xNFT’s

Deep Dive on the History of Mad Lads.

By Mfoniso Vel.

Credit: MAD LADS.

Abstract:

The Mad Lads NFT collection, created by Coral on the Solana blockchain, has emerged as a premier collection in the NFT space. This deep dive explores the inception and evolution of Mad Lads, highlighting its minting events, pricing strategy, and response to security challenges. The analysis delves into the team behind Mad Lads, emphasizing key individuals like Trystan Yver and Armani Ferrante. Additionally, it provides insights into Mad Lads' secondary market sales, milestones contributing to its reputation, factors driving community growth and engagement, and future outlook, including potential developments and sustainability measures.

Introduction:

The landscape of non-fungible tokens (NFTs) has witnessed a surge in popularity, with various collections vying for attention in the decentralized digital art space. Among these, the Mad Lads NFT collection has emerged as a prominent player, captivating the imagination of collectors and enthusiasts alike. From Coral “We delve into the creation of Mad Lads by Coral, exploring the project’s minting events, initial pricing strategy, and the team’s response to security challenges”. Furthermore, this analysis ventures into the secondary market sales of Mad Lads, dissecting trends in floor prices, trading volume, and market capitalization. By identifying notable fluctuations and patterns, mad lads gain insights into the community’s interest and engagement with the collection. Additionally, mad lads highlight significant milestones in Mad Lads' journey, including collaborations, partnerships, and technological innovations that have cemented its reputation as a premier NFT collection on the Solana blockchain.Moreover, mad lads have explore the factors fueling the growth and engagement of the Mad Lads community, from the project’s unique attributes to its marketing strategies and community-building efforts. Mad lads also examine the pivotal role played by the Backpack wallet in fostering community engagement and enabling unique interactions with Mad Lads NFTs.Finally, mad lads provide insights into the future outlook for Mad Lads, contemplating potential developments, partnerships, and expansions. By discussing the project’s plans to sustain its momentum, continue innovating, and remain competitive in the evolving NFT landscape, mad lads offer a comprehensive understanding of Mad Lads' trajectory in the digital art realm.

Table of Contents:

1. What Is the Mad Lads NFT Collection and xNFTs?
2. Key Takeaways.
3. Background of the Mad Lads NFT.
4. The Inception and Evolution of Mad Lads and the Backpack Team.
5. Analysis of Mad Lads' Secondary Market Sales.
6. Milestones Contributing to Reputation as a Premier NFT Collection on Solana.
7. Factors Driving Community Growth and Engagement.
8. xNFTs and the Backpack Wallet.
9. A quote from founder of Coral.
10. Why Solana?
11. What Can You Do With Mad Lads NFTs?
12. The future outlook for Mad Lads.
13. Conclusion.
14. References.

What Is the Mad Lads NFT Collection and xNFTs?

The Mad Lads NFT collection is a series of 10,000 unique illustrations of human characters with distinct attributes, minted on the Solana blockchain. Created by Coral, a Solana framework development company, Mad Lads NFTs are executable NFTs (xNFTs) with embedded codes that can be executed from within the Backpack wallet, also developed by Coral. The project gained attention due to its innovative minting event, association with the Backpack wallet, and potential applications of xNFT technology. Mad Lads NFTs have seen significant growth in trading volume and market cap, with the floor price reaching over 200 SOL. Holders can interact with their Mad Lads NFTs through features like staking, token-gated chats, loyalty rewards, and collection locking, showcasing the potential of xNFT technology.

The Mad Lads xNFTs collection is created by Coral and features 10,000 edgy unique illustrations of human characters with different attributes on the Solana blockchain. Mad Lads NFTs are executable xNFT (xNFTS) that feature embedded codes that can be executed from within the Backpack wallet, which is also developed by Coral. Mad Lads NFTs has been constantly achieving new all time highs in floor price between mid-November to early-December 2023. At its all-time high, the floor price reached 229.425 SOL, with an estimated value of over $16,000 based on the value of the Solana coin at that point in time.

A chart that constantly achieve new all time high in floor between mid-November to early December 2023 at it all time high, the floor price reach 229.425 SOL.

