Mad Lads come to the rescue of Solana’s sick NFT landscape, details inside
- Over 25% of total sales at Solana last week were driven by Mad Lads.
- The floor price on Mad Lads rose to 66.74 SOL at the time of writing, up 9 times since launch.
The departure of two of the Solanas [SOL] most famous and valuable NFT collections, y00ts and DeGods, had a significant negative impact on the NFT community in 2023. While y00ts switched to the polygon [MATIC] the chain moved its sister project, DeGods, to Ethereum [ETH].
At Solana, @MadLadsNFT makes Solana NFTs great again
As @orca_so @Stepnofficial @RaydiumProtocol @JupiterExchange @DriftProtocol continue to attract active users
Is Solana at the start of a resurgence? Check the activity on the chain: pic.twitter.com/MdNlGN6xDw
— Nansen 🧭 (@nansen_ai) 3 May 2023
Realistic or not, here is SOL’s market cap in BTC terms
However, a new kid on the block has started filling 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. According to the blockchain analysis firm Nansen, the collection gave a big boost to Solana’s network activity.
One of the “boys”
Like any other NFT collection, Mad Lads features a variety of humanoid PFPs with unique clothing styles, as well as weapons, accessories, and a variety of other items. Solana’s architectural development company, Coral, was responsible for the construction of the project.
The collection minted on April 21 at a price of 6.9 SOL per token saw the floor price balloon to 66.74 SOL at the time of writing, data from CoinGecko revealed.
Since its launch, it has recorded over $20 million worth of NFT sales as of press time, according to CryptoSlam.
In fact, Mad Lads recorded the fifth highest sales volume among all compilations in the past week, surpassing blue-chip projects like CryptoPunks and former Solana-based compilations like y00ts and DeGods. A total of 1,825 transactions were carried out with the collection in the last week.
The arrival of the Mad Lads provided the much needed impetus to Solana’s sick NFT activity. Over 25% of the total sales volume on the Solana blockchain over the past week was driven by Mad Lads.
From the graph below, it is quite clear that Solana’s sales volume increased after the launch of NFT on April 21.
Source: CryptoSlam
Therefore, it comes as no surprise that Solana tried to capitalize on the hype associated with Mad Lads to boost sales of some of its other products.
In a May 3 tweet, it was announced that all Mad Lads NFT owners who purchase Solana Mobile will receive a free laser engraving of their boy on the device.
You heard that right
Let it sink in
— Solana Mobile 🌱 (@solanamobile) 3 May 2023
Read Solanas [SOL] Price prediction 2023-24
SOL is pumped up
The revival in NFT activity gave investors a big reason to bet big on the native token, SOL.
The coin traded hands at $22.27 at press time, up 2% over the past 24 hours, according to CoinMarketCap. On a weekly basis, SOL recorded gains of 2.27%.
