The starting price of NFTs is prominent Solana collection Mad Lads rose 19% earlier Tuesday, with the spike following news that parent company Backpack had acquired the remains of FTX Europe and the bankrupt company’s MiFID II exchange license.
Mad Lads briefly held a floor price (aka the cheapest asset list on the market) of nearly $18,300 in SOL early Tuesday, although at the time of writing the price has fallen to $16,240 after a sharp market-wide correction.
The price increase may come from speculators hoping for benefits associated with it Purchase of backpackallowing the Backpack Exchange to offer perpetual trading to European users, after prioritizing the return of funds to FTX Europe users.
Backpack has acquired FTX EU and its MiFID II license.
Our first priority is to return all customer EURO funds on behalf of the FTX estate, followed by rolling out a full suite of spot, margin and futures trading products.
The crypto perpetrator trade is coming back to Europe 🇪🇺 pic.twitter.com/ExxYFufZHj
— Backpack 🎒 (@Backpack) January 7, 2025
While no immediate benefits for Mad Lads holders have been announced, project CEO Armani Ferrante shared a timely reminder late last night, just hours before the acquisition announcement.
“Remember that if you hold a Mad Lad you automatically get VIP 1 on Backpack Exchange,” he says posted on X (formerly known as Twitter).
The reminder came in response to the company’s teaser about an upcoming trading season, a period when trading volumes on its existing exchange products could lead to additional benefits. In previous seasons, users of Backpack’s exchange have been rewarded with access to air dropsa benefit well known to Mad Lads NFT holders who received airdrops from the likes of Wormhole and Dymension.
Mad Lads has amassed more than $1.8 million in secondary trading in the past 24 hours, making it the second most traded NFT collection on blockchains, according to CryptoSlam. Ethereums Pudgy penguins.
The price increase extends the gains of the past month, during which the price has risen in value by almost 73%, returning to levels since April 2024. according to NFT Price Floor. The collection reached an all-time high of $29,420 just a month earlier in March 2024, but at the time of writing is still over 100 SOL below the crypto-denominated high of 192 SOL.
Mad Lads launched in April 2023 to critical acclaim smart plans that resulted in bots spending more than $250,000 on a fake coin, protecting real consumers who tried to get their hands on the NFTs.
Made up of nearly 10,000 NFTs with profile photos, Mad Lads is the second most traded Solana NFT collection of all time according to CryptoSlam.
Backpack first announced that it was planning a centralized crypto exchange in October 2023. The company also operates a self-custodial wallet that supports multiple blockchains, including Solana and Ethereum.
Edited by Andrew Hayward
