Solana NFT Market Surges on Mad Lads xNFT Frenzy

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DailyCoin2023/10/30 12:12

By:DailyCoin

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 .

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.

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

Solana’s NFT sales are still far below their 2022 levels. In June 2022, Solana registered more than $1 billion in NFT volume .
Solana recently partnered with the decentralized network Helium , which migrated its protocol to the Solana blockchain.

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

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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