Mad Lads: An Overview of the First xNFT Collection
The crypto world has seen the popularity of NFT collections like Bored Ape Yacht Club, Azuki, and Checks on the Ethereum network. Similarly, the first xNFT collection, Mad Lads, seems poised to replicate this success within the Solana ecosystem.
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We previously explored the concept of xNFTs. If you haven't yet read that article, we highly recommend it to better understand Mad Lads' uniqueness and technical aspects.
The Mad Lads collection features 10,000 unique profile pictures (PFPs), with 9,966 currently in circulation. Launched in April 2023, the initial mint price for one NFT was only 6.9 SOL (about $160 at that time). Interestingly, the choice of “6.9 SOL” was not random but a nod to a universally recognized pose.
Since its inception, the collection's floor price has increased more than twentyfold to 156 SOL ($16,534).
Floor price trend of the Mad Lads collection. Source: coingecko.com
The NFTs are held by 5,632 users, with 4,723 owning at least one token from the collection. This equitable distribution suggests a positive effect on the asset's price stability.
Mad Lads Philosophy: The Roster and the “Fock It” Mindset
Mad Lads NFT holders see themselves in the characters portrayed: a valiant intergalactic warrior, a mysterious femme fatale, and a suave gentleman represent just a fraction of the collection's diverse personas.
The initial 24 NFTs of Mad Lads. Source: madlads.com
Each PFP boasts unique attire, weaponry, accessories, and more, fleshing out the narrative of their character. Furthermore, NFTs can be categorized by:
- Hairstyle: French crop, aviator, buzzcut;
- Smoking: white smoke, Solana-themed, Van Gogh-style;
- Outerwear: galactic tuxedo, casual jersey, military uniform, etc.
However, the creativity didn't stop at these categories. Users are encouraged to explore all filters and examine their favorite NFTs more closely.
Mad Lads is synonymous with extreme, sometimes irrational actions, true to their “Mad” moniker. The project features The Roaster—a group of six individuals known for their wild antics. Professional surfer Kai is the latest addition to this ensemble.
The Roaster produces exhilarating content beyond Web3, aiming to draw new followers into the ecosystem. They act as missionaries, rallying thousands of like-minded individuals across the globe.
The Mad Lads community is bonded by the “Fock It” mindset—a straightforward philosophy that encourages living without overthinking. Whether it's work problems, forced deal closures by brokers, or losing a phone, the response is simply “Fock It!”
This philosophy extends beyond the Mad Lads community. For example, the Wormhole protocol for cross-chain transfers, which last year secured a record $225 million investment, subtly supported the “Fock It” mantra on its X account (formerly Twitter).
NFT Creation Chaos with Mad Lads
Mad Lads was developed by Coral, a firm engaged in crafting solutions for the Solana ecosystem. The initiative was led by former FTX employees, Armani Ferrante and Tristan Yver, who aimed to launch the first-ever xNFT collection that could run applications within an NFT.
They utilized Backpack for this purpose, which has transitioned from a cryptocurrency wallet to a centralized exchange. This platform supports xNFTs, enabling users to deploy applications on a unified platform.
Mad Lads introduces a feature that allows users to stake gold coins. These coins can subsequently be used to earn rewards or access exclusive features within the ecosystem.
Mad Lads staking represents a novel application of xNFTs. Source: news.madlads.com
In addition to pioneering the first xNFT collection, Mad Lads earned their adventurous stripes by adeptly handling a DDOS attack during their NFT minting process.
The frenzy caused by front runners (bots that buy up large quantities of tokens as soon as they hit the market) led to a 24-hour minting delay. Coral responded by releasing two application updates for NFT acquisition: the first directed users to the legitimate account, while the second, hidden within the code, led to a decoy.
This decoy effectively tricked attackers into spending their assets without receiving anything in return.
As a result, the decoy account collected $250,000, excluding the fraudsters from the real NFT mint. This sum was subsequently refunded to users.
Dymension and Wormhole Airdrop
Towards the end of last year, Dymension announced an airdrop, with Mad Lads NFT holders among the beneficiaries, meeting the drop's eligibility criteria. This event led to a 25% increase in the collection's floor price.
Following DYM, the Mad Lads phenomenon caught the attention of Wormhole, one of the largest cross-chain protocols. While the selection criteria for the airdrop remain undisclosed, the Mad Lads community has been given a role within the Wormhole Discord.
Final Thoughts
With the exit of DeGods and y00ts from the Solana ecosystem, Mad Lads has revitalized the blockchain's NFT sector. The project now leads in daily trading volume, ranking 9th across all networks and 3rd within Solana itself.
Top 10 NFT collections by daily trading volume across all networks. Source: coingecko.com
Mad Lads isn't just a speculative buy or a visually appealing piece; it represents a cultural belonging and a desire to be part of the burgeoning xNFT sector.
As of February 2024, Mad Lads is the 6th leading NFT collection by market cap. Whether it can outpace giants like CryptoPunks and BAYC remains to be seen. However, always remember to DYOR before making any investment decisions.
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