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  • 27 Sep 24

Despite the crisis, some NFT exchanges report record profits

Despite the flood of reports of a crisis in the NFT industry, some NFT marketplaces are reporting record profits. What’s going on?

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Constantly reading in the media and social networks about the systemic crisis in the NFT-industry, we are often confronted with uncorrelated data — the facts are simply diametrically contradictory. Today is another example of this: several NFT marketplaces at once declared record fees and, consequently, their thriving business. In this post, we’ll give only two of these examples, choosing marketplaces of different scale for better representativeness.


Magic Eden is having its «best year ever» despite the downturn in the NFT market, its CEO said in a press release. This company pioneered the cross-blockchain approach in the NFT market by betting on different NFT blockchains, so they survived the Ethereum downturn without a problem. Now this marketplace provides support for digital collectibles in Bitcoin, Solana, Ethereum, Polygon and Base.


Sales of Infinex’s new NFT section of the marketplace exceeded $40 million in its first four days of operation, all despite the NFT bear market, according to Cointelegraph.


Infinex is a non-custodial platform that offers easy access to onchain protocol and decentralized applications (DApps). It has decided to start selectively trading NFTs, while starting by promoting its own collection, Patron NFTs.


According to Cointelegraph, sales of this NFT collection have experienced a furor. Over 74% of Patron NFTs have already been sold, and the entire series is likely days away from selling out. According to Kane Warwick, head of the Infinex Core working group, this NFT collection is expected to attract even more investor interest already in the secondary market.


Patron NFTs are available in three price tiers: priced at $5,000, $3,000 and $1,250, with the cheapest NFT type locked in for 12 months from the distribution date. Early participants in the NFT sale included Framework Ventures, Wintermute, Wormhole Foundation and Variantm, as well as prominent cryptodevelopers such as Sergey Kunz, co-founder of 1inch Network.


Infinex says it will continue to actively experiment with NFT.

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