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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.
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.
Market Trends and Solana’s Performance
- 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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