Mad Lads, an NFT project based on the Solana blockchain, has recently gained significant attention as its minimum price has skyrocketed to 198 SOL (equivalent to over $22,300) in just 24 hours. This surge has propelled the project to become one of the top four NFT collections. NFT enthusiasts are now curious to uncover the reasons behind this sudden rise.
Mad Lads NFT is a collection of 9,967 digital characters depicting illustrated humans and humanoids. Developed by Coral, a company specializing in Solana framework development, this collection was introduced in April 2023 and made its debut on the Coral-owned wallet app called Backpack.
The creator of the Mad Lads NFT project has classified it as an xNFT project, meaning it is an NFT with tokenized applications. In the case of Mad Lads, each NFT supports staking for gold coins within a soulbound inventory system. This staking process takes place exclusively within the Backpack wallet. Thanks to its functionality as an xNFT project, Mad Lads has witnessed a significant influx of over 7,000 individuals.
The success of Mad Lads has not only benefitted the project itself but also the Solana ecosystem, especially considering the departure of other prominent NFT projects such as DeGods and y00ts.
The recent surge in Mad Lads’ minimum price can be attributed to a significant milestone achieved by the Backpack wallet app. Last week, the app launched its “Pre Season,” a preliminary version of the Backpack Rank. This ranking system rewards active users with points, placing them on a leaderboard based on their engagement with the wallet app. On February 14th, the exchange proudly 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 launch of the pre-season, the exchange revealed a staggering $1 billion trading volume within 24 hours. This remarkable achievement has been widely praised by users within both the Backpack and Mad Lads communities.
The impressive records set by the Backpack Exchange have had a positive impact on its associated NFT project, Mad Lads. As the collection climbs the ranks to become one of the top four digital collections in terms of market capitalization, it finds itself in the company of major projects like Bored Ape Yacht Club (BAYC), CryptoPunks, and Pudgy Penguins.
Tags: NFTs, Solana