According to data from CoinGecko, trading statistics for the collection have seen significant growth during this time with a growth in trading volume and market cap. A couple of catalysts have contributed to this growth. A minor catalyst is the rise in the value of the Solana coin, which has recorded over 300% growth YTD (year to date).

More importantly, news of the launch of a cryptocurrency exchange by the team behind the NFT collection, along with additional developments around infrastructure associated with the NFT collection, are likely to have also contributed to this rise in value.

Even before this meteoric rise, the Mad Lads NFT collection has received considerable attention since inception, thanks to events surrounding its minting and also the technologies that are associated with the Mad Lads NFT collection.

Current Floor Price: Mad Lads price floor to day is $26,640, with a 24-hour sales volume of 4,127 SOL. The overall NFT market is bullish, and the floor price of Mad Lad NFTs is more likely to rise.

The overall NFT market is bullish, and the floor price of Mad Lad NFTs is more likely to rise.

Mad Lads NFTs are a collection of 10,000 unique artwork featuring human characters with specific attributes and rarity, minted on the Solana blockchain. At the time of writing, about 9,966 Mad Lads have been minted and are held by over 4,200 NFT collectors on the network. Each piece of art in the collection has a unique identity; the attributes apply to the character’s gender, clothing, facial expression, type, and hair, amongst other features. Depending on the rarity, some NFTs in the collection have additional features like Mouth, Smoking, and Glove, which further impacts the value of NFTs that possess these features.

Like other art NFT collections, Mad Lads NFTs can be traded on NFT marketplaces on the Solana network, including Tensor, Solanart, Magic Eden, and HadeSwap. From information obtained from Solana-based NFT marketplace, Magic Eden, the highest asking price for a Mad Lad NFT at this time is 42,108 SOL for art #1313.

Key Takeaways.

• Mad Lads is a collection of 10,000 NFTs featuring edgy, comic-book style illustrations of human characters with unique designs and attributes on the Solana blockchain.
• Mad Lads was created by Coral, a Solana framework development company, that is also the company behind Backpack, a web3 wallet designed for xNFTs like Mad Lads.
• xNFTs are a special form of NFTs with embedded codes that can be executed from within the Backpack wallet without requiring a third-party applications.
• Mad Lads NFTs have enjoyed a positive reception from the Solana and NFT communities, and have seen exponential growth from the initial minting price of 6.9 SOL to over 200 SOL at time of writing.

Background of the Mad Lads NFT.

Mad Lads NFT was created by Coral, a Solana Framework development company. Mad Lads NFTs were offered at an initial minting price of 6.9SOL. The minting events played a part in the quick rise to fame of the NFT collection. Coral, led by Trystan Yver and Armani Ferrante, curbed the influence of foul players on the minting event by redirecting bots and foul players to a honeypot replica of the original minting website – a response to an attack on the initial minting platform.

Over $250,000 worth of SOL was recovered from the fake minting platform and refunded to the users, while the actual mint kept more of the NFT drop supply for the collectors who wanted to be a part of the project.

The project generated over $8 million from the minting event and quickly gained the attention of the larger Solana NFT community, drawing the attention of Solana co-founders who showed their support for the NFT collection. The Mad Lads NFT launched on the Solana network at a time when notable NFTs like DeGods and Y00ts were leaving the network; this also gained the collection some attention along with reduced competition.

Adding to the collection’s popularity is its association with the Backpack wallet. The NFT minting event was exclusive to the Backpack wallet, where the Mad Lads NFTs could only be minted via Backpack. Unlike most crypto wallets, the Backpack wallet was designed to support a new type of NFTs – xNFTs.

The Inception and Evolution of Mad Lads and the Backpack Team:

1. Initial Creation of Mad Lads NFT Collection by Coral:

• The Mad Lads NFT collection was created by Coral, a Solana framework development company.
• Coral conceptualized the project to showcase the capabilities of the Solana blockchain for hosting unique and interactive NFTs.
• The idea behind Mad Lads was to offer a collection of 10,000 edgy, comic-book style illustrations of human characters with distinct attributes.
• Coral aimed to create an NFT collection that would not only appeal to art collectors but also demonstrate innovative features and utility within the Solana ecosystem.

