The Mad Lads phenomenon: NFTs soar as Backpack gears up for Exchange launch

The Mad Lads phenomenon: NFTs soar as Backpack gears up for Exchange launch

Solana’s Mad Lads NFTs are witnessing a remarkable upswing, achieving record-high values. This surge in success aligns with Backpack’s recent revelation of its plans to initiate a cryptocurrency exchange in Dubai. Backpack, a Solana-focused NFT wallet application, and its affiliated NFT project, Mad Lads, are generating considerable excitement, signifying a pivotal moment in the realm of NFTs.

Backpack bolsters team with FTX talent

In a tactical decision, Backpack has enlisted the expertise of former FTX general counsel Can Sun to lead its new exchange venture, Trek Labs.

This appointment is particularly significant given Can Sun’s recent involvement in the U.S. government’s fraud trial against FTX co-founder and ex-CEO Sam Bankman-Fried. Sun’s collaboration with the prosecution and his ensuing non-prosecution agreement have been key elements in this unfolding story.

Trek Labs: Aiming high in Dubai

Trek Labs, the Dubai-based startup linked to Backpack and its parent company Coral, is setting ambitious goals. Reports indicate that Trek Labs is seeking to sell a 10% stake in the company, targeting a valuation north of $100 million. With Coral co-founder and CEO Armani Ferrante as a minority shareholder and his wife Claire Zhang, also a former FTX deputy, holding a stake, the connections in the crypto world run deep.

Trek Labs is now in possession of a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA), obtained last October. This license sets the stage for the introduction of a regulated exchange in the United Arab Emirates. Sun’s transparency about his history with FTX during the application process with VARA has been a crucial aspect of this development.

Mad Lads NFTs: Skyrocketing demand

Amidst these developments, the demand for Coral’s Mad Lads NFTs on Solana has skyrocketed, with prices reaching an all-time high in U.S. dollars. Currently, the starting price for Mad Lads NFTs stands around an impressive 80 SOL, or approximately $4,340, a significant jump from their previous peak. According to Coingecko, this surge is partly fueled by the recent 146% increase in Solana’s value over the past 30 days.

Adding to the excitement, Trek Labs recently announced the opening of beta signups for the newly created exchange. The initial access to the exchange is exclusively available to Mad Lads NFT holders. This preferential treatment is likely driving the current buying spree among NFT enthusiasts.

A new chapter for NFTs and exchanges

The rise of Mad Lads NFTs, combined with the launch of a new cryptocurrency exchange by Backpack and Trek Labs, marks a new chapter in the crypto and NFT narratives. The developments in Dubai and the growing demand for Mad Lads NFTs are testaments to the dynamic and ever-evolving nature of this digital frontier.

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