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


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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