2. Evolution of the Project:

• Minting Events: Mad Lads conducted minting events where individuals could purchase NFTs directly from the collection. These events attracted significant attention and participation from the Solana community.
• Initial Pricing Strategy: Mad Lads were initially offered at a minting price of 6.9 SOL per NFT. This pricing strategy aimed to ensure accessibility while also reflecting the value and uniqueness of each NFT.
• Response to Security Challenges: During the minting events, Mad Lads faced security challenges, including attempts by malicious actors to exploit the process. Coral responded swiftly by implementing measures to mitigate these threats, such as redirecting bots and foul players to a honeypot replica of the original minting website.

3. Team Behind Mad Lads and Development of Backpack Wallet:

• Key Individuals: Trystan Yver and Armani Ferrante are key individuals behind Coral and the Mad Lads NFT collection. They played pivotal roles in conceptualizing, designing, and executing the project.
• Development of Backpack Wallet: The Mad Lads project was closely associated with the development of the Backpack wallet, which was designed to support a new type of NFTs known as xNFTs. Trystan Yver and Armani Ferrante led the development of Backpack, emphasizing its role as an innovative web3 wallet tailored for xNFTs like Mad Lads.
• Emphasis on Innovation:The team behind Mad Lads and Backpack focused on innovation, aiming to push the boundaries of what NFTs could offer in terms of functionality, utility, and user experience within the Solana ecosystem.

The initial creation and evolution of the Mad Lads NFT collection by Coral exemplify a concerted effort to leverage the capabilities of the Solana blockchain, address security challenges, and pioneer innovative features through projects like Mad Lads and the Backpack wallet. The involvement of key individuals like Trystan Yver and Armani Ferrante underscores the commitment to excellence and innovation within the team.

Analysis of Mad Lads' Secondary Market Sales:

1. Trends in Floor Prices:

• Mad Lads NFTs have experienced significant fluctuations in floor prices over time, reflecting changing market dynamics and community sentiment.
• Between mid-November to early-December 2023, Mad Lads achieved new all-time highs in floor prices, reaching up to 229.425 SOL.
• Floor prices serve as a baseline for the value of NFTs within the collection and are influenced by factors such as scarcity, demand, and external market conditions.

2. Trading Volume and Market Capitalization:

• Trading statistics for the Mad Lads collection have shown substantial growth, with an increase in trading volume and market capitalization during certain periods.
• The rise in trading volume indicates heightened activity and liquidity in the secondary market, with more NFTs being bought and sold.
• Market capitalization, which represents the total value of all Mad Lads NFTs in circulation, has also experienced fluctuations, reflecting changes in the perceived value of the collection as a whole.

3. Notable Fluctuations and Patterns:

• The secondary market for Mad Lads NFTs has been characterized by both gradual increases and sudden spikes in floor prices and trading volume.
• Fluctuations in floor prices can be attributed to various factors, including major announcements, developments within the Solana ecosystem, and external market trends.
• Patterns in trading volume may coincide with events such as new NFT drops, community initiatives, or marketing campaigns aimed at promoting the collection.
• Overall, the secondary market for Mad Lads NFTs demonstrates a dynamic and evolving ecosystem, with fluctuations reflecting the ebb and flow of community interest, engagement, and market sentiment.

4. Reflection of Community Interest and Engagement:

• Fluctuations in secondary market metrics serve as indicators of the level of interest and engagement within the Mad Lads community.
• Rising floor prices and trading volume often indicate growing demand and enthusiasm among collectors, while declines may signal shifts in sentiment or external factors affecting market dynamics.
• Community engagement, including participation in discussions, events, and social media activities, can also influence secondary market trends by driving attention and demand for the NFT collection.

The analysis of Mad Lads' secondary market sales reveals a dynamic ecosystem characterized by fluctuations in floor prices, trading volume, and market capitalization. These trends reflect the evolving interests, sentiments, and engagement levels within the Mad Lads community, as well as broader market dynamics within the Solana NFT space.

