Infinex’s Patrons NFT collection has reached $67.7 million in investments just six weeks post-launch, marking a significant milestone in a challenging NFT market. The collection gained early support from Founders Fund, co-founded by billionaire investor and former PayPal CEO Peter Thiel, who previously backed platforms like LinkedIn and Yelp. In an October 28 announcement on X, Infinex celebrated the achievement, crediting support from major players across the decentralised ecosystem.
Unlocked NFTs Available for Trading
Following the sale, Infinex has allowed users to unlock and withdraw their Patrons NFTs from October 28, meaning they can now be traded on NFT marketplaces, including OpenSea. The starting floor price for Patrons NFTs is 1.22 Ether, equating to around $3,086 at the time of release. Other early backers of the project include Solana Ventures, Variant Fund, Moonrock Capital, and Pyth Network.
Infinex Patrons tops $67 million. Source: Infinex
NFT Market Faces Decline
Infinex’s success comes amid a broader bear market for NFTs, with the wider market and top collections seeing substantial drops. Ethereum-native collection CryptoPunks, currently the largest by floor price, is down to 26 ETH, worth roughly $65,000, representing a 76% fall from its October 2021 peak of 113 ETH. The Bored Ape Yacht Club (BAYC) collection has also experienced a significant decline, with its floor price now at 11.5 ETH, worth around $29,000, marking a 91% drop from its previous peak.
Ethereum Leads NFT Sales Despite Declining Volumes
Over the past month, Ethereum has retained the highest total NFT sales volume, recording $119.8 million, a 34% decrease. Bitcoin follows with $67 million in NFT sales, according to CryptoSlam data.
Infinex Patrons. Source: OpeanSea
As Infinex pushes for what it calls the “post-CEX era,” it aims to lead in decentralised platforms, leveraging both technological advancements and significant investor interest, even as the broader NFT market navigates turbulent times.
