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By langston thomas ,
01 May 2023
The Solana NFT ecosystem has been facing some challenges recently. With the largest DeGods and y00ts collections exiting the blockchain and top Solana marketplace Magic Eden finding it increasingly difficult to please both collectors and creators alike, many dedicated supporters of the series are left wondering what will happen next. What will happen.
Yet, sometimes, all it takes is one NFT project to act as a catalyst for a major market shift. We’ve seen this happen on the positive end of the spectrum with Bored Apps, Azuki, Chex, and others. Now, looks like a new innovative collection has arrived crazy child The same is on track to do for Solana.
After earning a substantial amount of organic promotion and subsequently setting a new standard for mitigating bots and bad actors during mining, Mad Lads has become the talk of the blockchain. But what makes this Solana Profile Picture (PFP) collection so special?
At face value, Mad Lads doesn’t feel any different from countless other PFP efforts released over the past few years. It contains 10,000 NFTs. Each NFT in the collection was minted starting April 20, 2023, at a price of 6.9 SOL.
As far as aesthetics are concerned, the collection includes a variety of illustrated human (or humanoid) PFPs. PFPs come with unique clothing, weapons, accessories and more – including rare organic features that represent celestial, robotic and undead characters.
In addition to quickly stealing the show as a potential new blue-check collectible, Mad Lads gained notoriety for their unique drop and token mechanics (more on this later). And while the project is obviously a “hot new PFP NFT collection,” its release also marked a historic event for the company that created it.
The NFT project was created by Solana framework development company Coral, which is led by Armani Ferrante and Tristan Yaver. When Mad Lads dropped, it did so exclusively through Backpack, an all-in-one wallet app made by Coral. While the wallet exclusivity might seem counterintuitive for a brand new collection that wants to stand out, in hindsight it seems like a creative way for the backpack to stake its claim on Solana.
This is because Backpack is built around “executable NFTs” (XNFTs). Sometimes referred to as the next generation of NFTs, XNFTs are essentially non-fungible tokens embedded with executable programming scripts. Simply put, this means that xNFTs are platforms for self-powered Web3 applications.
“Backpack manages your private keys and connects to apps. But unlike anything else, it is asset and protocol agnostic. Everything in the wallet is an xNFT…most wallets only show your tokens. Some people don’t even show your precious JPEGs. However, the backpack is home to everything. It’s an open, programmable system built for Web3,” the company states on its website.
Collectors can access token-gated content directly through the wallet, rather than needing to connect their wallet to a website to verify and use their NFTs. , this takes an important (and sometimes even unsafe) aspect of NFT usability out of the equation.
And this is just the beginning of the use cases – the Coral blog dives much deeper into the novel mechanics of xNFTs.
In addition to the developmental benefits that XNFTs can provide within the Solana NFT ecosystem, Mad Lads has already achieved almost iconic status for how the project developers handled the primary sale. Bots suppressed the initial decline on April 20, causing a 24-hour delay. The team restarted in expert fashion, overcoming alleged extortion threats and DDoS attacks, all while harassing bad actors.
We are facing a massive DDoS attack.
Mint goes back one hour when we reduce ⚔️
By making back-to-back updates to the minting app during its relaunch on April 21, Backpack’s developers created two unique minting portals to separate human users from bots. Ordinary users acting legitimately were pointed to the actual mining page, while those attempting to reverse-engineer the code were directed to the “honeypot”.
This honeypot was basically a planned distraction scheme that duped attackers into spending their mint money on counterfeit coins and not receiving anything in return. Overall this fake contract was submitted approximately $250,000 The value of SOL is to prevent bad actors from creating actual public NFTs in the process and get legitimate users into the mechanics after generating fanfare. Subsequently, the team returned all the Honey Pot funds to the affected people.
After the fraud committed by Backpack, this news spread rapidly. As a result, secondary sales exploded. Floor prices skyrocketed, causing a frenzy of engagement throughout the NFT community $8+ million generated In less than 24 hours. Additionally, the co-founder of Solana Blockchain also Anatoly Yakovenko And Raj Gokal The newcomer joined as a collector, changing his Twitter photos in support of the project.
some things are absolutely inevitable
feels even more like this @MadLadsNFT could be one of those things
So WTF are xNFTS? pic.twitter.com/LGjvHh2JFx
From there, countless high-value Crazy Boys Sales And many fellow Solana-native projects shared their support for the project on the social level, bringing community spirit to its peak. Soon after, fans and collectors alike took to Twitter to adopt Mad Lads vernacular and record the impressive events in real time. Within just a few days of the collection hitting the market, it had already become a major earner for Backpack, XNFT, and the Solana network on which it was built.
Now, the group is looking to the future in hopes of riding the recently established Mad Lads hype wave into the NFT sphere into the sunset. and with one mysterious snapshot It took place on April 29th, only time will tell what other innovative or groundbreaking mechanics Coral may have in store for its new fan base.