A chart that visualizes the analysis of Mad Lads’ secondary market sales, including trends in floor prices, trading volume, and market capitalization. The chart will show any notable fluctuations or patterns in the secondary market.

Milestones Contributing to Reputation as a Premier NFT Collection on Solana:

1. Successful Minting Events:

The initial minting events for Mad Lads NFTs garnered significant attention and participation, resulting in a successful launch and widespread adoption within the Solana community.

2. Response to Security Challenges:

Coral’s proactive response to security challenges during the minting events, such as redirecting bots and foul players to a honeypot replica, demonstrated the team’s commitment to protecting the integrity of the project and ensuring a fair distribution of NFTs.

3.Support from Solana Co-Founders:

Mad Lads received attention and support from Solana’s co-founders, further validating its status within the Solana ecosystem and attracting interest from prominent figures in the blockchain industry.

4.Exclusive Minting via Backpack Wallet:

The decision to exclusively mint Mad Lads NFTs through the Backpack wallet showcased the project’s commitment to innovation and provided a unique user experience for collectors, establishing Backpack as a leading platform for xNFTs on Solana.

5.Partnerships and Collaborations:

Collaborations with other projects, platforms, or artists within the Solana ecosystem helped expand Mad Lads' reach and visibility, fostering a sense of community and collaboration among stakeholders.

6.Technological Innovations:

Mad Lads' integration of xNFT technology and embedded code scripts within its NFTs, along with features such as collection locking and token-gated chats, demonstrated the project’s commitment to pushing the boundaries of NFT utility and functionality on Solana.

7.Exponential Growth in Secondary Market:

The exponential growth in secondary market activity, including trading volume, floor prices, and market capitalization, highlighted Mad Lads' increasing popularity and demand among collectors, cementing its reputation as a premier NFT collection on Solana.

8.Recognition from Industry Leaders:

Positive reception and recognition from industry leaders, influencers, and media outlets further enhanced Mad Lads' reputation and credibility within the broader NFT and cryptocurrency community.

These milestones collectively contributed to Mad Lads' ascent as a premier NFT collection on the Solana blockchain, solidifying its position as a leading project at the forefront of innovation, community engagement, and market growth within the Solana NFT space.

Factors Driving Community Growth and Engagement:

1. Unique Attributes and Artistic Appeal:

The distinctive and edgy artwork featured in the Mad Lads NFT collection attracted collectors seeking unique and visually appealing digital assets. The diverse range of character designs and attributes, coupled with rarity factors, appealed to a broad audience of NFT enthusiasts.

2. Innovative Features and Technology:

Mad Lads' integration of xNFT technology and embedded code scripts introduced innovative functionalities and utility to the NFTs, setting them apart from traditional static NFTs. This technological innovation not only enhanced the collectible value of Mad Lads but also sparked curiosity and interest among tech-savvy collectors.

3. Exclusive Minting via Backpack Wallet:

The decision to conduct exclusive minting events through the Backpack wallet fostered a sense of exclusivity and community ownership among collectors. This approach incentivized users to engage with the Backpack platform and contributed to the growth of the Mad Lads ecosystem.

4. Transparent and Fair Distribution:

Coral’s proactive response to security challenges during minting events, such as mitigating bot activity and ensuring fair distribution, instilled trust and confidence in the project among participants. This commitment to transparency and fairness bolstered community sentiment and encouraged long-term engagement.

5. Active Community Engagement:

The Mad Lads team actively engaged with the community through social media channels, Discord, and other online forums, fostering a sense of belonging and participation among collectors. Regular updates, announcements, and interactive events kept the community informed and involved in the project’s development.

6. Partnerships and Collaborations:

Collaborations with other projects, platforms, or artists within the Solana ecosystem expanded Mad Lads' reach and attracted new audiences to the community. Strategic partnerships helped amplify the project’s visibility and attract attention from diverse segments of the NFT market.

7. Marketing Strategies:

Effective marketing initiatives, including targeted advertising, influencer endorsements, and participation in industry events, helped raise awareness of Mad Lads and attract new collectors to the community. The project’s marketing efforts focused on highlighting its unique features, technological innovations, and value proposition to prospective collectors.

