A Deep Dive Into Mad Lads’ xNFT Revolution

9 min readApr 2, 2024

The Mad Lads community broke into the Solana scene, becoming one of the platform’s most sought-after NFT collections. To understand their present, we need to delve into their past. This article dives into the Mad Lads' origins, the team's role behind them (Backpack), and how they built a strong community of holders.

Table of content

· The Mad Lad Story
· Mad Lads and xNFTs
· Mindblowing Secondary Market Sales
· Key Milestones
· Community Growth and Engagement
· A Promising Future
· Takeaway

The Mad Lad Story

Solana ecosystem stands out with so many innovators. Backpack team has carved out a unique space with their creation: Mad Lads NFT collection. Mad Lads are more than just profile pictures. These programmatically-enabled NFTs, or xNFTs, live within the Backpack wallet, hinting at a future filled with interactive possibilities.

The launch of 10,000 Mad Lad NFTs on April 20th, 2023 marked a turning point. Minted at 6.9 SOL each, the collection defied expectations, boasting a high floor price that continues to outpace many competitors.

Unlike some NFT projects that fizzle after launch, the Mad Lads have thrived thanks to the foundation laid by the Backpack team.

How did they achieve this?

One factor is the unique minting process that restrained bots, creating a fair launch and a sense of community ownership from the start. This innovative approach brought significant attention, propelling the Mad Lads project into the spotlight and contributing to the Solana NFT scene.

The Mad Lads’ background is a story of innovation, fair play, and strategic timing. It does not start with the Mad Lad NFTs themselves, but with the team behind them, Coral — also the company behind Backpack, a web3 wallet designed for xNFTs like Mad Lads. Coral, a framework development company for Solana, built the Mad Lads collection, showcasing their dedication to this innovative blockchain.

Recognizing the rampant issue of bots manipulating NFT launches, the Coral team led by Trystan Yver and Armani Ferrante took a bold step. They created a honeypot website, a replica of the real minting platform designed to attract and trap bots. This brilliant move effectively curbed the influence of bots, ensuring a fairer playing field for legitimate collectors.

The honeypot strategy protected potential buyers and also showcased the team’s commitment to a transparent and fair launch. Over $250,000 worth of SOL was recovered from the fake site and returned to users, further solidifying trust and goodwill within the community.

Another key ingredient in the Mad Lads’ recipe for success is their association with the Backpack wallet. The minting process was exclusive to the Backpack platform, solidifying the connection between the two projects. Unlike other wallets, Backpack offers support for a new breed of NFTs — xNFTs.

Mad Lads and xNFTs

xNFTs are known as executable NFTs. They contain embedded code that can be run on a compatible platform, like the Backpack wallet used for minting Mad Lads. This opens doors to a future filled with exciting possibilities.

A dashboard of Mad Lads collection — Mad Lads Collection

The connection between Mad Lads and xNFTs is a symbiotic one;

The embedded code within Mad Lad NFTs holds the potential for future features and functionalities.
The exclusivity of the Mad Lad minting process to the Backpack wallet creates a perfect environment for xNFTs to thrive.

The Mad Lads experiment with xNFTs demonstrates the potential for NFTs to evolve beyond static pictures. It paves the way for a future filled with interactive experiences and utility within the NFT space.

By showcasing the potential of xNFTs on a prominent platform, Mad Lads contributes to the overall growth and development of the NFT space.

Mindblowing Secondary Market Sales

The success of the Mad Lads isn’t limited to the initial mint. A key metric for any NFT project is its performance on secondary marketplaces, where collectors can buy and sell their holdings. Here, the Mad Lads have continued to impress.

While the initial offering price of a Mad Lad was a modest 6.9 SOL, their true value has exploded on secondary markets. Within a 24-hour window, sales figures surpassed a staggering $1.39 million. This impressive number outpaced established players like the Ethereum-based Bored Ape Yacht Club, showcasing the interest surrounding the Mad Lads.

The robust secondary market performance signifies several key things. Firstly, it’s a clear indicator of high demand. Collectors are actively seeking out Mad Lads, pushing prices upwards and solidifying the collection’s position as a coveted digital asset. Secondly, it suggests strong faith in the project’s future. Investors are betting that the value of Mad Lads will continue to climb.

$29.08 million in secondary sales volume was made over the last 90 days. Other notable sales are 1,298 from buyers, $1.15m from royalties and 1,073 traded NFTs

Experts point to several factors that might be fueling this secondary market frenzy. The project’s innovative use of xNFT technology, NFTs with embedded code that can be run on the Backpack wallet, might be a major draw for tech-savvy collectors.

Also, the success of the initial launch, which famously restrained bots and created a fair playing field, likely created a strong sense of community among Mad Lad holders. All these could translate into increased enthusiasm and higher buy-in within the secondary market.

According to Solana Floor, Mad Lads floor price currently stands at 130.8 SOL, over $23,600 worth.

