NiftyNoon: RTFKT IRL Cryptokicks Spark Outrage From Clone X Community
RTFKT has received widespread backlash from the Clone X community over concerns surrounding geographic locks and holder mondetization (December 6, 2022)
Nifty Thought
What does holding an NFT really mean? RTFKT has been challenging its holders with this question after a very tumultuous process with MNLTH 2. MNLTH 2 has essentially revealed into a 0.1 ETH coupon for physical Nike CryptoKicks, a product that can only be shipped within the US. While many holders are up in arms over the NFT’s lack of utility for people outside the US, many seem to be more frustrated with the overall structure of NFT’s utility. Nike, the parent company of RTFKT, seems fully committed to web3. However, as a traditional company, they seem to be positioning their Clone X holders as customers rather than as true stakeholders. Thus, MNLTH in particular has become an exercise in Nike/RTFKT seeking more revenue by soliciting payments for even more products from their holders. Although this behavior is not exclusive to Clone X’s MNLTH ecosystem, this is the first time the community has retaliated at this scale.
Unfortunately, this trend is likely to continue. Although NFT holders often speak as if they are equity holders in projects. This is not the case. Even Yuga Labs, perhaps the gold standard for returning value to NFT holders, describes its mint and royalty proceeds as revenue. If the sales of the NFTs are revenue, it may be fair to then extrapolate that the NFT being sold is the product and that the people buying are customers. The current royalty incentive structure currently does not align most NFT companies/equity holders with NFT holders. One is driven by volume whereas the other is driven by floor price. This creates an interesting opportunity for projects with 0% royalties where the teams behind them hold a portion of current/future supply and are therefore also incentivized through higher floor prices (ie Nouns and CryptoPunks).
Nonetheless, Clone X is likely to persist despite its recent negativity. RTFKT has demonstrated incredible technical ability as true crypto-native builders. Takashi Murakami, the artist behind Clone X, is one of the most respected artists inside and outside of crypto. Of course, despite its corporate bureaucracy, Nike is one of the most credible companies in the world of collectibles. The good in Clone X still overwhelmingly outweighs the bad.
Project News
Clone X announces snapshot for MNLTH 3 and releases physical Cryptokicks which can only be shipped within the US:
Snapshot of MNLTH 1 and MNLTH 2 imminent 📸 Do not transfer them if you wish to be included in the snapshot 🛑 We will notify everyone once the snapshot is complete ⏰ MNLTH 3 airdrop at a later date 🪂Horizen Labs releases staking of apecoin ($ape) including token-gated pools for Bored Ape Yacht Club NFT ecosystem holders:
Ape Staking Update: The day is finally here, $APE holders. ApeStake.io...is now LIVE!🎉 Pre-commitment period starts now. 1) Go to ApeStake.io 2) Connect your wallet 3) Stake your position On December 12th, rewards start accruing. Get ready!
Blur releases the package claim for their second airdrop stating that it is 10x larger than the first airdrop:
Azuki announces Physical Backed Token (PBT) rarity mechanic debuting in the Azuki x AMBUSH hoodie:
Community News
NFT community discusses mechanics of apecoin token gated staking in which selling BAYC/MAYC NFTs with apecoin staked to them also sells access to that staked apecoin:
Clone X community speaks out over concerns surrounding RTFKT and Nike trying to monetize their community rather than return value back to them:
Member of the Punks App Review Board shares thoughts on how the CryptoPunks marketplace UI may be improved upon:
Quick Stats:
OpenSea ETH Daily Volume: 6,154 ETH (▲ 12.86%)
Blur ETH Daily Volume: 3,309 ETH (▼ 22.39%)
BTC: $17,016.23 (▼ 0.50%)
ETH: $1,225.57 (▼ 0.93%)
Solana: $14.00 (▲ 1.83%)
Polygon: $0.91 (▼ 1.24%)
NFT Daily Winners:
Moonbirds: 8.65 ETH (▲ 12.34%)
Azuki: 11.05 ETH (▲ 5.27%)
Mutant Ape Yacht Club: 13.80 ETH (▲ 0.07%)
Chromie Squiggles: 13.40 ETH (► 0.00%)
VeeFriends: 4.70 ETH (► 0.00%)
Proof Collective: 31.00 ETH (► 0.00%)
NFT Daily Losers:
Bored Ape Yacht Club: 67.50 ETH (▼ 0.14%)
CryptoPunks: 64.90 ETH (▼ 0.61%)
Doodles: 6.84 ETH (▼ 0.92%)
DigiDaigaku: 9.49 ETH (▼ 2.10%)
Clone X: 6.40 ETH (▼ 5.20%)
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