The Mad Lads NFT collection was created by Coral with 10,000 unique edgy illustrations of human characters of varying shades on the Solana blockchain.
The Mad Lads NFT is an executable NFTS (xNFTS) whose embedded codes can be executed from within the Backpack wallet, also developed by Coral.
Mad Lads NFTs have continuously achieved new ATH floor prices from mid-November to early December 2023. At its peak, the collection’s floor price reached 229,425 SOL, worth over $16,000 based on SOL’s value at the time.
According to data from CoinGecko, the collection’s trading statistics have seen significant growth over time with an increase in both trading volume and market capitalization. A few catalysts that have contributed to this growth are the increase in the value of the SOL token, which has recorded a profit of more than 300% compared to the beginning of the year.
More importantly, news of the launch of a cryptocurrency exchange by the NFT collection development team, along with additional related infrastructure initiatives, may have also contributed to the growth This.
Before gaining momentum, the Mad Lads NFT collection had been receiving attention since its inception, thanks to events surrounding its minting process, as well as the technology involved in the Mad Lads collection NFTs.
Mad Lads NFT Collection
Mad Lads NFT is a collection of 10,000 unique works of art featuring humanoid characters with specific attributes and rarities, minted on the Solana blockchain.
At present, approximately 9,966 Mad Lads have been minted and are held by over 4,200 NFT collectors on the network. Each work of art in the collection has a unique identity; includes attributes such as gender, clothing, facial features, body style, hair, and other characteristics. Depending on rarity, some NFTs in the collection have special additional characteristics, which further impacts the value of NFTs possessing these characteristics.
Like other NFT art collectibles, Mad Lads NFTs can be traded at NFT marketplaces on the Solana network, including Tensor, Solanart, Magic Eden, and HadeSwap.
On Magic Eden, the highest asking price for Mad Lad NFT at the moment is 42,108 SOL for piece #1313.
Background of Mad Lads NFT
Mad Lads NFT was created by Coral, the company that developed the Solana Framework. The collection is offered at an original mint price of 6.9 SOL. NFT minting events have contributed to the rapid rise in popularity of this collection.
Coral, led by Trystan Yver and Armani Ferrante, was quick to respond to an attack on an NFT minting platform initially by redirecting bots and foul players to a copy of the NFT minting site.
More than $250,000 worth of SOL was recovered from the fake NFT minting platform and refunded to users, while the real minting site retained more NFT supply for collectors who wanted to be a part of the project. judgment.
Mad Lads generated over 8 million USD from the NFT minting event and quickly attracted the attention of the Solana NFT community as well as Solana co-founders, who showed their support for the series. collect.
Mad Lads NFT launches on Solana at a time when notable NFTs like DeGods and Y00ts are leaving the network; This also helps reduce competition.
Plus, the collection has a Backpack wallet link. The NFT minting event is exclusive to the Backpack wallet, where Mad Lads NFTs can only be minted through this wallet. Unlike most cryptocurrency wallets, Backpack wallet is designed to support a new type of NFT – xNFT.
Mad Lads and xNFT
Modern NFTs are primarily works of art and multimedia with digital signatures stored on the blockchain and designed to easily verify and transfer ownership.
While this is enough for NFTs to become applicable in a variety of fields, they are limited to the attributes that specify and drive their value by rarity and creator-related factors. and possible applications. This is not the same as xNFT.
xNFT is known as executable NFT. They are NFTs with embedded code scripts that can be executed by a supporting application. In reality, xNFTs are applications, such as .exe files downloaded to personal computers or .apk files on mobile devices.
xNFT can be analyzed by an application developed to run these scripts and execute commands defined in the script without accessing a third-party platform.
Mad Lads NFTs are xNFTs, although they do not have all the important functions of xNFTs at the moment and are created specifically on the Backpack wallet, a wallet specifically designed to support xNFTs.
Backpack Wallet is like an operating system that supports xNFT code scripts of the Mad Lads collection, surpassing the usual functions of a cryptocurrency wallet.
As xNFT, Mad Lads NFT can run a number of operations, depending on the script. According to available information, the programmable nature of xNFT means that users do not need to access a third-party platform to participate in xNFT staking; instead, the feature is built into the property.
xNFT and Backpack Wallet
Coral is the company behind the Mad Lads NFT collection, the Backpack wallet, and the upcoming Backpack Exchange.
The Mad Lads NFT collection is designed to become “the culture” of Backpack’s technology, with the goal of attracting non-crypto users, creating demand and showcasing that NFTs can also become decentralized applications.
Each Mad Lad NFT is a ticket that can unlock the Mad Lads story through Backpack, where the owner is given access to anything the creator chooses to make available to them, without needing to connect to any third party applications.
“I can do things like play games with xNFT, see if players are active and connected, and what they’re doing on the blockchain. Building this feature in its original form and bringing it into the app would be a really useful feature. That would be something unique, bringing it all together to create a truly social experience that would solve a lot of the problems we see in web3 today,” said Coral founder Armani Ferrante. know.
Beyond Mad Lads, the larger vision for xNFTs sees them operating as native apps in the Backpack wallet, where any user with xNFTs in their wallet can launch a specific xNFT app or experience .
The project describes xNFT as “similar to mini WeChat bots; They represent a portal to applications, games or assets built on any chain.”
Using Backpack, users can access all of their supported assets and decentralized applications in one place, while developers and projects can create custom experiences for their community. Surname.
What can be done with Mad Lads NFTs?
Let’s find out what holders can do with their Mad Lads NFT.
Collecting works of art on Blockchain
Like most other NFTs on the blockchain network, the Mad Lads NFT is an art collectible with a digital signature minted on the Solana blockchain.
Collectors can purchase these works of art according to their assessment of the attributes. The 10,000 works of art in the collection are unique, meaning they have different parameters for determining value. Best of all, holding a Mad Lads NFT allows the holder to become part of the Mad Lads community.
Participate in Mad Lads NFT staking
Mad Lads NFT holders can stake their NFTs to earn gold coins, which are held in a soulbound inventory system, where items in each Mad Lads inventory are non-transferable and are entirely owned by the holder .
While the exact utility of these gold coins is yet to be revealed, tweets from Ferrante suggest that these gold coins will play a role as the team develops Mad Lads creates a loyalty rewards program, to promote strong community development.
The widget is powered by xNFT technology
As stated, the Mad Lads NFT is an xNFT, in that the xNFT holder can interact with other web3 applications.
At the moment, each Mad Lads NFT is a tokenized application that allows staking through the Backpack wallet without requiring a third-party platform. In addition to staking, Mad Lads’ xNFT also demonstrates the potential of Backpack and xNFT, such as loyalty rewards, collection locks, etc.
Collection lock allows users to lock their Mad Lads, which whenever an app tries to modify Mad Lads NFT is locked, Backpack wallet will automatically reject transaction signature request.
Epilogue
Like most new technologies, NFTs are constantly evolving. Coral, through its Mad Lads NFT collection, is creating new use cases for NFTs and augmenting new technologies with relevant add-ons like the BackPack wallet.
It is unclear how widespread these technologies will be in the future; however, the current shows promising signs. NFT collectors are attracted, not only by their artistry and attributes, but also by the potential these NFTs offer.
As an investor, it is important to understand how influential NFTs work. Also note that NFTs, like any other investment, are susceptible to fluctuations in value and may be unstable.