8. Interactive Features of Backpack Wallet:

The Backpack wallet served as a central hub for interacting with Mad Lads NFTs, offering users a seamless and intuitive experience for managing their digital assets. Features such as staking, token-gated chats, and collection locking enabled unique interactions with Mad Lads NFTs, fostering deeper engagement and loyalty among users.

Contemporary NFTs are mostly artwork and multimedia with digital signatures stored on the blockchain and designed for easy verification and transfer of ownership. While this is enough to gain NFTs an application in diverse sectors, they are limited to their specified attributes and drive their value from their rarity and factors related to the creators and possible applications. This is not the same for xNFTs.

xNFTs are known as executable NFTs. They are NFTs with an embedded code script that can be executed by an application that supports them. xNFTs are in fact, applications, like the .exe files downloaded to your personal computers or the .apk files downloaded on mobile devices. xNFTs can be parsed by an application developed to run these scripts and implement the commands defined in the scripts, without needing to access third-party platforms

Mad Lads NFTs are xNFTs, even though they haven’t fully gained significant functionalities as xNFTs at the time of writing, and they are minted exclusively on the Backpack wallet, which is designed to support xNFTs. The Backpack wallet is like an operating system with support for the Mad Lads collections’ xNFT code scripts, transcending the regular functionalities of a crypto wallet.

As xNFTs, Mad Lads NFTs can run several operations, depending on the scripts. According to available information, the programmable nature of xNFTs means that users don't need to access third-party platforms to stake xNFTs; instead, the feature is integrated into the asset.

xNFTs and the 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 be the "cultural component" of Coral’s Backpack’s tech, with the goal of onboarding non-crypto natives, generating demand, and showcasing how NFTs can also be decentralized applications. Each Mad Lad NFT is a clickable ticket into the Mad Lads story via Backpack, where holders are granted access to anything the creators choose to offer them without needing to connect to any third-party applications.

A QUOTE FROM FOUNDER OF CORAL .

“I could do things like play games with [xNFTs], I could do things like see if they’re online and connected and what they’re doing on the blockchain. I think building this as a primitive and exposing it to applications is going to be a really powerful feature. That’s going to be the unique thing that brings all this together to create a truly social experience that wrangles a lot of the problems that we see in web3 today”

- Founder of Coral, Armani Ferrante

WHY SOLANA?.

Sir Armani started an internship at Apple as a Software engineer and later became a developer for Ethereum in 2017, where they started working on L2(or Layer 2) and are interested in Scaling Solutions. Between Apple and Ethereum, he worked at Alameda Research for 3 months on trading systems then at Oasis(a research group at Berkeley), and Finally found a home in Solana.

Meet the cool team, building cool stuff:

Beyond Mad Lads, the larger vision for xNFTs sees them acting as native applications within the Backpack wallet, where any user with an xNFT in their wallet can launch the application or experience within the particular xNFT. The project describes xNFTs as "analogous to WeChat mini-programs; they represent a portal to applications, games, or assets built on any chain." Using Backpack, users can access all their supported assets and decentralized apps natively in one place, while developers and projects can create customized experiences for their communities.

What Can You Do With Mad Lads NFTs?

Now, let’s take a look at what holders can do with their Mad Lads NFTs.

1. Collectible Art on the Blockchain.

Like most other NFTs on blockchain networks, the Mad Lads NFT series is a collection of art with digital signatures minted on the Solana blockchain. Art collectors can purchase these artworks according to their evaluation of the attributes. The 10,000 pieces of art in the collection are unique, which means different parameters for value determination. Above all else, holding a Mad Lads NFT allows the holder to be part of the Mad Lads community.

2. Staking Mad Lads NFTs.

Holders of Mad Lads NFTs can stake their NFTs to earn gold coins that are held in a soulbound inventory system, where the items in each Mad Lads inventory cannot be transferred and are owned entirely by the holder. While the exact utility of these gold coins have yet to be revealed, tweets from Ferrante suggests that these gold coins will play a part as the Mad Lads team creates a loyalty reward program that leverages its strong community.

