The recent Mad Lads craze has taken the NFT space by storm. From the outside, the collection of 10,000 Solana-based PFPs looks akin to the many generative avatar projects that preceded it. However, there is one major difference between this new potential blue-chip project and others: executable NFTs.
A puzzling new arrival on the blockchain, executable NFTs – or xNFTs for short – have the potential to completely rework the ecosystem of creators and collectors that Web3 has become accustomed to over the past few years. But how? Let’s investigate.
What are xNFTs?
Sometimes referred to as the next generation of NFTs, xNFTs are essentially non-fungible tokens embedded with executable programming scripts.
And… what is an executable programming script? Good question. Similar to how you click on an “.exe” file on your computer to launch a program or application (Ledger Live, Photoshop, Brick Breaker, etc.), xNFTs are imbued with similar functionality that allows them to accomplish a specified task. perform or sequence of tasks. This essentially makes them apps.
This is the main differentiator between NFTs and executable NFTs. Because the latter can run code in it, unlike a regular NFT which is essentially a static blockchain token visually represented by a media file. This means that xNFTs have a utility beyond that of a regular token, as they are broadly interactive.
How are xNFTs used?
Considering how new the technology is, there aren’t many robust use cases for xNFTs right now. However, in the future, they could be used as direct portals for playing a game, listening to music, or even accessing a DeFi protocol. And users don’t need to connect their wallets to a third party to access this functionality; it’s literally built right into an xNFT — it’s very similar to the “double click to play” mentality of common computer operating systems.
However, to access the functionality of an xNFT, users must use an xNFT wallet. And when it comes to xNFT wallets, Backpack is currently the end of it all.
https://t.co/yHHOa7l5TR pic.twitter.com/KlsRgZZ8nN
— Crazy Armani 🎒 (@armaniferrante) June 20, 2022
Created by the Solana framework development company Coral, Backpack is an all-in-one wallet app created to be the new open programmable system for Web3. Although it is a wallet, it is also the main xNFT operating system. Basically, Backpack is a platform for xNFTS, and xNFTs can only be used if used in Backpack.
This is in stark contrast to how the NFT ecosystem currently operates. Because, again, instead of a collector having to connect their wallet to a website to validate and use their NFTs (which can sometimes be a security risk), xNFTs holders can directly access token-gated content via Backpack without relying on are from third-party software as an intermediary.
But wait, there’s more. The entire Backpack system is open source, meaning developers of all creeds and colors are welcome to experiment, collaborate, and innovate with Backpack.
“Imagine wanting to create your own token protocol without having to convince everyone to implement it,” Armani Ferrantefounder and CEO of Coral, wrote in a Twitter thread. “Like any other application operating system, [Backpack] has a set of developer frameworks and APIs associated with it, allowing anyone to build their own xNFT apps for any protocol on any blockchain – without permission.
Are xNFTs the future?
What does all this mean for the NFT ecosystem? For crazy guys? Are they xNFTs?
Well, yes. In addition to being a collection of generative avatars, they are also executable NFTs, meaning they have additional functionality. While this functionality has yet to be revealed, we can look to cases teased by Ferrante for hints of things to come.
“Imagine if you could manage your Mango margin accounts, deploy your DeGods, or view your Magic Eden listings not in a web view, but natively in a single interface,” Ferrante continued in the Twitter thread. “[Backpack] is a home for everything. It is an open, programmable system built for Web3.”
It is clear that interoperability is the ultimate goal of the xNFT ecosystem. This means that Mad Lads will definitely get functionality that goes beyond simple tradability or incentives on the allow list. But the importance of Backpack and xNFTs goes far beyond Mad Lads tokenomics.
This is because what Coral is building has the potential to create a shift in the way both Web3 makers and consumers work. By promoting open source innovation, streamlining the user experience, encouraging community building and more, Backpack could very well usher in a new phase of NFT growth, all starting on Solana.
