The Madlads NFT, the first xNFT on Solana, is breaking records not only in volume but also in unique holder count. MadLads are created by the team at Backpack, the first wallet built for xNFTs. Users can keep Solana and Ethereum in the same wallet, quickly swap between tokens, and send cryptocurrencies to anyone they want. MadLads are making history as the first xNFT on Backpack.
They broke the internet during public mint
MadLads, more than just an NFT, have generated a lot of interest from all communities across the blockchain space. Their minting stages were split into two sections: the whitelist and public phases. Although the whitelist space was hard to obtain for many people, the public mint was unbotted and gave everyone an equal chance to mint their xNFT.
The developers of MadLads encountered an issue before the public mint stage that they did not anticipate: excessive internet traffic. The project founders, Ferrante and Yver, announced that the platform received “billions” of requests that were too many to handle, leading to a distributed denial of service (DDoS) attack. After receiving the DDoS attack, the mint was delayed for 24 hours.
MadLads surpasses 550.000 Solana volume, approximately $12M in only 3 days
More than just digital collectibles from Armani Ferrante and Tristan Yver, MadLads is making history on Solana. Although DeGods and y00ts were seen as top collections, MadLads appears to be already surpassing them in 30-day volume, even though it has only been three days since its launch. DeGods and y00ts are known to have migrated to two different chains, leaving Solana a few days ago.
The popular collection has not only been breaking records in volume but also seems to be doing a good job engaging the community. MadLads has already seen over 8,000 unique users before its listing. Although it has only been three days since launch, the analytics of the collection show that it is ramping up, with the floor price increasing and the number of listings decreasing.
MadLads owners are not prefering to sell their NFTs for low prices
Another important analytics is that holders are not accepting low prices for their xNFTs. After starting around a 40 SOL floor, MadLads NFT decreased to a 27 SOL floor. However, within just 30 minutes, the floor price pushed back above 40 SOL and has been increasing for the past three days. The listing distribution data shown below indicates that holders are not willing to sell their NFTs for less than 100% of the current price, which values the NFTs at 140 SOL.
Despite the FUD surrounding the collection at launch, both the team and the community seem to be unfazed by the negative rumors. The anti-bot service team took over 250,000 SOL from bots attempting to mint the collection during the minting phase. Shortly after the mint, the team announced that these funds would be returned to their rightful owners and the botters.