Key Milestones

The Mad Lads have become recognised for innovation and wild success within the Solana NFT scene. But their journey to the top wasn’t a straight shot. Here’s a closer look at the key milestones that propelled them to become Solana’s premier NFT collection:

1. A fair launch

In April 2023, the initial offering of Mad Lads was anything but ordinary. The Backpack team, known for their commitment to Solana, implemented a unique minting process that restrained bots, a notorious issue plaguing the NFT space. This ensured a fair playing field for collectors, creating a sense of community ownership right from the start. This innovative approach received significant attention, setting the stage for the Mad Lads’ rise.

The project generated over $8 million from the minting event and gained the attention of the Solana NFT community, which included Solana co-founders who showed their support.

2. Outperforming the big leaguers

The true test of an NFT’s worth often lies in the secondary market. Here, the Mad Lads defied expectations. In November 2023, within a 24-hour window, sales figures on secondary markets surpassed a staggering $1.39 million. This impressive number eclipsed established NFT giants like the Bored Ape Yacht Club, showcasing the genuine demand for the Mad Lads. This surge in secondary market activity solidified their position as a sought-after digital asset and signalled a bright future for the collection.

3. A community of mad geniuses

While the impressive artwork and innovative technology undoubtedly played a role, the Mad Lads wouldn’t be where they are today without their vibrant community. The success of the launch, coupled with the team’s dedication to enabling open communication and collaboration, appears to have laid the groundwork for a passionate group of Mad Lad holders. This strong sense of community breeds engagement and potentially contributes to the project’s success.

4. Beyond the pictures

The Mad Lads are more than just profile pictures. They are xNFTs, a new form of NFTs with embedded code that can be run on the Backpack wallet. This opens doors to exciting possibilities for future utility and interactive experiences within the Mad Lad ecosystem.

MadLads statistics, six months after the launch

Community Growth and Engagement

Unlike many NFT projects plagued by bots, the Mad Lads’ debut prioritized a fair playing field. The Backpack team’s innovative minting process effectively restrained bots, allowing genuine collectors a shot at owning a Mad Lad. This commitment to fairness created a sense of shared ownership among Mad Lad holders. It sent a clear message — this project wasn’t just about profit, it was about building a community.

Effective communication is the lifeblood of any strong community, and the Mad Lad team appears to understand this well. They've created a space where Mad Lad holders feel valued and informed by actively engaging with their community, providing regular updates, and enabling open communication. This transparency builds trust and encourages active participation within the community.

Mad Lads aren’t just a collection of NFTs; they represent a shared vision for the future. Through online forums and community events, the project encourages collaboration among holders. This further strengthens the bonds within the Mad Lad community.

The Mad Lad’s image itself likely plays a role in community engagement. Their quirky and rebellious nature resonates with a particular type of collector — one who values innovation and isn’t afraid to push boundaries. This shared identity fuels discussion and a sense of belonging within the community.

A Promising Future

The Mad Lads have carved a niche as a community-driven project packed with innovation. But what does the future hold for these wild characters? Here’s a look at some potential paths the Mad Lads project could take:

1. The power of xNFTs

One of the defining features of Mad Lads is their status as xNFTs — NFTs with embedded code. Imagine Mad Lad NFTs that evolve, interact with the environment within the Backpack app or even grant access to exclusive experiences. The potential for utility and interactive experiences is vast, and the Backpack team seems committed to exploring it. How they leverage this xNFT technology will be a major factor in shaping the future of the Mad Lads project.

2. Continued community focus

The vibrant community surrounding the Mad Lads is a cornerstone of their success. Looking ahead, the project’s ability to nurture and engage this community will be crucial. Continued commitment to open communication, transparency, and enabling collaboration among holders will be key. Additionally, the potential for Mad Lad holders to play a role in shaping the project’s future direction, through governance models or community-driven initiatives, could be an exciting way to solidify further the sense of shared ownership within the Mad Lad collective.

3. Collaborations and brand integrations

Imagine collaborations with established brands or artists, leveraging the Mad Lads’ unique identity and passionate community to reach new audiences. Wormhole already teased a partnership with Mad Lads, which set the community on fire. Strategic partnerships could open doors to new experiences and opportunities for Mad Lad holders, further expanding the project’s reach and influence.

Takeaway

Predicting the future is no easy feat, but one thing remains certain — the Mad Lads project is far from over. With a focus on innovation and a strong community, the Mad Lads are ready to continue their wild ride at the forefront of the Solana NFT landscape.

The creativity and dedication of the Backpack team, coupled with the strong enthusiasm of the Mad Lad community, will be the driving forces shaping the exciting chapters to come.

As the Mad Lads continue to evolve, one thing is certain: their passionate community will be right there with them, shaping the future of this innovative Solana project.

To learn more about Mad Lads, check out their X, Blog, TikTok, Discord and Website.

References