the infinex $65M raise: breaking down the biggest recent public raise + my thoughts on allocating $20k 1. the numbers they raised $65.29M from the sale of 41,251 NFTs here is the crucial breakdown and the maths: there are 100k nfts, half of which were for community sale (some of which were pre-sold to select investors) there were 3 different types of nfts you could buy, each offering a different discount depending on the vesting period so 41k were sold in the end, and the value of those nfts were $65.29M so that means on average each NFT was bought for 1.59k which mean the FDV for the whole collection is 1.59k x 100k = $159M from those numbers, it looks like the majority of buyers must have bought in at $1250, which means a 12 month cliff, and a 24 month unlock crucial to note: if you buy 1 nft for $1250, you receive your nft at the end of the 24 months after the 1 year cliff (36 months later) if you buy 24 nfts for $1250, you receive 1 nft per month during the 24 month unlock, after the 1 year cliff if you buy 6 nfts for $1250, you would receive 1 nft every 4 months etc (so the number of nfts you buy helps speed up your unlocks ) because so many have bought the 1 year cliff option, and even then, the nfts will unlock over 24 months, there is a reasonable chance that circulating supply of nfts is less than 10% at the beginning - maybe much less even if it was only 10% circulating supply, that's a marketcap of $16M (low for this imo - more strategy on my buy later) 2. the founder founder is @kaiynne og founder of @synthetix_io in the gangster snap from singapore with a load of eth legends - Largest lending protocol (@aave) - Fastest growing stable (@ethena_labs) - Fastest growing perpex (@HyperliquidX) - Fastest infra sewn (@megaeth_labs) h/t @mrjasonchoi 3. investors backed by a lot of people i like @LucaNetz @JasonYanowitz @0xMert_ @gmoneyNFT @RuneKek and a lot more tbh scroll the @infinex_app account and they shared many of the investors 3. the app the plan is to build an alternative to a cex - a place where you can do all of your on chain things not in a cex, and instead of jumping around all the time between different chains / dapps that means one place for all eth activity/solana/l2s - sounds useful to me even more useful is their next stage of development, where they intend to bring on board a whole load of features like lending, staking, nfts, launchpads, yield farming etc (this should cut down the number of tabs i have open, which is great) and the ux is really good. when scrolling the account, it was probably the #1 thing popular investors mentioned as the best thing about the app so far (that and onboarding flow) 4. singapore they had great events 5. final thoughts - seems undervalued at this price - app is ambitious but legit needed - i know because i myself am tired of jumping around different places to do things on chain - buying most discounted nft at $1250 is good on price, but bad on timeframe, as you are looking at a 2-3 year wait for your nfts if you aren't going in with serious size - im not looking to miss the bull market like this - buying $5k no cliff nft i bet works out fine - though i couldn't bring myself to do it cos it's so much more on price - i preferred the $3k no cliff 12 month vesting nft - because majority of ppl bought in at $1250, my effective valuation is still $159M - i just pay a premium for getting hands on my nfts sooner (i got 6 so will receive 1 every 2 months for a year) + gives me the optionality/liquidity of the nfts as year progresses *all of this assumes this becomes liquid, either by literally becoming an erc20, or something is done to really drive value to the nfts. we hope many sophisticated investors did not invest millions into a commemorative nft🙏