Infinex NFTs Surpass $40 Million in Sales Amid NFT Market Slump

Infinex’s latest non-fungible token (NFT) collection has achieved remarkable success, amassing over $40 million in sales within just four days. This achievement is particularly noteworthy given the current sluggish performance of many top NFT collections in the market.

Key Takeaways

• Infinex’s Patron NFT collection generated over $40 million in sales in four days.

• Over 74% of the NFTs have already been sold, with six days remaining in the sale.

• The NFT market is experiencing a significant downturn, with many blue-chip NFTs down over 74% from their peak valuations.

Infinex’s Innovative Approach

Infinex is a non-custodial platform that provides easy access to on-chain protocols and decentralized applications (DApps). The platform’s new Patron NFT collection has attracted significant attention from investors, including major foundations, venture capital firms, and prominent crypto figures.

Kain Warwick, the working group lead at Infinex Core, expressed optimism about the collection’s future, stating,

Sales Breakdown

The Patron NFTs are available in three tiers:

• Tier 1: $5,000

• Tier 2: $3,000

• Tier 3: $1,250 (locked for 12 months)

As of now, over 74% of the Patron NFTs have been sold, indicating strong demand despite the broader market conditions. The sale is set to continue for six more days, allowing more investors to participate.

Market Context

The $40 million in sales comes at a time when the NFT market is facing significant challenges. Many popular blue-chip NFTs have seen their valuations plummet:

• CryptoPunks: Currently trading at a floor price of 29 ETH (approximately $66,800), down over 74% from its peak of 113 ETH ($260,000) in October 2021.

• Bored Ape Yacht Club (BAYC): Currently trading at 11.8 ETH (around $27,000), down over 90% from its peak valuation of 128 ETH ($295,000).

Infinex’s Growth Trajectory

Infinex has also seen substantial growth in its total value locked (TVL), surpassing $150 million on July 25. This surge was fueled by its ongoing “launch season,” which attracted an additional $100 million in TVL within the first 10 days of the campaign.

The platform aims to replace centralized cryptocurrency platforms as the primary point of contact for new crypto users, further solidifying its position in the evolving digital asset landscape.

Conclusion

Despite the prevailing bear market in the NFT sector, Infinex’s Patron NFT collection has demonstrated that there is still significant investor interest and potential for growth. As the sale continues, it will be interesting to see how the market responds and whether Infinex can maintain its momentum in these challenging times.

Sources

• Infinex NFTs top $40M sales in first four days, despite NFT bear market, Cointelegraph.