The Solana network has witnessed a significant surge in its NFT market, led by "Mad Lads," a profile picture (PFP) project that was launched earlier this year. This collection has now become the network's leading NFT project in terms of floor price, with an impressive 122% increase in just the past week. The floor price, representing the lowest price of an NFT listed on secondary marketplaces, reached 100 SOL, approximately $5,750, propelling Mad Lads to the forefront of Solana's NFT space.
This surge has been particularly noteworthy as it took the Mad Lads' floor price above $6,000 in Solana value, even momentarily eclipsing the floor price of DeGods, a previously dominant Solana NFT project before its migration to Ethereum. Armani Ferrante, the co-founder and CEO of Coral, the company behind Mad Lads, emphasized the need for a "new heartbeat" in the Solana NFT space after the departure of DeGods, believing that Mad Lads has successfully filled this gap.
Mad Lads has not only achieved the highest valuation by floor price but also boasts significant trading volume. According to CryptoSlam, it registered the third-highest trading volume among all NFT projects in the last week, with trades worth approximately $6.9 million. This figure places it just behind Ethereum's heavyweights – Bored Ape Yacht Club and CryptoPunks.
The rise of Mad Lads can be attributed to the increasing enthusiasm around Solana's NFT market and the desire of buyers to be part of this top collection. Adding to its appeal, Coral offered exclusive early access to its upcoming Backpack exchange, licensed to operate in Dubai, further fueling interest in the collection.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
