Mad Lads Revive Solana’s NFT Landscape
A new player has emerged to fill the void in Solana’s struggling NFT scene. Mad Lads, a collection of 10,000 unique profile picture (PFP) NFTs, has breathed new life into Solana’s network activity, according to blockchain analytics firm Nansen.
Introducing Mad Lads
Mad Lads offers a diverse range of humanoid PFPs with distinctive dressing styles, as well as weapons, accessories, and other unique features. The project was developed by Coral, a Solana architecture development company.
Initially minted on April 21 at a price of 6.9 SOL per token, the floor price of Mad Lads has surged to 66.74 SOL at the time of writing, as reported by CoinGecko.
Since its launch, Mad Lads has generated over $20 million in NFT sales, according to CryptoSlam.
In fact, Mad Lads has surpassed blue-chip projects like CryptoPunks and former Solana-based collections like y00ts and DeGods in terms of sales volume over the past week. There have been a total of 1,825 transactions involving the Mad Lads collection in the last week.
The arrival of Mad Lads has revitalized Solana’s ailing NFT activity, with over 25% of the total sales volume on the Solana blockchain in the previous week attributed to the collection.
The graph below clearly illustrates the spike in Solana’s sales volume following the launch of Mad Lads NFTs on April 21.
It comes as no surprise that Solana is leveraging the hype surrounding Mad Lads to boost sales of its other products. In a tweet on May 3, 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.
SOL Gains Momentum
The resurgence of NFT activity has provided a compelling reason for investors to place their bets on Solana’s native token, SOL. At press time, SOL is trading at $22.27, reflecting a 2% increase in the last 24 hours, according to CoinMarketCap. On a weekly basis, SOL has recorded gains of 2.27%.
