In a remarkable turn of events, Mad Lads, a Solana profile picture (PFP) collection introduced earlier this year, continues to outshine prominent NFT projects as its entry prices surge, securing the top spot on the 24-hour NFT sales volume chart.
Solana Floor data indicates that the Mad Lads floor price, representing the cheapest NFT listed on a marketplace, has reached an all-time high at 123 SOL, equivalent to just over $7,100.
This marks a substantial increase for the collection, having more than tripled in price throughout November. A report on November 13 by Decrypt highlighted the Mad Lads floor nearing $4,500 worth of SOL, more than doubling the USD floor value observed prior to November.
Sales are thriving at these elevated price levels. In the past 24 hours alone, Mad Lads has seen over $1.39 million in secondary market sales, making it the leading seller in this timeframe. This surpasses the Fortune Founder’s Pass NFT from the crypto game Army of Fortune, which recorded $1.16 million in trades.
Notably, Mad Lads has also outperformed the popular Bored Ape Yacht Club on Ethereum during the same period, with approximately $881,000 worth of NFT sales. Another Solana NFT project, Tensorians, tied to the Tensor marketplace, follows closely behind the Bored Apes, with around $810,000 in sales.
Several factors contribute to the surge in both price and demand for Mad Lads. The significant increase in the price of Solana, rising from approximately $21 on October 1 to the current price of $58 (having reached as high as $65 recently), plays a crucial role. According to CryptoSlam, Solana NFTs have amassed over $62 million in sales in November, compared to about $28 million in October. The average sale price, measured in U.S. dollars, has more than doubled from the previous month.
Mad Lads distinguishes itself within the Solana ecosystem for several reasons. Developed by startup Coral, the project is linked to the Backpack app and its executable NFTs (xNFTs) standard, offering various experiences around tokenized assets.
Coral is also in the process of launching its crypto exchange, having obtained a license in Dubai and enlisted former FTX general counsel Can Sun to lead the effort, including fundraising endeavors. Notably, Mad Lads NFT owners were granted early access to exchange signups, and separately, holders received PYTH tokens in the recent Pyth Network airdrop on Solana.
