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CloneX Pre-reveal Hype Generates $114 Million in Trading Volume

CloneX Pre-reveal Hype Generates $114 Million in Trading Volume

RTFKT’s first avatar NFT collection outperforms blue chip competitors

RTFKT’s first avatar NFT collection CloneX has generated upwards of $114 million in trading volume in just several days since launch. The official reveal of the NFT designs is going to happen sometime next week, however, hype and trading activity are already skyrocketing for the collection. 

The CloneX Mint Vial NFT collection saw 5,457 traders, and generated more than 7500 sales. At the time of writing, CloneX by RTFKT recorded the second-highest trading volume across all collections tracked by DappRadar in the past seven days. This places CloneX above blue chip collections like Bored Ape Yacht Club and CryptoPunks. 

CloneX

Even more impressive is the fact that CloneX managed to outperform The Sandbox, which has been generating exorbitant amounts of trading volume in the past several weeks. Demand for the RTFKT avatar collection has been massive ever since launch day on November 29th. At the time of writing the floor price for a CloneX NFT is 3.33 ETH, or about $13.440.

A troublesome start for CloneX

Excitement and hype surrounded CloneX ever since RTFKT announced it’s going to launch a metaverse-first avatar collection. The pre-sale event for whitelisted collectors started on November 27th, and CloneX Mintvile NFTs started flooding the secondary market. The floor price for these pre-sale NFTs was higher too, at 3.7 ETH. 

Unfortunately, as the time came for the public sale on November 29th, problems began piling for the RTFKT team. Several hours after the Dutch auction public sale started, the team had to pause the sale, as both the website and smart contracts were flooded with attacks. However, collectors were not really happy with this decision. A Dutch auction is designed to distribute NFTs gradually, with a high starting price, which declines over time. Collectors have a chance to buy whenever they like, at the current price. Of course, you can wait for the price to drop, however, as this happens NFTs start selling out quickly. 

Dutch auctions have become popular lately, boasting a reputation as the fairest way to distribute initial mint NFTs. However, pausing a Dutch auction is not very well accepted. In the case of the CloneX mint, the RTFKT team paused the Dutch auction midway, which some collectors interpreted as a push to keep the price of NFTs relatively high. Twitter and Discord overflowed with negative comments and disappointed collectors. The RTFKT team issued a public apology, and the auction resumed shortly after. Minutes later, the collection sold out.

Moving forward

Despite a rather troublesome start, CloneX has garnered quite the fan base and following. RTFKT products have been among the most sought-after in the NFT space. Bringing forward a new wave of digital fashion, RTFKT sneakers managed to grab the attention of numerous NFT collectors, including celebrity Alexis Ohanian

With CloneX, RTFKT takes their project one step further, by moving into the metaverse. The metaverse is probably the hottest topic in the crypto space ever since Facebook’s recent rebrand. Consequently, demand for collectibles that can be used in virtual worlds is growing rapidly. All CloneX NFT avatars will come with 3D models, which can be used in metaverse virtual worlds. Combined with the renowned fashion brand status RTFKT has attained, CloneX is one of the hottest NFT projects to drop lately.

DappRadar will continue monitoring the CloneX collection as the official reveal happens next week. To keep informed and find out when the designs drop, follow DappRadar on Twitter and join our Discord community. 

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