NFT Market Sees Revival Amid Clone X Shutdown

According to BlockBeats, the NFT market has experienced a notable resurgence over the past week, with significant rebounds observed in established collections such as CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles. Additionally, leading generative art NFTs like Chromie Squiggle and Fidenza have also seen substantial recoveries. In tandem with this market revival, the token $BLUR, closely associated with NFT infrastructure, has quietly surged by nearly 90% over the past month. Following a public endorsement by Andrew Kang, $BLUR continued its upward trajectory, gaining approximately 20% in value. Amidst this optimistic atmosphere, the NFT project Clone X, backed by Nike, announced a shocking cessation of operations. This announcement, akin to declaring an end to dining at a festive dinner, stunned the NFT community. RTFKT Studio, acquired by Nike, declared the termination of its operations. As a transitional measure, they plan to complete their final project, "BLADE DROP" of MNLTH X, in December. MNLTH, launched in 2022, involves a concept where NFTs mutate virtual shoes. The "BLADE DROP" has sparked discussions on social media, with reports suggesting that holders may not receive the final pair of Nike shoes, but rather 3D-printed shoes produced by Zellerfeld. The news of the operational halt led to a dramatic 50% drop in Clone X's floor price, which now stands at 0.3 ETH, down from nearly 0.9 ETH just two days prior. NFT enthusiasts have criticized the RTFKT team, accusing them of a "Hard Rug" rather than a "Soft Rug." They also recalled past controversial remarks by RTFKT co-founder @benitopagotto, who had previously mocked Pudgy Penguins' entry into Walmart, contrasting it with Sotheby's auctions. Since Clone X's launch and RTFKT's acquisition by Nike, three years have passed. As the market enters a new bullish phase, the sudden collapse of this Nike-backed NFT project has left many in disbelief. Amid the chaos, a $10 million acquisition offer from @JoeyMoose has caught the attention of NFT players, though it is likely a jest, as he recently joked about purchasing MoonBirds from Kevin Rose for $5 million, despite its acquisition by Yuga Labs. The future of Clone X remains uncertain. In a world where memes have become mainstream, there is speculation about the community potentially launching a meme token from a "CTO Nike" perspective. However, the outcome remains unpredictable, as the world is full of surprises.