Infinex NFT sales reach $67.7M with backing from Thiel’s fund

Infinex's Patrons NFT collection has reached $67.7 million in investments within just six weeks since its launch, even as the overall NFT market experiences a decline. 

This success is bolstered by support from Founders Fund, co-founded by former PayPal CEO Peter Thiel.

The platform, which focuses on decentralised access to on-chain protocols and applications, aims to lead the "post-CEX era." 

In an announcement on October 28, Infinex expressed its excitement, stating, “We are thrilled to announce the completion of our $67.70M Patron Sale with support from leading founders, foundations, funds, and communities across the onchain ecosystem.”

Following the milestone, Infinex unlocked its Patrons NFTs, allowing them to be withdrawn and traded on NFT marketplaces such as OpenSea, where their starting floor price is 1.22 ETH (CRYPTO:ETH) (approximately $3,086 at the time of writing). 

Early investments also came from Solana Ventures, WMT Ventures, Variant Fund, Moonrock Capital, Wormhole, and Pyth Network, among others.

Despite the current bear market for NFTs, Infinex has achieved notable traction. 

Within the first four days of its launch, the platform recorded $40 million in sales. 

However, the broader NFT market and leading collections continue to struggle. 

For example, CryptoPunks, the largest Ethereum-based NFT collection, now trades at a floor price of 26 ETH, significantly down from its peak of 113 ETH in October 2021. 

Similarly, Bored Ape Yacht Club (BAYC), the second-largest collection, has dropped over 91% from its peak.

Over the past month, total NFT sales on Ethereum have declined by 34%, reaching $119.8 million, according to data from CryptoSlam. 

Despite this broader market decline, Infinex’s Patrons collection stands out as a bright spot, showcasing the potential resilience of new and innovative NFT projects.