Mad Lads NFT and xNFT Series Overview

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Created by Coral, the Mad Lads NFT collection contains 10,000 unique edgy human character illustrations in various shades on the Solana blockchain.

Mad Lads NFT is an executable NFTS (xNFTS) whose embedded code can be executed within the Backpack wallet, also developed by Coral.

From mid-November to early December 2023, Mad Lads NFT continued to reach new ATH floor prices. At its peak, the collection had a reserve price of 229,425 SOL, which was worth more than $16,000 based on SOL’s value at the time.

According to data from CoinGecko, the collection has seen significant growth in transaction statistics over time, with both volume and market capitalization increasing. Several catalysts that contributed to this growth were the growth in the value of the SOL token, which saw profits increase by more than 300% compared to the beginning of the year.

What’s more, news of the NFT Collection development team launching a cryptocurrency exchange, among other related infrastructure initiatives, may also have contributed to this growth.

Before gaining momentum, the Mad Lads NFT series has been attracting attention since its inception, thanks to events surrounding its minting process, as well as the technology involved in the Mad Lads NFT series.

Mad Lass NFT Series

The Mad Lads NFT is a collection of 10,000 unique pieces of art minted on the Solana blockchain featuring humanoid characters with specific attributes and rarities.

Currently, approximately 9,966 Mad Lads have been minted and are held by more than 4,200 NFT collectors on the network. Each artwork in the collection has its own unique identity; including attributes such as gender, clothing, facial features, body shape, hair, and other characteristics. Depending on their rarity, some NFTs in the collection have special additional characteristics, which further affects the value of NFTs with these characteristics.

Like other NFT art collectibles, Mad Lads NFTs can be traded on NFT marketplaces on the Solana network, including Tensor, Solanart, Magic Eden, and HadeSwap.

On Magic Eden, the current highest asking price for a Mad Lad NFT is 42,108 SOL for entry 1313.

Background of “Mad Lass NFT”

Mad Lads NFT was created by Coral, the company that developed the Solana framework. The original price of this series is 6.9 SOL. The NFT minting event contributed to the collection’s rapid rise in popularity.

Led by Trystan Yver and Armani Ferrante, Coral quickly achieved this goal reaction before attacking the original NFT minting platform by redirecting bots and rogue players to copies of the NFT minting site.

Over $250,000 worth of SOL was recovered from the fake NFT minting platform and returned to users, while the real minting site kept a larger supply of NFTs for collectors who wanted to be part of the project to judge. .

“Mad Lads” earned more than $8 million through the NFT minting event, and quickly attracted the attention of the Solana NFT community and Solana’s co-founders, who expressed their support for the series.

The launch of Mad Lads NFT on Solana comes at a time when famous NFTs such as DeGods and Y00ts are exiting the network; this also helps reduce competition.

In addition, the series also has backpack wallet links. The NFT minting event is exclusive to the Backpack wallet, and Mad Lads NFTs can only be minted through that wallet. Unlike most cryptocurrency wallets, Backpack Wallet is designed to support a new type of NFT – xNFT.

“Crazy Guy” and xNFT

Modern NFTs are primarily artworks and multimedia works whose digital signatures are stored on the blockchain and are designed to easily verify and transfer ownership.

While this is enough for NFTs to be used in various fields, they are limited to attributes and possible applications that specify and drive their value through rarity and creator-related factors. This is not the same as xNFT.

xNFTs are called executable NFTs. They are NFTs with embedded code scripts that can be executed by supporting applications. In reality, xNFTs are applications, such as .exe files downloaded to a personal computer or .apk files on mobile devices.

xNFTs can be analyzed by developing applications that run these scripts and execute the commands defined in the scripts, without requiring access to third-party platforms.

Mad Lads NFTs are xNFTs, although they currently do not have all the important features of xNFTs, and are created exclusively on the Backpack wallet (a wallet specifically designed to support xNFTs).

Backpack Wallet acts like an operating system, supporting the Mad Lads family of xNFT code scripts, going beyond the usual functionality of a cryptocurrency wallet.

Like xNFTs, Mad Lads NFTs can run many operations, depending on the script. According to available information, the programmability of xNFT means that users do not need to plug into a third-party platform to participate in xNFT staking; instead, the functionality is built into the property.

xNFT and backpack wallet

Coral is the company behind the Mad Lads NFT range, the Backpack wallet, and the upcoming Backpack Exchange.

The Mad Lads NFT series aims to become the “culture” of Backpack technology, with the goal of attracting non-crypto users, creating demand, and demonstrating that NFTs can also be decentralized applications.

Each Mad Lad NFT is a ticket that unlocks the Mad Lads story through Backpack, giving the owner access to whatever content the creator chooses to make available to them without having to connect to any third-party applications.

“I could do things like play a game with xNFT and see if players are active and connected and what they are doing on the blockchain. Building this functionality in its raw form and bringing it into the application would be a very useful feature . Coral founder Armani Ferrante said: “This will be unique, bringing all of this together to create a truly social experience that solves many of the problems we see in web3 today. “

Beyond Mad Lads, the larger vision for xNFTs is for them to run as native applications in the Backpack wallet, where any user with an xNFT in the wallet can launch a specific xNFT application or experience.

The project describes xNFTs as “similar to mini WeChat bots; they represent a gateway to applications, games, or assets built on any chain.”

With Backpack, users can access all supported assets and decentralized applications in one place, while developers and projects can create custom experiences for their communities.

What can Mad Lads NFT do?

Let’s see what holders can do with Mad Lads NFT.

Collect art on the 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 artworks based on their own assessment of their attributes. Each of the 10,000 artworks in the collection is unique, which means they have different parameters for determining value. Most importantly, holding 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 the Soulbound inventory system. The items in each Mad Lads inventory are non-transferable and owned entirely by the holder.

While the exact purpose of these coins has not yet been revealed, Ferrante’s tweet suggests that they will play a role in the team’s development of Mad Lads create Loyalty rewards programs promote strong community growth.

This widget is powered by xNFT technology

As mentioned before, the Mad Lads NFT is a type of xNFT because xNFT holders can interact with other web3 applications.

Currently, each Mad Lads NFT is a tokenized application that allows staking via the Backpack wallet without the need for a third-party platform. In addition to Stake, Mad Lads’ xNFT also demonstrates the potential of Backpack and xNFT, such as loyalty rewards, collection locks, and more.

Lock user permission set lock up With their Mad Lads, whenever an application attempts to modify a locked Mad Lads NFT, the Backpack wallet automatically rejects the transaction signature request.

Conclusion

Like most new technologies, NFTs are constantly evolving. Coral, through its Mad Lads NFT series, is creating new use cases for NFTs and enhancing the new technology with related add-ons such as the BackPack wallet.

It’s unclear how widespread these technologies will become in the future; however, there are currently 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’s important to understand how impactful NFTs work. Please also note that NFTs, like any other investment, are susceptible to fluctuations in value and can be unstable.

This article is not intended as investment or financial advice. Always ensure that users do their research before investing in any project.