Unveiling the Future: The Rise of MAD LADS and Backpack in the NFT Revolution
Urban Dictionary defines “mad lad” as someone insanely daring, someone who pushes boundaries beyond imagination. That’s the spirit that embodies the MAD LADS. A quick Google search reveals that “MAD LADS” has been used in various contexts over time.
INTRODUCTION
When you encounter the phrase “MAD LADS,” you might initially think it refers to “lads that are mad” and you wouldn’t be entirely wrong. Urban Dictionary defines “mad lad” to mean “an insane dude; someone who is out of his god damn mind; a guy that did something nobody would ever even dare to think of doing”
You see, you’re not far from the truth.
A quick Google search reveals that “MAD LADS” has been used in various contexts over time. It’s been the name of musical bands, like The Mad Lads from Memphis and another from Belfast, both with R&B influences in the mid-1960s. Additionally, historical figures such as Peter the Great of Russia, the towering Russian Tsar, wasn’t just tall (6'8"!), he was known for going undercover to quench his thirst for knowledge. Then there’s “Mad Jack” Churchill, an Anglo-Irish commando Colonel during WW2 who insisted on going into battles while “playing the bagpipes armed with a claymore”; and Smedley Butler, the most decorated Marine in U.S. history who wasn’t just brave, he was creatively daring, evidenced by his 16 medals and two patents. These figures exhibit daring, open-mindedness, and an unconventional approach to reaching their goals, often fueled by their creativity.
In the Web3 world, the MAD LADS are a tight-knit community. Founders, developers, builders, creators, collectors, and fans — they’re all part of the crew, constantly pushing the boundaries of the Backpack platform. You might be wondering, “What is Backpack?” In simple terms, Backpack is an innovative all-in-one wallet specifically designed for xNFTs (executable NFTs). Think of it as a one-stop shop for managing your entire Web3 world: xNFTs, regular NFTs, cryptocurrencies, and even decentralized applications (dApps) — all accessible and interactive in one place. Now, what are xNFTs? They’re a new type of blockchain token standard on the Solana network. The “executable” aspect means that xNFTs can execute programming scripts or applications within themselves, making them dynamic, interactive, utility-driven, and programmable tokens. They can perform actions like granting access, activating software licenses, storing data, owning, trading, and interacting with other NFTs, cryptocurrencies, and digital entities.
With Backpack, users can launch experiences or applications directly from their xNFTs. The recent surge of interest in MAD LADS on Solana has brought further attention to the potential of xNFTs. MAD LADS, one of the flagship projects associated with the Backpack platform, consists of a collection of 10,000 PFPs (profile picture xNFTs) launched on the Solana blockchain. This collection serves as a cultural complement to Backpack’s technology.
In the following sections, we’ll delve deeper into key aspects of this article, exploring the inception and evolution of Mad Lads, as well as the Backpack team. We’ll analyze Mad Lads’ secondary market sales and discuss milestones that have contributed to its reputation as a premier NFT collection on Solana. Additionally, we’ll examine the factors driving the community’s growth and engagement, offering insights into the overall future outlook of Mad Lads and its impact on the NFT ecosystem.
THE INCEPTION AND EVOLUTION OF MAD LADS AND THE BACKPACK TEAM
The MAD LADS xNFT collection made waves as the first bot-free public NFT mint, attracting over 5,000 genuine participants and gaining remarkable organic traction. This groundbreaking collection was brought to life by Coral, a leading Solana framework development company. Key figures such as Trystan Yver and Armani Ferrante played pivotal roles in shaping the development of the Anchor framework, Backpack wallet, and the xNFT ecosystem.
