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NFT Industry – What are xNFTs?
The Mad Lads trend in the NFT industry is bringing a new type of NFT called xNFTs into the limelight. Executable NFTs are unique digital assets that can run code. This makes them different from traditional NFTs which have been mainly used as collectibles in art, music and games. With xNFTs, users interact with NFTs and use them for more than just accumulating on the blockchain. They play games, access DeFi protocols, listen to music and even update themselves based on external data or events.
xNFTS: What are they and how are they changing the industry?
xNFTs are a new type of NFT that can run code embedded in them. This in turn makes them more functional and interactive than traditional NFTs. They are built on Solana using React xNFT, an industry framework for building executable NFTs. Developers can create native web3 applications and protocols that run in an isolated browser sandbox.
This enables safe and secure communication between xNFTs and external applications. These tokens are minted as SPL tokens. These are Solana’s equivalent of the ERC-20 standard for fungible tokens on Ethereum. However, xNFTs have an associated program ID that points to their executable code stored in Solana’s program repository.
The main difference between xNFTs and traditional NFTs is that xNFTs can run code inside them, while NFTs cannot. This ability to run code embedded in NFTs gives xNFTs a wider range of potential use cases. Furthermore, xNFTs are exclusive to Solana and they use React xNFT, a framework for building executable NFTs on Solana. NFTs on Ethereum, on the other hand, use the ERC-721 or ERC-1155 standards.
Mad Lads: Setting new standards with xNFTs
The Mad Lads project is a collection of 10,000 Solana-based PFPs that are also xNFTs. This project is built on Backpack, an open, programmable system built for Web3, which enables users to manage their digital assets natively in a single interface. The potential use cases for xNFTs are vast. Ferrante, the creator of Mad Lads, teases that the project’s additional functionality will be revealed soon. This functionality transcends simple tradability or whitelist incentives, which is the ultimate goal of the xNFT ecosystem. In an earlier thread from 2022, Ferrante also explains some of the different use cases and ways to use xNFTs.
The importance of backpacking and xNFTs goes far beyond Mad Lads Tokenomics. This is because Coral is building something with the potential to create a shift in how Web3 creators and consumers operate. The ultimate goal of the xNFT ecosystem is interoperability. This means that xNFTs can interact with each other, other NFTs or external data sources to create new applications and use cases.
In conclusion, The Mad Lads project is an example of a collection of xNFTs managed natively in a single interface using Backpack. The potential use cases for xNFTs are vast, and the ultimate goal of the xNFT ecosystem is interoperability, which could create a shift in how Web3 creators and consumers operate.
