Mad Lads xNFT collection thriving after launch, but what is it?
Statistics and different reports indicated an immediate surge in activities around the Solana NFT ecosystem. The newly launched Mad Lads NFT collection gave a new breath of life to Solana’s NFT world.
What is Mad Lads?
Mad Lads is an NFT collection recently launched on the Solana blockchain network. Its launch has seemingly revived NFTs within the Solana blockchain network.
Mad Lads is also described as a 10000-piece profile picture project. It sold as soon as it launched.
This NFT collection has the backing of two essential Solana network KOL including Tristan Yver and Armani Ferrante. Coral developed Mad Lads. Besides being a product of Solana KOL, Mad Lads is also based on the Backpack as the first xNFT.
Describing Backpack—Support for xNFT
Backpack was created as a Solana-based cryptocurrency wallet. Some describe it as a xNFT operating system designed to enable web3 users to gain more streamlined access to crypto assets, applications, and blockchains, all on one app. The emergence of Backpack brought a new standard for NFTs, i.e., NFTs executable.
Backpack brings a revolutionary impact to the role and customizability of Non-fungible tokens. It allows secure and private payment solutions. Furthermore, Backpack allows for cross-chain asset trading, messaging and communicating, access to airdrops, using xNFTs, and sharing content. Backpack’s apps are xNFTs, or simply NFTs.
The Solana-based xNFTs are a class of NFTs offering many functionalities besides normal trading, buying, staking, and selling. xNFTs have been fashioned to be almost the Polkadot/Kusama equal RMRK.
These xNFTs are a digital representation of a tokenized code, giving ownership rights to execution. Imagine buying an NFT, which can also function as a decentralized application, essentially buying a code as an NFT. That is what Backpack brings in the standard xNFTs.
What is the role of Mad Lads?
As mentioned, Backpack intends to bring games, apps, and an even better experience in the future as part of its xNFT support. According to reports, Mad Lads is the first NFT collection from Backpack. Backpack aims to bring more.
There are questions as to what was the reason behind the launch of the Mad Lads NFT collection. Others noted that this NFT collection is just a native asset for Backpack.
Remember, Backpack is a new platform. Therefore, the creators of the Mad Lads NFT collection are pioneers in leveraging the Backpack system. Aside from its pioneering role, Mad Lads has no other role in Backpack. However, Mad Lads’ success will aid in selling the xNFT idea brought by Backpack. Being a pioneer, it has excellent potential.
How do Mad Lads NFTs look?
Based on the reports, Mad Lads is unlike many other NFT collections available today. This collection is a digital return to old-school vibes, old fashion, and even clothing styles from men in the last few decades.
While it mainly consists of images of people, the collection has a couple of aliens and robotic entities, all “retro.” The retro take distinguishes the Mad Lads NFT collection from others.
Mad Lads NFT appearance | Source: Magic Eden
For the oldies, you might remember the slang Mad Lads, which was used in the early 2000s, especially within the UK. It was used about young partying teenagers who always seek attention. This class of NFTs is reinventing the old Mad Lads experience.
The minting was delayed as the internet broke
Other reports dictate that the NFT collection and its creators had to slightly delay its launch following a robust surge in interest in these NFTs. Originally, the official minting of the NFTs in the collection was scheduled to begin on April 20.
Mad Lads noted that their project was already experiencing a massive DDOS attack.
DDOS attacks occur when the server has too much traffic that others cannot access their target site. The project delayed the launch of the NFT collection to about April 21.
This delay helped the team of creators deal with the internet traffic. The project’s key personnel, including Ferrante, explained they experienced the most massive magnitude. Being the first collection of its kind, and with support from KOL, the NFTs have amassed considerable excitement.
Immediate surge after launch
The most exciting thing about this Solana-based NFT collection was its market reaction soon after launch. In the early days of the collection’s life, Mad Lads flipped the popular NFT collection Bored Ape Yacht Club.
In the 96 hours from April 21 to April 25, Mad Lads remained the top NFT collection within the entire cypto universe.
Mad Lads flipped BAYC | Source: Cryptoslam
Based on statistical analysis by Cryptoslam, on April 28, when writing this report, Mad Lads had a 24-hour sales volume of about $854,328, down 16% from the previous 24-hour session.
First on the list at the time was BAYC, a large and old NFT collection with a 24-hour sales volume of $1,073,006, up 1.5% from the preceding 24-hour duration.
Based on the data, the Mad Lads collection enjoyed more transactions, buyers, and sellers than BAYC. For instance, Mad Lads had about 384 transactions, while BAYC had only 13. The number of buyers connected to Mad Lads was about 245, while BAYC only had 14. Similarly, the number of Mad Lads NFT sellers was about 279, while BAYC only had about 13.
BAYC vs. Mad Lads 7-day data | Source: Cryptoslam
Mad Lads is seemingly flipping BAYC in 7 days stats. Stats from the 7-day duration indicate that Mad Lads had the top spot.
Instant impact on Solana NFTs
While the NFT collection was inevitably removed from the top spot a few days after launch, its surge greatly impacted Solana. The emergence of the collection breathed life into several other Solana NFTs, causing some exciting trading movements.
For instance, The Heist, oogy NFT, oogy, and Chads seemingly gained in the few days Mad Lads was topping. Solana remained the second largest NFT hosting blockchain, recording some increases in sales.
