Infinex NFT Sales Top $40 Million in First Four Days Amid Global NFT Bear Market Downturn

Despite the sluggish performance of top NFT collections, Infinex’s latest non-fungible token (NFT) collection, PatronNFT, has reached a remarkable milestone by amassing over $40 million worth of sales within its first four days. This impressive feat is all the more astonishing given the current market trends in the NFT space.

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About Infinex

Infinex is a non-custodial platform that offers easy access to on-chain protocols and decentralized applications (DApps). The platform’s user-friendly interface allows users to interact with various blockchain-based services, making it an attractive option for new crypto users. Infinex’s focus on decentralization aligns perfectly with the growing demand for trustless and secure financial systems.

PatronNFT Collection: A Success Story

The PatronNFT collection has been a significant success story for Infinex, with over 74% of the available NFTs already sold. The sale is expected to continue attracting investor interest, as Kain Warwick, the working group lead at Infinex Core, noted:

"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."

The PatronNFT collection consists of three tiers, priced at $5,000, $3,000, or $1,250. Notably, the lowest-tier NFTs are locked for 12 months from the distribution date, meaning they cannot be transferred until they gradually unlock.

Early-Stage Participants

Some prominent names have already participated in the PatronNFT sale, including Framework Ventures, Wintermute, Wormhole Foundation, and Variantm. Additionally, well-known crypto figures such as Sergej Kunz, co-founder of 1inch Network, have also taken part in the sale.

The Wider NFT Market: A Significant Downtrend

Despite Infinex’s success with PatronNFT, the wider NFT market remains in a significant downtrend. Some of the most popular blue-chip NFTs, such as CryptoPunks and BAYC, have experienced substantial price drops.

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.
BAYC: The second-largest NFT collection has also suffered a significant price drop, with the current floor price at just 11.8 Ether (worth $27,000), down over 90% from its peak valuation of 128 ETH (or $295,000).

Conclusion

Infinex’s PatronNFT collection has proven to be an attractive option for investors, with over $40 million in sales within the first four days. The success of this project serves as a testament to Infinex’s commitment to providing innovative and secure financial solutions. As the NFT market continues to evolve, it will be interesting to see how projects like PatronNFT and other players in the space adapt to changing market trends.