A Chronicle of Resilience and Triumph: The Remarkable Ascendancy of Mad Lads – Solana's Premier NFT Collection
How Mad Lads Catalyzed Solana's Revival From Despair to Dominance and Cultivating a Thriving Community
On April 20, 2024, a significant milestone will be reached in Solana's NFT history as it marks the 1st anniversary of the renowned Mad Lads collection.
This collection, featuring 10,000 human-illustrated profile pictures (PFPs), has established itself as the top NFT collection on Solana in terms of market cap and sales volume.
The Mad Lads PFPs are celebrated for their exceptional aesthetic appeal, showcasing diverse biological and unique human traits. Notably, the collection is known for arguably hosting the best female PFPs on Solana. Its consistent dominance in the Solana NFT landscape over the past year highlights its historical and cultural significance within the Solana ecosystem.
Why is this collection so important, you may wonder? And why should you care?
The significance of the Mad Lads NFT collection lies in its historical context and the innovation it represents within the Solana NFT ecosystem. To truly appreciate its importance, we need to delve into the background, understand its origins, and grasp why it holds such value and potential for the future.
Understanding xNFTs: The Birth of Coral and Backpack
The story begins with the inception of xNFTs (executable Non-Fungible Tokens), which revolutionized the concept of NFTs. Originally, NFTs were tokenized digital collectibles with limited utility, primarily popular among digital artists.
Then came xNFTs, which are non-fungible tokens embedded with executable code. These tokens grant ownership rights over their execution, enabling control over dynamic functionalities within decentralized applications (DApps) or smart contracts. This innovation expanded the possibilities of traditional NFTs, offering new ways for ownership and interaction within blockchain ecosystems.
However, a significant hurdle emerged: no existing wallet or product supported this standard for NFTs or facilitated these advanced interactions. Nonetheless, the potential of this idea was substantial enough to warrant the launch of a business venture. This led to the inception of Coral, the company behind the Mad Lads collection.
Tristan Yver and Armani Ferrante founded Coral, distinguished figures in the Solana community. Ferrante, in particular, had a storied history within the Solana ecosystem, having played pivotal roles in the development of key infrastructure such as Sollet (one of the first Solana wallets), the first CLOB (Central Limit Order Book) Serum, and perhaps most notably, Anchor, which stands as the most widely used development tooling in the entire ecosystem.
Backpack
Establishing a company was the initial stride toward realizing the vision of xNFTs. Subsequently, they developed a flagship consumer application to actualize this vision: Backpack.
Picture Backpack as similar to an operating system, such as iOS, where all your applications—except in this case, they're xNFTs—are stored.
xNFTs inject life into the traditional concept of NFTs. Instead of just having static images stored on a blockchain, why not encode functionality into these NFTs, turning them into portals for a wide range of experiences? In essence, rather than merely serving as access passes to token-gated content on other platforms or websites, xNFTs can contain interactive experiences and exclusive content that users can access directly through Backpack. This approach introduces a completely new paradigm for composability.
The concept proved promising, and Coral managed to secure $20 million in funding from FTX Ventures and Jump Crypto in September 2022 to develop this product.
However, fortune took an unexpected turn in November 2022 with the collapse of FTX, leaving customers stranded as their funds on the exchange became inaccessible. Regrettably, the Backpack team was among those adversely affected, losing a staggering $14.5 million to the collapse—equivalent to 88% of its operational capital.
As a result of the FTX-Alameda fallout, Solana's price dropped by over 90% due to its association with the crypto exchange. This led to a mass exodus of ecosystem participants. In December 2022, the top collections, Degods and Yoots, decided to leave the chain. Their migration was completed in March of 2023.
web3 is the intersection between tech and culture.
-Armani Ferrante
Mad Lads
Mad Lads emerged during a period of uncertainty in the Solana ecosystem when community morale was at its lowest, and user engagement was scarce. However, amidst this challenging backdrop, a small cohort of steadfast builders, including the Backpack team, remained steadfast in their belief in the technology and its potential.
Despite facing adversity, the Backpack team persevered, redoubling their efforts to advance their product.
Mad Lads served as a beacon of hope, revitalizing faith in the ecosystem and galvanizing entire communities to rally in support. They effectively countered the negative narratives stemming from the FTX associations.
You may wonder why would a product company venture into launching an NFT collection, and how does Mad Lads fit into this narrative?
In contrast to other profile picture projects, the Backpack team garnered significant community support by first dedicating time to develop a unique product before unveiling their NFT collection. Mad Lads serves as a testament to the possibilities unlocked by the technology the company had built, being the first-ever xNFT collection minted.
For a technology company operating within the crypto space, gaining distribution without resorting to paid promotion is exceptionally challenging. Few users are inclined to utilize on-chain applications without a compelling reason. Thus, the Backpack team recognized the need for a dedicated group of evangelists willing to bridge this gap.
Mad Lads transcends being a mere marketing ploy or revenue-generating endeavor; they represent the forefront of the Backpack team's vision. Positioned at the top of the consumer engagement funnel, Mad Lads serves as a rallying point for mass consumer interaction.
Moreover, Mad Lads go beyond passive NFT holders; they actively contribute to and participate in a larger community-driven movement. This sense of belonging fosters an environment where individuals are motivated to be part of something greater than themselves.