Armani Ferrante, the visionary founder of Coral, previously held a key position at FTX, a prominent cryptocurrency derivatives exchange, where he served as general counsel. His expertise and leadership were instrumental in driving the exchange’s operations before he embarked on the journey to establish Coral. Trystan Yver, a co-founder of Coral, also made significant contributions to the project. His prior role as Head of Strategy at FTX provided valuable insights into scaling different business verticals, and his involvement in the early growth of the Solana ecosystem incubated numerous projects that are now thriving on the Solana mainnet. Together, Ferrante and Yver spearheaded the development of Anchor, a robust framework for writing smart contracts on Solana’s Sealevel runtime. Anchor has emerged as the go-to tool for building secure Solana programs quickly, boasting thousands of engineers and over a hundred thousand weekly NPM downloads. Their collective efforts have cemented Coral’s position as a driving force in the Solana ecosystem, propelling innovation and fostering growth across the xNFT landscape.
In September 2022, Coral made headlines with the announcement of a strategic funding round totaling $20 million, co-led by FTX Ventures and Jump Crypto. This substantial investment was earmarked for expanding Coral’s team, with a focus on recruiting top talent to bolster their capabilities. The timing of this announcement coincided with the launch of their inaugural flagship product, Backpack — a revolutionary wallet designed to support executable NFTs.
Backpack stands out as a pioneering solution, built on the robust Anchor development framework and tailored specifically for xNFTs. Offering compatibility with both the Solana and Ethereum blockchains, Backpack empowers users to effortlessly manage their assets and engage with decentralized applications (dApps) across both networks. This seamless integration reflects the growing demand for interoperability and user-friendly experiences within the crypto space. Given the underlying purpose of xNFTs to enhance the crypto experience and foster more personalized interactions, the Coral team recognized an opportunity to showcase the potential of this innovative technology. Thus, they embarked on the creation of the MAD LADS collection, leveraging Backpack’s capabilities to introduce a groundbreaking series of xNFTs to the market. This move underscored Coral’s commitment to driving innovation and pushing the boundaries of what’s possible in the realm of digital assets.
The MAD LADS collection stands out as the pioneering xNFT collection launched by the Backpack team, serving as a testament to the potential of xNFTs. Inspired by 1930s British-American gangster aesthetics, the collection features distinctive artwork that encapsulates the theme of madness. According to Armani Ferrante, the artwork was intentionally crafted to embody the notion of daring innovation that has the power to change the world. Ferrante emphasizes that xNFTs elevate the user experience, encouraging creators to view their artwork not merely as static pieces, but as opportunities to craft immersive narratives and experiences.MAD LADS NFTs were initially offered at a minting price of 6.9 SOL, with minting events playing a crucial role in catapulting the collection to fame. Notably, these minting events were exclusively hosted on the Backpack wallet, making it the sole platform through which users could mint MAD LADS NFTs. This exclusivity added to the allure of the collection and contributed to its rapid ascent in popularity within the NFT community.
In addition to its pioneering wallet solutions, Backpack has ventured into the realm of cryptocurrency exchange with the launch of the Backpack Exchange. Operating on the Solana blockchain, this exchange has been making significant waves within the Web3 ecosystem. The success of the MAD LADS xNFT collection has undoubtedly contributed to Backpack’s growing prominence, showcasing its ability to innovate and capture the imagination of users.
One of the key factors driving attention to the Backpack Exchange is its potential to function as a layer 2 (L2) solution on the Solana blockchain. Leveraging the speed and scalability of Solana, Backpack Exchange offers users a seamless trading experience while also addressing the scalability challenges faced by many blockchain networks. This scalability, combined with the success of MAD LADS and other initiatives, positions Backpack Exchange as a promising player in the burgeoning landscape of decentralized finance (DeFi) and NFT trading platforms.
ANALYSIS OF MAD LADS’ SECONDARY MARKET SALES
Secondary sales in the context of NFTs refer to the resale of an NFT after its initial purchase from the creator. Initially, when an NFT is released by the creator, it is typically sold in the primary market. However, once an individual acquires ownership of the NFT, they have the option to sell it to another party in the secondary market. These secondary sales are crucial for the NFT ecosystem as they contribute significantly to overall trading volume and liquidity. Moreover, they provide an avenue for collectors and investors to participate in the market and potentially benefit from the appreciation of NFT values over time. Secondary sales thus play a vital role in establishing the value and demand for NFTs, while also fostering a dynamic and vibrant marketplace for digital assets.
