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Mad Lads NFTs Soar After Backpack Teams Up with FTX for Exchange Launch

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522 Listen to this article Solana’s Mad Lads NFTs are making headlines as their value skyrockets following strategic announcements from […]

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Solana’s Mad Lads NFTs are making headlines as their value skyrockets following strategic announcements from the NFT wallet app Backpack. The recent revelation of Backpack’s plans to launch a cryptocurrency exchange in Dubai, coupled with the appointment of former FTX general counsel Can Sun, has created a ripple effect, pushing the associated NFT project, Mad Lads, to unprecedented heights.

 Strategic Leadership Change

  • Can Sun, the former FTX general counsel, is set to lead Trek Labs, the Dubai-based startup closely tied to Backpack and its creator, Coral.
  • This development follows Sun’s recent testimony against Sam Bankman-Fried in the U.S. government’s fraud trial, where Sun cooperated with prosecutors and secured a non-prosecution agreement.

Trek Labs Valuation and Stake Sale

  • Trek Labs aims to sell a 10% stake in the company to investors, with a valuation exceeding $100 million.
  • Coral’s co-founder and CEO, Armani Ferrante, is identified as a minority shareholder in Trek Labs. Claire Zhang, Ferrante’s wife and Sun’s former deputy at FTX, also holds a stake in the company.

Regulatory Approval and Licensing

  • Trek Labs obtained a Virtual Asset Service Provider license from the Dubai Virtual Assets Regulatory Authority (VARA) in October, paving the way for the launch of a regulated exchange in the country.
  • Sun’s transparent disclosure of his FTX history during the regulatory application process is highlighted in The Wall Street Journal’s report.
Read Also:  Dapper Labs and Disney Team Up for NFT Pin Platform

Mad Lads NFTs Surge to All-Time Highs

  • Coral’s Mad Lads project on Solana has experienced an unprecedented surge in value, reaching an all-time high in U.S. dollars.
  • Mad Lads NFTs currently start at 82.37 SOL on secondary marketplaces, equivalent to $4,480 based on Solana’s current price. This represents a significant increase from the previous all-time high before November.
  • The surge in Mad Lads NFT prices aligns with the overall rising demand for NFTs in recent weeks.
  • Solana’s remarkable performance over the past 30 days, with a 148% increase, has contributed to the increased value of Mad Lads NFTs, pushing the current Solana price above $54.

 Backpack Exchange Launch and Exclusive Access

  • Trek Labs initiated beta signups for the Backpack exchange on Sunday, offering exclusive early access to Mad Lads NFT holders in the initial phase.
  • This exclusivity is likely driving heightened interest and purchases of Solana NFTs, further contributing to the project’s surge in value.

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