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.
Infinex is a non-custodial platform offering easy access to onchain protocol and decentralized applications (DApps).
The platform’s new Patron NFT collection surpassed $40 million in sales within the first four days, according to an announcement shared exclusively with Cointelegraph.
According to Kain Warwick, the working group lead at Infinex Core, the NFT collection is expected to attract even more investor interest. Warwick wrote:
“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.”
Patron NFT sale. Source: infinex.xyz
Over 74% of the Patron NFTs have already been sold, with just six days remaining from the NFT sale.
The $40 million sale comes during a significant market downturn for the wider NFT market. Some of the most popular blue-chip NFTs are 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.
Infinex total value locked. Source: Infinex
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.
Infinex Patron NFT Sale live. Source: Infinex
Early-stage participants of the NFT sale include Framework Ventures, Wintermute, Wormhole Foundation, and Variantm, as well as prominent crypto figures such as Sergej Kunz, the co-founder of 1inch Network.
Infinex aims to replace centralized cryptocurrency platforms as the main point of contact for new crypto users.
What about 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.
CryptoPunks floor price, all-time chart. Source: NFTPriceFloor
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.
BAYC floor price, all-time chart. Source: NFTPriceFloor
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