When the MAD LADS collection was initially launched on April 20, 2023, it was available for minting for 6.9 SOL. Since its launch, the collection has experienced a surge in secondary market sales, fueled by the passionate community surrounding it. The performance of the MAD LADS NFT collection in the secondary market has been impressive, with high demand and increasing sales volumes. In its first week post-launch, the collection generated over US$16.86 million in secondary sales. Six months after its launch, in October 2023, the floor price of MAD LADS NFTs reached a new peak of 123 SOL (approximately $7,100), indicating strong demand from digital collectors and investors. During this period, the MAD LADS project recorded secondary market sales exceeding $1.39 million, surpassing other notable projects like the Ethereum-based Bored Ape Yacht Club. The rising price of Solana during this time, from $21 to $58, further contributed to the demand for MAD LADS NFTs, highlighting the significant impact of market dynamics on the valuation and performance of digital assets.
On December 9, 2023, the MAD LADS collection achieved an all-time high floor price of 229.425 SOL. Just two months later, on February 20, 2024, CryptoSlam reported that total sales of the MAD LADS collection had surpassed US$100 million, with a floor price of 207.3 SOL. As of March 26, 2024, CryptoSlam reported that the MAD LADS collection had claimed the top spot on the daily sales chart, experiencing a remarkable 166% rise in sales and a 1.74% increase in transactions. This surge propelled MAD LADS’ cumulative volume to a new high of US$150 million. At the time of writing, the MAD LADS collection has exceeded US$150 million in cumulative volume, with an average sale price of $25,027.10 distributed among 5,203 unique holders. These impressive figures underscore the collection’s strong secondary market performance, significant milestones, and the factors driving its community growth. The continued success of MAD LADS and its impact on the Solana NFT ecosystem signal a promising future for both the collection and the broader NFT landscape on the Solana blockchain.
MILESTONES THAT CONTRIBUTED TO ITS REPUTATION AS A PREMIER NFT COLLECTION ON SOLANA
MAD LADS emerged into the spotlight during a tumultuous period in the Solana ecosystem. This included the collapse of the infamous exchange FTX in November 2022 and subsequent announcements in December 2022 from notable Solana NFT projects, DeGods, and y00ts, to depart from the Solana blockchain. According to Armani Ferrante, a seasoned Solana developer, and co-founder and CEO of Mad Lads, these events coincided with the launch preparations for the MAD LADS project. MAD LADS effectively revitalized the NFT space, injecting new energy and activity into the ecosystem. This pivotal moment marked the beginning of MAD LADS’ journey to establish itself as a premier NFT collection on Solana.
Among the notable milestones in MAD LADS’ journey are:
- On April 20, 2023, just before the scheduled public mint of the MAD LADS collection, the Backpack app encountered a massive DDOS attack. Consequently, the public mint was postponed until the following day. During the relaunch on April 21st, Backpack implemented two minting portals to differentiate between human users and bots. This innovative approach ensured that genuine users were directed to the minting page, while potential cyber hackers attempting to reverse-engineer the code were redirected to a “honeypot” that simulated a minting process but yielded no NFTs. This clever tactic not only protected the platform from malicious attacks but also generated $250,000 in SOL from unwitting cyberhackers. The incident garnered significant attention and fanfare within the Solana NFT community, generating over $8 million in total from the minting event. This success quickly attracted the interest and support of Solana’s co-founders, further elevating the profile of the MAD LADS collection. Despite the unconventional nature of the incident, Coral, the team behind MAD LADS, demonstrated integrity by returning the funds to those who had inadvertently lost them. This gesture underscored their commitment to maintaining transparency and trust within the community. The outcome of this incident not only marked a significant milestone for the MAD LADS project but also set a precedent for the “fock it” mentality, showcasing the team’s resilience and willingness to push boundaries in pursuit of their goals.
