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NFT

Mad Lads comes to the rescue of Solana’s ailing NFT landscape, details inside

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The arrival of Mad Lads provided the much-needed impetus to Solana’s ailing NFT activity. Solana’s sales volume spiked following the launch.
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  • Over 25% of the total sales on Solana during the previous week were driven by Mad Lads.
  • The floor price of Mad Lads ballooned to 66.74 SOL at the time of writing, up 9x since launch.

The departure of two of Solana’s [SOL] most well-known and valuable NFT collections, y00ts and DeGods,  had a significant negative impact on its NFT environment in 2023. While y00ts switched over to the Polygon [MATIC] chain, its sister project, DeGods, moved to Ethereum [ETH].

Realistic or not, here’s SOL’s market cap in BTC’s terms

However, a new kid on the block has started to fill the void left by these premium collections.

Mad Lads, a collection of 10,000 unique profile picture (PFP) NFTs, was instrumental in reviving Solana’s NFT landscape. As per blockchain analytics firm Nansen, the collection provided a big boost to Solana’s network activity.

One of the ‘Lads’

Like any other NFT collection, Mad Lads features a variety of humanoid PFPs with unique dressing styles, as well as weapons, accessories, and a variety of other things. The Solana architecture development company, Coral, was responsible for the building of the project.

The collection which was minted on 21 April at the price of 6.9 SOL per token, saw its floor price ballooning to 66.74 SOL at the time of writing, data from CoinGecko revealed.

Since launch, it has recorded NFT sales worth over $20 million until press time, as per CryptoSlam.

Infact, Mad Lads logged the fifth-highest sales volume among all collections over the past week, outpacing blue-chip projects like CryptoPunks and former Solana-based collections like y00ts and DeGods. A total of 1,825 transactions involving the collection were carried out in the last week.

The arrival of Mad Lads provided the much-needed impetus to Solana’s ailing NFT activity. Over 25% of the total sales volume on the Solana blockchain during the previous week was driven by Mad Lads.

From the graph below, it’s quite evident that Solana’s sales volume spiked following the launch of the NFT on 21 April.

Source: CryptoSlam

Hence, it doesn’t come as a surprise that Solana was trying to leverage the hype associated with Mad Lads to boost sales of some of its other products.

In a 3 May tweet, it was announced that all Mad Lads NFT owners who purchase Solana Mobile will receive a complimentary laser engraving of their lad on the device.

Read Solana’s [SOL] Price Prediction 2023-24

SOL gets pumped up

The revival in its NFT activity gave investors a big reason to bet big on native token, SOL.

The coin exchanged hands at $22.27 at press time, up 2% in the last 24 hours, as per CoinMarketCap. On a weekly basis, SOL recorded gains of 2.27%.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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