3. Utilities Powered by xNFT Technology.

As already stated, Mad Lads NFTs are xNFTs, where holders of these xNFTs can interact with other web3 applications. At time of writing, each Mad Lads NFT is a tokenized application that enables staking through the Backpack wallet without requiring a third-party platform. Beyond staking, Mad Lads xNFTs also showcases the potential of Backpack and xNFTs, such as token-gated chats, loyalty rewards, collection locking, and more.

Collection locking enables users to lock their Mad Lads, where anytime an app tries to modify the locked Mad Lad NFT in any way, the Backpack wallet will automatically reject the transaction signature request.

The future outlook for Mad Lads:

1. Continued Technological Innovation:

Mad Lads is likely to continue pushing the boundaries of NFT technology, exploring new ways to enhance the functionality and utility of its xNFTs. This may involve further development of the Backpack wallet, introduction of additional features, and integration with emerging blockchain protocols or technologies.

2. Expansion of Utility and Use Cases:

The project aims to expand the utility of Mad Lads NFTs beyond collectibles, introducing new use cases and applications powered by xNFT technology. This could include gamification elements, interactive experiences, or integration with decentralized finance (DeFi) protocols, offering users diverse ways to interact with their digital assets.

3. Strategic Partnerships and Collaborations:

Mad Lads is likely to pursue strategic partnerships and collaborations with other projects, platforms, or brands to broaden its reach and tap into new markets. Collaborations may involve joint initiatives, cross-promotions, or co-branded collections, leveraging the strengths and networks of partner entities to drive growth and engagement.

4. Community-driven Initiatives:

The project plans to prioritize community engagement and involvement in its future development roadmap, soliciting feedback, ideas, and contributions from its user base. Community-driven initiatives, such as governance mechanisms or collaborative creation events, may be introduced to empower users and foster a sense of ownership and participation in the project’s evolution.

5. Sustainability and Long-term Viability:

Mad Lads is committed to building a sustainable and resilient ecosystem that can adapt to changing market conditions and evolving user preferences. This may involve implementing measures to ensure fair distribution, mitigate environmental impact, and address scalability challenges, while maintaining the project’s core values and vision.

6.Adaptation to Regulatory Landscape:

As the regulatory landscape surrounding NFTs continues to evolve, Mad Lads will need to stay informed and compliant with relevant regulations and guidelines. This may involve working closely with regulatory authorities, industry associations, and legal experts to navigate potential challenges and ensure regulatory compliance across jurisdictions.

7. Education and Onboarding:

Mad Lads aims to continue educating users and stakeholders about the benefits and opportunities of NFTs, blockchain technology, and decentralized finance. This may involve hosting educational events, producing informative content, and providing resources to help onboard new users and foster adoption of digital assets.

The future outlook for Mad Lads is characterized by continued innovation, strategic growth initiatives, and a strong commitment to community engagement and sustainability. By staying true to its core principles and embracing emerging trends and technologies, Mad Lads seeks to maintain its position as a leading NFT collection on the Solana blockchain and contribute to the ongoing evolution of the NFT landscape.

Conclusion.

As it is with most new technologies, NFTs are in constant evolution. Coral, through the Mad Lads NFT collection, is creating new use cases for NFTs and augmenting these new technologies with tailored utilities like the BackPack wallet. It is not certain how these technologies will be propagated in the future; however, the current status is promising. NFT collectors are attracted, not just by the arts and their attributes, but also the potential these NFTs hold.

As an investor, it is also important to understand how the NFTs’ operations affect you. Also note that NFTs, just like any other investments are prone to value fluctuations and this could be volatile. This article is not meant to serve as investment or financial advice. Always ensure you do your own research before investing in any project.

References.

1.https://www.coingecko.com/research/publications/most-popular-blockchain-ecosystems

2.https://www.coingecko.com/research/publications/deep-dive-on-mad-lads

3.Ferrante, Armani. Twitter, June 12, 2023.

4.CoinGecko.Com.

Frontend developer, content writer and enthusiast of Web3. Crafting delightful user experiences with REACT, Passionate about exploring the decentralized web and building dAPP.