Framework Ventures backs the non-custodial platform Infinex, which has sold over $40 million worth of its new NFT collection, Patron, in just four days.
Even though the NFT market as a whole has been going down, this milestone comes at a time when top collections like CryptoPunks and Bored Ape Yacht Club (BAYC) have seen significant drops. Because the Patron collection did so well, 74% of its NFTs had already been bought with six days left in the sale.
Infinex NFT Hits $150M TVL
As of July 25, Infinex had more than $150 million in total value locked (TVL). This makes it easy to access on-chain protocols and decentralized applications (DApps). This means that TVL has gained an extra $100 million during its current “launch season.”
There are three levels of Patron NFTs, with prices of $5,000, $3,000, and $1,250. The lower-level NFTs are locked for 12 months after they are distributed. Framework Ventures, Wintermute, the Wormhole Foundation, and well-known people like Sergej Kunz, co-founder of 1inch Network, were among the first backers in the project.
The rise of Infinex comes at a tough time for NFTs. The value of CryptoPunks has dropped 74% since its high point. Its floor price is now 29 ETH ($66,800), down from 113 ETH ($260,000) in October 2021. BAYC has dropped even more sharply, losing more than 90% of its value. It is now worth only 11.8 ETH ($27,000), down from a high point of 128 ETH ($295,000).
