weeks ago started off as a Dutch auction but was paused midway after alleged attacks on the project’s website. All remaining CloneX avatars were made available at a fixed price of 2 ETH, irking some buyers who participated in the original auction at higher prices.

This past weekend, the project was once again in Crypto Twitter’s crosshairs after users discovered that their expensive NFTs came with limited commercial rights.

And while most celebrated the partnership, some users remain skeptical.

At the current floor price of 6 ETH, the cheapest “Nike” NFT is pricier than the most highly sought-after physical sneakers the company has ever made.

John Donahoe, Nike’s President and CEO, placed the deal firmly in the context of the company’s broader digital strategy. “This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture,” he said in a statement.

1. Which offers a “highly curated collection of royalty-free stock photography and video footage.”

2. A multi-stakeholder patient owned research cooperative that enables industry and start-up tech companies to easily conduct user research with patients to ensure the products that go to market are patient-centric and focused on patient need.

3. A more fair and equitable alternative to Airbnb.

4. See Jason Wiener, Linda Phillips, Colorado - “The Delaware of Cooperative Law,” Benefits of Incorporating a Worker Cooperative in Colorado, Fifty By Fifty: Employee Ownership News (May 29, 2018), https://medium.com/fifty-by-fifty/colorado-the-delaware-of-cooperative-law-babedc9e88eb

5. We are of the opinion that these communities do not need to be concerned by laws varying from state-to-state; they can operate in any state and still be formed under the law of the State of Colorado, in which case they will have to adopt a foreign entity form in the states where they have employees, but will be subject internally to the laws of Colorado.

6. In a cooperative, a patron is a person who purchases (or uses, or sells, or provides) products or services from (or to) the cooperative.

7. Federated cooperatives can be used as a central structure to provide services to the cooperative members (e.g. HR, accounting, industry training, to all coop entities who are members), as a centralized purchasing arm (e.g. buying paper, or other goods or services that all members need for their own business), and other uses that capitalize on the pooled resources and energy of the cooperative members.

8. Per bylaws.

9. Defined as a limited liability company or other corporate legal entity that meets the requirements of membership.

10. Defined as a natural person or entity that meets the requirements of membership.

11. As stated in the Bylaws adopted on 11/05/2021.

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