Earlier as we speak, a heated debate erupted on X (beforehand referred to as Twitter) after some crypto and non-fungible token customers seen an odd error on the Clone X non-fungible token collections. Surprisingly, there isn’t a seen artwork within the Clone X NFT assortment, with non-fungible token holders left solely damaged hyperlinks and NFT manufacturing numbers. On this article, we will solely focus on this controversial incident in depth.
> Be CloneX
> Make $81.3M from NFT gross sales
> Get one other $37.8M from royalties
> Airdrop sneaker coupons
> Go silent
> Shut down
> Don’t pay for servers
> Holders left with a damaged hyperlink and a dream pic.twitter.com/rSWxHrTWte— Pix🔎 (@PixOnChain) April 24, 2025
The Rise And Fall Of RTFKT
Based in 2020 and closed in November 2024, RTFKT was a famend digital asset incubation studio, acknowledged for leveraging in-game engines, world-class design, and AR to create one-of-a-kind digital belongings. In 2021, RTFKT grew to become such a giant hit that Nike acquired it earlier than the yr’s finish. The NFT studio continued to ascertain itself in 2021, promoting over $3.1 million value of its NFT sneakers.
— RTFKT (@RTFKT) December 2, 2024
RTFKT skyrocketed in fame after the launch of the Clone X non-fungible token assortment. There have been 20,000 RTFKT CloneX NFTs hosted on the Ethereum blockchain community. Additional, the NFTs had been cut up into eight DNA sorts, which shaped the CloneX rarity system. Every DNA kind took a distinct share of the entire provide. People took 50%, robots (30%), Angels (8.75%), Demons (8.75%), Reptiles (1.25%), Undeads (0.6%), Murakamis (0.5%), and Aliens (0.15%).
The CloneX NFT assortment continued to realize traction amongst merchants, with its ground worth worth surging to document heights. On the time, CloneX recorded some jaw-breaking gross sales from its rarest NFTs. On the prime of the checklist was CloneX #4594, which bought for 450 ETH in 2022. CloneX #13134 bought for 368 ETH. The remainder of the highest 10 most costly Clone X NFTs traded over $500,000 value of ETH. In addition to the CloneX NFT assortment, RTFKT has since launched many NFT collections.
What Went Improper?
In December 2024, Nike introduced the closure of its once-promised next-gen sneakers studio after failing to deal with the risky non-fungible token market. Regardless of making greater than $81 million from NFT gross sales, getting one other $37.8 million from royalties, and promoting Airdrop sneaker coupons, the RTFKT workforce has now gone silent to NFT holders. Sadly, the NFT studio has even did not pay server charges, leaving CloneX NFT holders with a damaged hyperlink.
I do not suppose they really did something deliberately (moreover shutting down the venture) – they simply stopped paying service payments or simply canceled subscriptions
— siw0.eth (@siw0bbyte) April 24, 2025
A number of crypto customers and influencers have described this transfer as one other type of a rug pull. On the planet of crypto and DeFi (Decentralized Finance), a “rug pull” is a rip-off the place venture builders or creators of a brand new cryptocurrency, token, or NFT all of a sudden abandon the venture and withdraw all funds invested, leaving buyers with nugatory digital belongings. Within the Meantime, it’s not confirmed whether or not the “Error 404” within the CloneX NFT assortment is a results of technical points or not.
Did @RTFKT Clone X rug their artwork?
Nike, who acquired RTFKT in December 2021 for a reported $300M+, sundown the corporate’s operations simply three years later in December 2024.
Now the artwork has disappeared. There’s in all probability a stable dialog about on-chain artwork available right here. pic.twitter.com/o6c93yPoVK
— Steve 🤙 (@SteveKBark) April 24, 2025
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