Infinex's latest non-fungible token (NFT) collection has amassed over $40 million worth of sales within the first four days, despite the sluggish performance of the top NFT collections.
Patron NFT Sales Kickoff
Infinex, a non-custodial platform offering easy access to onchain protocols and decentralized applications (DApps), introduced the Patron NFT collection, which surpassed $40 million in sales within the first four days. According to Kain Warwick, the working group lead at Infinex Core, the NFT collection is expected to attract even more investor interest. Warwick stated, “The first phase of the Patron Sale has been incredibly exciting with major foundations, VC firms, and angels joining, but the next waves are even more critical as we expand to the wider community.” Over 74% of the Patron NFTs have already been sold, with just six days remaining in the NFT sale. The $40 million sale comes during a significant market downturn for the wider NFT market, with some of the most popular blue-chip NFTs down over 74% from their peak valuations.
Infinex Surpasses $150 Million TVL Peak
Infinex surpassed $150 million in total value locked (TVL) on July 25, thanks to its ongoing “launch season,” which attracted an additional $100 million in TVL within the first 10 days of the campaign. Patron NFTs come in three tiers, costing either $5,000, $3,000, or $1,250, with the latter NFT being locked for 12 months from the distribution date, meaning that they won’t be transferable until they gradually unlock. Early-stage participants of the NFT sale include Framework Ventures, Wintermute, Wormhole Foundation, and Variant, as well as prominent crypto figures such as Sergej Kunz, the co-founder of 1inch Network.
Blue Chip NFT Valuations
Despite the $40 million sale, the wider NFT space remains in a significant downtrend. CryptoPunks, the largest Ethereum-native NFT collection, is currently trading at a floor price of 29 ETH, worth $66,800, down over 74% from its peak valuation of 113 Ether, or $260,000, reached in October 2021, according to NFTPriceFloor data. The Bored Ape Yacht Club (BAYC), the second-largest NFT collection, is also down over 90% from its peak valuation of 128 ETH, worth $295,000, currently trading at just 11.8 Ether, worth $27,000.
Infinex's new Patron NFT collection shows significant success amid the overall downturn in the NFT market. The $40 million sales in the first four days and surpassing the $150 million TVL mark confirm the investor interest in Infinex's project.
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