Mad Lads, a Solana-based NFT project, has now taken the spotlight as its floor price has risen to 198 SOL (worth over $22,300) within 24 hours. The NFT project now ranks among the top four NFT collections. NFT degens are curious as to the reason behind the surge.
Source: CoinGecko
What is Mad Lads NFT?
Mad Lads is an NFT collection consisting of 9,967 digital characters portraying illustrated humans and humanoids. Introduced in April 2023 by the Solana framework development company Coral, the collection debuted on the Coral-owned wallet app Backpack.
The project’s creator distinguishes the Mad Lads NFT as an xNFT project. These are NFTs with tokenized applications. In Mad Lads’ case, each NFT supports staking for gold coins in a soulbound inventory system. The entire staking process occurs in the Backpack wallet. Likely because of its functionality as an xNFT project, Mad Lads saw a massive onboarding of over 7,000 individuals.
Mad Lads’ success benefitted the Solana ecosystem, especially as the network saw an exit of top NFT projects like DeGods and y00ts.
Why is Mad Lads NFT Floor Price Increasing?
Mad Lads’ latest surge is tied to a milestone from the Backpack wallet app. Last week, Backpack deployed its “Pre Season,” a pre-launch of the Backpack Rank. The mechanism behind the ranking system rewards active users with points, positioning them on a leadership board based on their engagement with the wallet app. On February 14th, the exchange revealed it raked in $300 million in trading volume within the first 24 hours.
In a February 18th tweet, five days after the pre-season launch, the exchange noted that it saw a whopping $1 billion trading volume within 24 hours. The feat has been applauded by several users within the Backpack and Mad Lads ecosystems.
These impressive records seen by the Backpack Exchange have rubbed off on its affiliated NFT project, Mad Lads. As the NFT collection makes its way to the rank of the top four digital collections by market capitalization, it positions itself among big projects like Bored Ape Yacht Club (BAYC), CryptoPunks, and Pudgy Penguins.
