Mad Lads New Collection On Solana Rocking The NFT Market

Solana NFT is again in the spotlight with the highly successful launch of Mad Lads NFT. Since the collapse of the FTX/Alameda Research empire in late 2022, the Solana ecosystem has been in global trouble. It seemed that Solana would gradually recede, but in recent days, the keyword “Solana NFT” has once again taken over the community when the NFT Mad Lads collection caused an intense fever.

What is Mad Lads NFT?

Mad Lads is the NFT collection of Backpack, a crypto wallet on Solana. Mad Lads’ art style gives us an old-fashioned feel, along with the young men’s clothing styles of the previous decades. In addition, some images are not only people but also robots or alien entities, but are still “retro”. Thereby making the collection even more unique.

Mad Lads are not very informative, however, the term Mad Lads is 2000s slang in England, referring to “crazy” teenagers, who often party in pubs, as well as always wanting to attract attention with their friend’s bizarre actions.

Mad Lads Fever NFT

The Mad Lads Collection – a project tied to the burgeoning field of duo Solana Armani Ferrante and Tristan Yver – will open to public mints at 7 pm ET (23:00 UTC) Friday, an account pegged to the enhanced non-fungible token (NFT) the project tweeted late Thursday. Representing Backpack and Mad Lads are veteran KOLs who have a voice in the Solana NFT community. They have been constantly shilling, hinting, teasing about this collection for months to create curiosity.

The minting of Mad Lads took place on April 21. Although there were some unfortunate technical problems, but could not stop the community’s hype. According to Crypto Slam, Mad Lads has more transactions, 24 hours of buying/selling than all the top 20 NFTs on Ethereum combined. Sales and transaction volume far outstrip current leading NFT sets such as Bored Ape Yatch Club (BAYC), Azuki or Milady.

Currently, Mad Lads is setting a royalty fee of 5%. Within 24 hours, there was an order to buy Mad Lads up to 2,000 SOL (nearly x300 times the mint price). This is understandable because this NFT is a collection of many rare properties.

Mad Lads is the first NFT project to be launched in Backpack, an all-in-one wallet that enables token control experience, playable games, and more apps. It is built around what the Coral developers call the xNFT or NFT executable.

Popular demand for a new collection of JPEGs may have caused a sign-up boom for Coral’s wallet app, Backpack. It is the only Solana wallet that future owners can mint the Mad Lads collection and the only wallet that supports it, as Phantom is not the market leader.

The palpable excitement among Solana’s developer community manifests itself in unexpected ways as NFT traders look for any advantage to secure their collection access.

The arrival of the new xNFT

By combining web pages and executables that can be run locally on users’ computers using crypto wallets, xNFT in Backpack shows a suitable hybrid web3 application – not precisely one application, not quite a website.

xNFT takes a radically pragmatic approach to solve the two main problems of web3 today, decentralization and distribution, with profound implications. While smart contracts run on decentralized and globally distributed networks like Solana, nearly everyone who interacts with smart contracts does so through a website. These centralized web2 interfaces, and the services that run them, typically require a project to register a company, open a bank account, get a business debit or credit card, register a domain, and a host of other actions other only to provide the user with a graphical user interface. Each step in that process costs time, money, and an additional source of potential risk for the project creators.

The xNFT Collection opens up entirely new avenues for program delivery. Game developers can mint their entire games as limited edition xNFTs. The DeFi protocol can distribute early access to new user interfaces based on wallet addresses. Two-factor codes can be generated as NFTs and cycled automatically. An artist can create a stunning, lifelike 3d experience that cannot be replicated and run directly in the wallet. The possibilities are almost limitless.

Because its core is NFT, xNFT can bring a new level of interactivity to traditional collections. The first xNFT collection, Mad Lads, showcases the power of an executable collection of profile pictures – the photos themselves act as a chat room for users fully displayed in NFT. xNFT is not a new smart contract language, scaling solution, or core technology that will take years to implement.

Does Solana return to the NFT track?

The heat of Mad Lads has partly proved that the Solana community is still extremely large and enthusiastic. Many people also expect Mad Lads to rise to the position that DeGods left behind, becoming a “branded NFT” set of the whole system. Because the NFT, in essence, represents the culture and spirit of an entire community.

Ignoring the fact that the collection that was once considered the hottest of the system is DeGods has “turned away” from its original foundation, Solana lovers are still there and constantly evolving.

Based on data from Santiment, total sales of NFTs in USD have increased sharply since March. The chart shows that sales have increased significantly in recent weeks while there was some sporadic activity. As of April 22, recorded sales have exceeded $14 million, and as of the time of this writing, they have surpassed $3.9 million.

Solana experienced a huge jump in sales, single-buyer, and sole-seller on April 22, largely due to the release of Mad Lads, which was in high demand and delayed Mint. The mad dash for the Mad Lads contributed more than $8 million of the $9.9 million in sales on April 22 – a high not seen since January, according to Crypto Slam. Solana’s sales have grown 129% over the past seven days.

Conclusion

The Solana NFT market got new life last week with the launch of Mad Lads. Solana’s Mad Lads NFT collection sales surged past Ethereum’s Bored Ape Yacht Club, bringing a positive shift in Solana’s NFT metrics and price volatility.

This NFT project is highly anticipated as it is a project designed to be the first in a new twist on digital collectibles by Armani Ferrante and Tristan Yver, two prominent figures in the system of Solana ecology.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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