Patron

Infinex’s non-fungible token (NFT) collection, Patrons, has surpassed $67.7 million in total investments within just six weeks since its launch, despite a downturn in the wider NFT market.
The Patrons <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-are-nfts-and-why-are-they-revolutionizing-the-art-world" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/what-are-nfts-and-why-are-they-revolutionizing-the-art-world">NFT collection</a> crossed the $67 million milestone with backing from Founders Fund, co-founded by billionaire and former PayPal CEO Peter Thiel. 
The non-custodial platform offers easy access to onchain protocol and decentralized applications (DApps), aiming to usher in “the next phase of our industry, the “post-CEX era,” it announced in an Oct. 28 X post:
<blockquote>
 “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.”
</blockquote>
<figure>
 <img alt="Peter Thiel’s fund pushes Infinex NFT investments to $67.7M" src="https://s3.cointelegraph.com/uploads/2024-10/0192d362-8821-7c0f-840a-e09f9de19254" title="">
 <figcaption style="text-align: center;">
 Infinex Patrons tops $67 million. Source: <a data-ct-non-breakable="null" href="https://x.com/infinex_app/status/1850855416118628833" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/infinex_app/status/1850855416118628833">Infinex</a>
 </figcaption>
</figure>
The platform also announced that the unlocked Patrons NFTs can be withdrawn as of Oct. 28, meaning that users will be able to sell them on NFT marketplaces like OpenSea, with their floor price starting at 1.22 Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>), worth just over $3,086 at the time of writing.
<figure>
 <img alt="Peter Thiel’s fund pushes Infinex NFT investments to $67.7M" src="https://s3.cointelegraph.com/uploads/2024-10/0192d363-c1cd-7656-bb68-5a7e3928e1c4" title="">
 <figcaption style="text-align: center;">
 Infinex Patrons. Source: OpeanSea
 </figcaption>
</figure>
Other early investors include Solana Ventures, WMT Ventures, Variant Fund, Hi Framework, Moonrock Capital, Wormhole and Pyth Network, among others.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-flips-ethereum-for-5th-blockchain-by-fees-surpasses-2-5-m-in-24-hours" rel="null" target="null" text="null" title="null">Solana flips Ethereum in daily fees, surpasses $2.5M in 24 hours</a>
<h2 id="infinex-nft-sales-surge-despite-nft-bear-market">Infinex NFT sales surge despite NFT bear market</h2>
Despite the overall NFT bear market, Infinex’s NFTs have been successful since launching, amassing <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/infinex-nft-collection-40-million-sales" rel="null" target="null" text="null" title="null">$40 million in sales</a> within the first four days.
Yet, the overall NFT market and some of the largest collections remain in a slump.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/patronage-model-fix-crypto-fundraising-says-kain-warwick" rel="null" target="null" text="null" title="null">‘Patron NFTs’ could be answer to ‘broken’ crypto fundraising model — Kain Warwick</a>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/a-beginners-guide-to-cryptopunks-nfts" rel="null" target="null" text="null" title="null">CryptoPunks</a>, the largest Ethereum-native NFT collection, is currently trading at a floor price of 26 ETH, worth $65,000, down over 76% from its peak valuation of 113 Ether, or $285,000 in today’s prices, reached in October 2021, according to NFTPriceFloor <a data-ct-non-breakable="null" href="https://nftpricefloor.com/cryptopunks" rel="null" target="null" text="null" title="null">data</a>.
<figure>
 <img alt="Venture Capital, Peter Thiel, Tokens" src="https://s3.cointelegraph.com/uploads/2024-10/0192d37f-c154-7539-92fd-ac9364663dda" title="">
 <figcaption style="text-align: center;">
 CryptoPunks floor price, all-time chart. Source: NFTPriceFloor
 </figcaption>
</figure>
The <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bored-ape-yacht-club-floor-price-lowest-point-since-august-2021" rel="null" target="null" text="null" title="null">Bored Ape Yacht Club (BAYC)</a> — the second-largest NFT collection — is also down over 91% from its peak floor price valuation of 128 ETH, worth roughly $322,000 today. It is currently trading at just 11.5 Ether, worth around $29,000.
<figure>
 <img alt="Venture Capital, Peter Thiel, Tokens" src="https://s3.cointelegraph.com/uploads/2024-10/0192d380-7fb8-787d-999e-1e13623c56ce" title="">
 <figcaption style="text-align: center;">
 BAYC floor price, all-time chart. Source: NFTPriceFloor
 </figcaption>
</figure>
Over the past 30 days, total NFT sales volume on Ethereum fell 34% to $119.8 million, making it the largest blockchain by NFT sales, followed by Bitcoin with $67 million, CryptoSlam <a data-ct-non-breakable="null" href="https://www.cryptoslam.io/" rel="null" target="null" text="null" title="null">data</a> shows.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/solana-champion-mert-mumtaz-fud-sol-most-helius/" rel="null" target="null" text="null" title="null">The rise of Mert Mumtaz: ‘I probably FUD Solana the most out of anybody’</a>

Peter Thiel’s fund pushes Infinex NFT investments to $67.7M

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Cointelegraph

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