Solana NFT Market Surges on Mad Lads xNFT Frenzy

Solana’s NFT market reached a three-month high on a surge in the interest in the Mad Lads xNFTs.

A visual art portrait of a woman with Ethereum earrings in front of Solana logo.
  • Mad Lads xNFT series fuels the Solana NFT market.
  • The market turnover reached 489,201 SOL, or about $10.124 million.
  • Mad Lads pioneers Solana’s new xNFT token standard.

As interest in NFTs has been decreasing for months, traders have been looking for a reversal signal. The moment might have come with a new type of NFT. 

On Saturday, April 22, Solana’s NFT market turnover reached a three-month high following the latest development in NFT technology

Sponsored

The surge is primarily due to the launch of Mad Lads xNFTs, a first-of-its-kind collection on the chain. 

The transaction volume for Mad Lads reached $8.23 million within 24 hours, surpassing other popular NFT projects like BAYC and MAYC. The floor price for Mad Labs xNFTs soared above 70 SOL, or $1500

The collection, created by Solana developers Armani Ferrante and Tristan Yver, aims to pioneer Solana’s xNFT technology.

What Are Solana’s xNFTs? 

Pioneered on Solana, executable NFTs (xNFTs) combine the features of traditional NFTs with executable code. 

Sponsored

Traditionally, NFTs represent a digital art piece, collectible, or digital asset. On the other hand, xNFTx can provide access to the execution of code, such as a decentralized application, interactive experience, or game.

According to the Solana Foundation, xNFTs represent an “entirely new way to build applications” in line with “decentralized values.” 

On the Flipside

Why You Should Care

Interest in Solana’s xNFT standard indicates that traders are still optimistic about the potential for the utility of NFT tech. 

Read more about Helium’s migration to Solana:

Helium Completes Solana Migration: A New Era for Decentralized Networks?

Read more about Solana’s efforts to curb carbon emissions: 

Solana Launches Dashboard to Track Blockchain Carbon Emissions 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tags
Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.