Solana NFT Market Surges on Mad Lads xNFT Frenzy
- 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.
You may also like
BREAKING: FED’s Highly Anticipated Critical Meeting Minutes Released – Here’s All You Need to Know
The FED has finally published the minutes of its meeting, which cryptocurrency investors have been eagerly awaiting. Here's what you need to know.
SEC Chair Gary Gensler Makes One Of His Last Statements Before Stepping Down: Again Talking About Bitcoin and Cryptocurrencies
Gary Gensler, the cryptocurrency-hating chairman of the SEC, made a statement about cryptocurrencies just days before he was set to leave office.
Experienced Analyst Assesses Bitcoin Price After the Decline: “It Should Never Fall Below This Level…”
Cryptocurrency analyst Ali Martinez evaluated the latest situation in Bitcoin in his statement. Here are the details.
Critical Date Set for Trial to Determine the Fate of Terra (LUNA) and Founder Do Kwon
A new date has been set for the U.S. trial involving Terra (LUNA) founder Do Kwon. Here's everything you need to know.
Trending news
MoreCrypto prices
More
