RTFKT, Owned By Nike, Permits Commercial Rights To NFTs For CloneX Holders

Nike Inc.'s (NYSE: NKE) RTFKT has granted new utilities to CloneX’s holders, including commercial rights to the non-fungible tokens (NFTs).

The Nike-owned web3 brand looks to permit NFT holders to create fan art, make avatar-based merchandise and launch derivative projects.

CloneX’s NFT collection includes 20,000 figures, with a current floor price of 11.58 Ethereum (CRYPTO: ETH), i.e. $12,135. Fashion brand RTFKT was bought by Beaverton, Oregon-based Nike in December 2021.

See Also: Nike Buys Digital Sneaker And Fashion Brand RTFKT - What Investors Should Know

RTFKT’s latest move follows other NFT projects, such as Bored Ape Yacht Club, allowing NFT holders to hold commercial rights over their NFT. Holding commercial rights would permit NFT holders to download and customize their NFT’s avatar. The download would be token-gated and only allow CloneX NFT holders to access the file.

RTFKT’s business move comes amidst a plunging cryptocurrency and NFT market, in an effort to boost their project.