Top Four Collections Include Solana-Based Mad Lads NFT
Mad Lads, a project based on the Solana blockchain, has recently gained significant attention as its minimum price has surged to 198 SOL (equivalent to over $22,300) in just 24 hours. This NFT project now stands as one of the top four NFT collections in the market, leaving NFT enthusiasts wondering what has caused this sudden surge.
Mad Lads NFT is a collection of 9,967 digital characters that depict illustrated humans and humanoids. It was introduced in April 2023 by Coral, a development company that specializes in the Solana framework. The collection was initially launched on the Coral-owned wallet app called Backpack.
What sets Mad Lads NFT apart is its classification as an xNFT project, which means that these NFTs have tokenized applications. In the case of Mad Lads, each NFT supports staking for gold coins in a soulbound inventory system. The staking process takes place within the Backpack wallet. This unique functionality as an xNFT project attracted over 7,000 individuals to join Mad Lads.
The success of Mad Lads has had a positive impact on the Solana ecosystem, especially considering the departure of top NFT projects like DeGods and y00ts.
The recent increase in Mad Lads’ floor price can be attributed to a milestone achieved by the Backpack wallet app. Last week, Backpack introduced its “Pre Season,” which served as a pre-launch for the Backpack Rank. This ranking system rewards active users with points and places them on a leaderboard based on their engagement with the wallet app. On February 14th, the exchange announced that it had generated $300 million in trading volume within the first 24 hours.
In a tweet on February 18th, five days after the pre-season launch, the exchange proudly revealed that it had surpassed $1 billion in trading volume within 24 hours. This remarkable achievement has been well-received by users within the Backpack and Mad Lads communities.
The impressive records set by the Backpack Exchange have had a positive impact on its affiliated NFT project, Mad Lads. As the collection continues to climb the ranks, it finds itself among other major projects like Bored Ape Yacht Club (BAYC), CryptoPunks, and Pudgy Penguins.
Tags: NFTs, Solana
