LeBron James RTFKT CloneX NFT magically becomes 1:1
LeBron James now has his very own RTFKT (pronounced Artifact) CloneX NFT, thanks to an amazing move by the RTFKT team. In an action that has generated quite a bit of controversy on social media, the new LeBron James is a clone of an existing NFT, with its metadata changed to create a unique 1/1 NFT. While some see this as a creative move that opens up huge potential, others see it as harmful and a risk to the future of decentralization.
RTFKT is a dominant part of the NFT ecosystem
One of the most notable moments of the 2021 NFT bull run is Nike acquiring the popular NFT company RTFKT. Known for creating NFT avatars, virtual sneakers, fashion and collectibles for the Metaverse, this was a huge moment for the NFT space. Many consider this a pivotal moment in its recognition as a legitimate industry.
Notably, RTFKT was one of the first digital sneakers NFT collections. With the LeBron James NFT news coming out, many believe that he will join RTFKT soon.
Nike is making huge strides in web3
Since the acquisition, Nike, through RTFKT, has been working hard to build its presence in the Web3 world. Among the various popular RTFKT collections, CloneX is the most popular. This collection of 20,000 avatars is a collaboration with world-renowned contemporary Japanese artist Takashi Murakami.
With a floor price of 6 ETH and a volume of 220 thousand ETH, RTFKT is a dominant collection in the NFT space, which many projects will emulate in hopes of recreating that success.
Is RTFKT changing the metadata of its NFTs with LeBron James 1/1?
Basically, yes. In a Twitter thread, Samuel Cardillo, RTKFT’s CTO, explained how and why they decided to allow metadata changes. He said, “I am pleased to announce that we have migrated some CloneX metadata on-chain. At this point, only DNA and if it’s a Murakami drip (or not) on-chain, more metadata will be set post-Ethereum merge.”
So what does that mean? NFT (CloneX #7968) changed his data, and it now looks like LeBron James. RTFKT used an NFT from his CloneX collection and modified the metadata to create the 1/1 LeBron James NFT. Importantly, both the original NFT and the new LeBron NFT exist independently. One currently resides on DAPRadar and the other resides on OpenC.
The new Lebron James NFT has some unique features. Among them is a crown with the inscription “The Chosen 1”. Additionally, the ‘face’ feature in OpenSea reads LBJ’s beard.
For some, this is groundbreaking and offers new opportunities, but others feel it is unethical and goes against the ideals of NFT creation.
Positive response to LeBron RTFKT NFT metadata changes
Naturally, NFT holders and members of the RTFKT community are a bit more positive about the metadata changes.
@NinjaTVFILM, who has an RTFKT Twitter pfp, tweeted, “The fact that @RTFKT is setting a precedent to change metadata to include features from all-time great sports legends is a huge feature upgrade to not fade away and King LeBron is just the beginning @Nike + The future is limitless with Official Sports Legends/Athletes + Clone X features.”
Is LeBron James RTFKT NFT good for the NFT space?
A major criticism of RTFKT’s move is that metadata is not frozen. Basically this means RTFKT can modify any NFT in the CloneX collection. If they can change metadata overnight to resemble LeBron James, where does it stop?
CloneX #7968, which was used to create the LeBron James NFT, may become more valuable due to the associated NFT. However, it may also decrease in value, as LeBron NFTs are seen as ‘genuine’ NFTs. In addition, it may damage the ecosystem of the collection.
Popular NFT Twitter member @Degentraland had this to say about the situation, “Changing a collection’s metadata nearly a year after launch sets a terrible precedent. What resources are actually rare if the company can clone your exact features? Do we really own anything if metadata is stored off-chain? But, he added, “That said… I’m down to make an exception for LeBron.”
While some are happy for superstars like LeBron James, not everyone is universally loved. Will this open a market for 1/1 Celebrity CloneX NFTs? This method creates more 1/1 NFTs and it can reduce the value of other 1/1s as well.
Measures are taken to prevent misuse of metadata changes
In Samuel Cardillo’s thread, he also announced safeguards to ensure that the properties of these NFTs are not easily changed. He said, “Since CloneX is a living project, we put in place a way for the owner to “unlock the status” of his CloneX. This means that only when you, as the owner of a particular clone, give us permission can we modify it – fixing the metadata. or upgrading for the future.”
This means that metadata changes for CloneX have some level of privacy protection. However, for those who believe in true decentralization, it sets a ‘terrible precedent’.
In the coming months, it will be interesting to see how the market responds to both the LeBron James NFT and the original RFKT CloneX NFT.
All investment/financial opinions published by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any type of investment.
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