Patron NFTs Could Revolutionize Crypto Fundraising, Will SEC Approve?

Coinspeaker
Patron NFTs Could Revolutionize Crypto Fundraising, Will SEC Approve?

Crypto fundraising has dried up recently in the market, however, Infinex’s Patron NFT sale could revolutionize the market by eliminating the unfair trading field dominated by the traditional venture capital funds.

Kain Warwick, the founder of Infinex stated that the “Patronage” strategy will allow all participants to get some share of the crypto projects on the same terms. Patronage basically refers to the act of giving support to individuals, businesses, or causes, without expecting anything in return.

Warwick calls the existing venture capital model faulty stating that it’s plagued with “skewed incentives”. In the existing model, the ones with deep pockets get a “100x better deal than everyone else”. He added that it’s not “egalitarian” unless everyone gets the same deal or as close as possible.

Commenting on the Infinex platform, Warwick said:

“This is not a company, this is this is an open source project, so we needed something different. I think that people have realized that the current incentive structure is broken.”

In order to generate public interest in Infinex, Warwick has introduced the “Patron” non-fungible tokens (NFTs) available to both – retail investors and venture capitalists. These NFTs promote a shared vision of a non-custodial, unified user experience across all blockchains and decentralized finance apps.

Moreover, Infinex seeks to replace crypto exchanges as the primary entry point for both new as well as experienced users in the crypto space. Warwick emphasized that securing a broad base of Patron NFT investors was more valuable than concentrating on a few VC firms, which he had initially considered excluding altogether.

By selling the Patron NFTs to several VC firms, industry leaders, and other community members, Infinex also managed to raise a staggering $63.5 million.

Some of the most prominent participants for the Infinex Patron NFT sale include Framework Ventures, Wintermute Ventures, Near Foundation, Ethereum Foundation researcher Tim Beiko, Solana Labs CEO Anatoly Yakovenko, etc.

Warwick also stated that Infinex could conduct a possible pre-access sale for its community members. He also added that he’s received a “healthy” push from participants.

“It’s not one token anymore. It’s like when Jupiter, when Uniswap, when 1inch, when [are] all of these projects that they want to see [being] integrated,” he said.

Patron NFTs Could Revolutionize Crypto Fundraising, Will SEC Approve?