- On July 11, 2023, the Mad Wars crypto trading competition, hosted by Zeta Markets, was launched. This groundbreaking event marked a first-of-its-kind experience that seamlessly integrated the best elements of DeFi, NFTs, and wallet technology to create a unique social experience. The Mad Wars competition was carefully crafted to provide avenues for participation to both NFT holders and non-holders, fostering inclusivity within the community. By combining elements of decentralized finance (DeFi) with the innovative possibilities offered by NFTs and wallet technology, Mad Wars offered participants a dynamic and engaging experience that transcended traditional trading competitions. The launch of Mad Wars underscored the growing convergence of various sectors within the crypto space and highlighted the potential for novel applications of blockchain technology beyond traditional finance.
- On November 14, 2023, the Backpack team made a significant announcement: they revealed plans to launch a cryptocurrency exchange based in Dubai. This ambitious move signaled the team’s expansion into new territories and marked a significant milestone in their journey. Adding to the excitement, the Backpack team announced the appointment of Can Sun, former general counsel at FTX, to lead the exchange. Sun’s extensive experience and expertise in the crypto space positioned him as a valuable addition to the team, bringing leadership and strategic insights to the table. The decision to establish a cryptocurrency exchange in Dubai reflected Backpack’s commitment to innovation and growth in the rapidly evolving crypto landscape. This expansion into new markets, coupled with the addition of seasoned professionals like Can Sun, underscored Backpack’s determination to solidify its position as a key player in the global crypto ecosystem.
- On February 15, 2024, Backpack made headlines with the announcement that its pre-season beta launch for the Backpack exchange had achieved an astonishing trading volume of $300 million in less than 24 hours. This remarkable feat highlighted the platform’s rapid growth and strong demand within the crypto community. In addition to the overall trading volume milestone, the launch saw the SOL/USDC spot trading pair reach over $643 million in 24-hour trading volume. This achievement was particularly notable as it surpassed the trading volume of the same trading pair on Binance, one of the world’s largest exchanges, which generated $2.4 million in 24-hour trading volume. The success of the pre-season beta launch underscored Backpack’s emergence as a formidable player in the cryptocurrency exchange space. It demonstrated the platform’s ability to attract significant trading activity and compete with established exchanges on a global scale.
FACTORS DRIVING THE COMMUNITY’S GROWTH AND ENGAGEMENT
Many of the milestones outlined above have played a pivotal role in driving the growth and engagement of both the Backpack and MAD LADS communities, contributing to their ongoing success. According to Armani Ferrante, much of this growth and engagement can be attributed to the vibrant and organic community of founders, developers, builders, creators, collectors, and fans within the Solana ecosystem. The first milestone, which involved the DDOS attack and subsequent minting event, significantly boosted public sentiment for MAD LADS and the Backpack ecosystem. This incident showcased the resilience and innovative spirit of the project, garnering widespread attention and admiration within the community. Similarly, the launch of Mad Wars provided community members with an opportunity to strengthen their bonds, network, and contribute to community building. The event catalyzed collaboration and interaction, fostering a sense of camaraderie among participants. As engagement continues to grow around these new NFTs, the MAD LADS project has emerged as a beacon of innovation and revitalization for both the Solana platform and the broader NFT ecosystem. The project’s success has reignited interest in NFTs, attracting traders who were previously disengaged with other collections and sparking a newfound enthusiasm within the community. Overall, the combination of groundbreaking milestones, community engagement initiatives, and organic growth has propelled MAD LADS and the Backpack ecosystem to new heights, establishing them as leaders in the evolving landscape of NFTs and decentralized finance. Indeed, several other factors have contributed significantly to the growth and success of MAD LADS and the Backpack ecosystem:
- The “Fock it” Mindset: The straightforward philosophy of embracing life without overthinking, embodied by the “Fock it” mindset, has become synonymous with the MAD LADS brand. This mentality encourages boldness, risk-taking, and a fearless approach to innovation, resonating strongly with the community and fostering a sense of identity and belonging.
