Infinex Patron NFT Collection Surpasses $40 Million In Sales

According to Cointelegraph, Infinex's latest non-fungible token (NFT) collection has achieved over $40 million in sales within the first four days, despite a sluggish performance in the broader NFT market. Infinex, a non-custodial platform that provides access to onchain protocols and decentralized applications (DApps), announced the success of its new Patron NFT collection. Kain Warwick, the working group lead at Infinex Core, expressed optimism about the collection's potential to attract more investor interest, noting that the initial phase saw participation from major foundations, venture capital firms, and angel investors. Warwick emphasized the importance of the upcoming phases as the sale expands to a broader community. Over 74% of the Patron NFTs have already been sold, with six days remaining in the sale. The $40 million achievement comes amid a significant downturn in the wider NFT market, where some of the most popular blue-chip NFTs have seen valuations drop by over 74% from their peaks. Infinex also reported surpassing $150 million in total value locked (TVL) on July 25, driven by its ongoing 'launch season,' which added $100 million in TVL within the first 10 days. The Patron NFTs are available in three tiers, priced at $5,000, $3,000, and $1,250, with the lowest tier being locked for 12 months from the distribution date. Early participants in the NFT sale include Framework Ventures, Wintermute, Wormhole Foundation, and Variantm, along with notable crypto figures such as Sergej Kunz, co-founder of 1inch Network. Infinex aims to replace centralized cryptocurrency platforms as the primary point of contact for new crypto users. Despite the success of the Patron NFT sale, the broader NFT market continues to face challenges. CryptoPunks, the largest Ethereum-native NFT collection, is currently trading at a floor price of 29 ETH, significantly down from its peak valuation of 113 ETH in October 2021. Similarly, the Bored Ape Yacht Club (BAYC), the second-largest NFT collection, has seen its floor price drop by over 90% from its peak valuation, currently trading at 11.8 ETH.