- Transparency and Fairness: The transparent and fair handling of the aftermath of the DDOS attack further strengthened community sentiment and trust. By promptly addressing the situation and ensuring that affected individuals were compensated, the project demonstrated integrity and a commitment to maintaining a supportive and inclusive community environment.
- Collaborations and Partnerships: Collaborations with other projects, artists, and platforms, such as the Superteam Earn, both within and outside the Solana ecosystem, have expanded MAD LADS’ reach and visibility. These partnerships have not only amplified the project’s story but also attracted attention from diverse segments of the NFT market, attracting new audiences to the community.
- Unique Artwork: MAD LADS’ distinctive meme-inspired art styles have set them apart and left a lasting impression on audiences. The playful and visually striking artwork creates a sense of fun and excitement, attracting like-minded individuals and fostering a vibrant and engaged community.
- Focus on Community Building: MAD LADS and the Backpack team’s unwavering dedication to community building and engagement have been central to their success. By prioritizing the needs and interests of their community members, they have cultivated a loyal and devoted following of “mad lads” who are deeply invested in the project’s success and growth.
Overall, these factors, combined with the project’s innovative approach, collaborative spirit, and commitment to community, have propelled MAD LADS and the Backpack ecosystem to prominence within the NFT space, establishing them as leaders in creativity, inclusivity, and engagement.
FUTURE OUTLOOK
The future outlook for MAD LADS is highly promising, with the project poised to continue pushing the boundaries of NFT technology and enhancing the functionality of its xNFTs to improve the overall user experience. The collection has already demonstrated impressive secondary market performance, and this trend is expected to continue as MAD LADS expands into additional secondary markets, driving significant sales volumes and increasing floor prices. As MAD LADS gains popularity and demand continues to soar, the project is projected to achieve even greater success, building upon its already impressive reputation within the Solana ecosystem. With Solana’s growing popularity, the market for top-tier NFT projects like MAD LADS is expected to experience exponential growth. The Backpack team’s dedication to the continuous growth and advancement of MAD LADS is evident, and exciting new features, collaborations, and partnerships are on the horizon. This commitment, coupled with a focus on open communication, transparency, fairness, and collaboration, ensures that MAD LADS and the Backpack ecosystem will thrive in the long term. Furthermore, Backpack’s expansion beyond the Backpack exchange into other products will enable the project to continue serving its customers compliantly while exploring new avenues for growth and innovation. Overall, the future looks bright for MAD LADS and the Backpack community, with continued growth, engagement, and success on the horizon.
In conclusion, the Mad Lads community and Backpack project are positioned for a bright future characterized by sustained growth and innovation. Moving forward, the Mad Lads NFT community will prioritize community engagement, innovation, brand building, and strategic expansion. By remaining steadfast in their commitment to core values and harnessing the capabilities of the Solana blockchain, the Mad Lads community is poised to make significant strides within the NFT space and beyond. With a focus on fostering a vibrant and engaged community, the Mad Lads project is well-equipped to continue shaping the future of NFTs. Furthermore, the Backpack team’s upcoming projects will be closely monitored to gauge their impact on the NFT landscape. As they continue to push the boundaries of innovation, the Backpack team has the potential to further disrupt the NFT space and solidify their position as leaders in the industry. Overall, the future holds great promise for the Mad Lads community and Backpack project, with ongoing growth, innovation, and success anticipated in the years to come.
THIS IS FOCKING END OF THE ARTICLE, AND IT IS FOCKING MAD, LADS