The primary objectives of Mad Lads are twofold:
Product feedback: The Backpack team gains valuable insights and feedback from the community by having an NFT collection closely integrated with the product.
Intentional bootstrapping mechanism: Mad Lads play a pivotal role in driving the adoption and usage of Backpack. They serve as a strategic tool for cultivating a network effect, fostering sustained growth beyond the initial hype.
In essence, Mad Lads serves as a decentralized cultural hub, enriching the ecosystem and facilitating the growth of the Backpack product through active community engagement and feedback loops.
The Mad Lads Mint
The Mad Lads mint marked a significant milestone as the first-ever mint conducted within the Backpack, creating a truly immersive and groundbreaking experience for participants. However, the journey leading up to the mint was equally remarkable. Here's how it unfolded.
Did you know, the collection was originally going to be named “ONE collection”?
The Blue Ball Era: Building Community
The cultivation of the Mad Lads community was a deliberate and strategic process, recognizing the paramount importance of community in the success of an NFT project. This community would eventually evolve into a cohort of power users for the suite of products developed by the Backpack team. The team sought both beta testers for their upcoming product and individuals passionate enough about the project to provide invaluable feedback.
The anticipation surrounding this groundbreaking product, promising to revolutionize the wallet and NFT experience, was palpable.
During the closed beta phase, access to the Backpack app was restricted to those with an invite code, obtainable exclusively through Twitter. With high demand, only the most creative and witty content or comments were selected to receive codes. Once chosen, recipients were greeted with a GIF depicting being struck by a blue dodgeball, adding an element of fun to the process.
Upon selection, users were welcomed into the Discord community, providing a platform for feedback and interaction. Additionally, they were granted an access code to claim a unique username within the app, streamlining the user experience and eliminating the need for cumbersome wallet addresses. This personalized username not only served as an identifier but also facilitated seamless interactions with other users and applications within the ecosystem
The Waiting Room Era: Community Engagement
As demand continued to surge, the team devised new strategies to streamline the onboarding process, leading to the introduction of the waitlist and waiting room.
Users were required to download the app extension from the Google Chrome Store and sign up for the waitlist, a pivotal step in gaining access to the platform.
Subsequently, they were ushered into a communal waiting room alongside other eager users.
What distinguished this phase was the introduction of the waiting room game, adding an element of excitement and engagement. Participants were tasked with guessing the prompt used to generate an AI-generated image or sound. This game not only fostered a sense of camaraderie among users but also leveled the playing field, offering everyone an equal opportunity to gain access to the app.
Access codes were distributed through various creative channels beyond the traditional methods. Among these were the renowned "moongame," engaging content challenges like "Lads and Lightning," Backpack Instagram stories, Solana Ecosystem Calls, strategic partnerships, and many more avenues.
The Madlist: Setting a New Standard
Before the Mad Lads mint, distributing whitelists (WL) for NFT projects primarily involved collaborations at best and, at worst, community members engaging in unsavory activities to secure WL spots. This approach was far from ideal and often resulted in inflated hype and engagement metrics. However, the Backpack team set themselves apart with their clear communication and transparency, offering a refreshing departure from the norms of the space. It was only fitting that their WL selection process followed suit.
Even before any promises of rewards or incentives, the product was already generating organic hype and attracting users. Then, the team made waves by announcing the launch of a 10,000-piece NFT collection, previously known as the ONE collection, alongside the introduction of the cult tagline WAO, standing for "WE ARE ONE!"
This announcement sent metrics for Backpack downloads skyrocketing, with over 69,000 downloads from the Google Chrome store alone by the mint date.
To sweeten the deal, the team announced that claiming for the Madlist (Whitelist) on February 28, 2023, would take place exclusively within Backpack. Moreover, individuals who had claimed a username before January 20, 2023, were automatically eligible for the whitelist—a move that further cemented the team's commitment to inclusivity and fairness.
This development caught many by surprise, intensifying interest and bolstering faith in both the project and the team behind it. The process of claiming the Madlist was exceptionally smooth, pushing boundaries and demonstrating the potential of what could be achieved within Backpack.
The Big Day: The Mad Mint
Then, on April 20, 2023, the mint took place within Backpack, marking one of the most significant events in Solana's history. Those who had been whitelisted through the Madlist had the opportunity to mint their NFTs a day prior. Priced at 6.9 SOL, the minting process was remarkably smooth and straightforward, underscoring the potential of Backpack and its xNFT technology.
Approximately 4,000 "rugs" (yes, literal rugs) were minted during the Madlist phase, leaving only 6,000 slots available to the public.
However, the following day presented unexpected challenges. Despite the anticipation surrounding the mint, excitement quickly turned to frustration as a distributed denial-of-service (DDoS) attack disrupted proceedings, with bad actors attempting to exploit the mint by flooding the contract with a barrage of transactions, rendering it inaccessible to legitimate users. As a result, the mint was postponed until the following day.
Undeterred, the team returned on the second day with a strategic plan to combat the bots and bad actors. They implemented a clever decoy mint to distract attackers while genuine users were able to proceed with minting. This tactic proved effective, as the decoy contract tricked attackers into expending over $250,000 without gaining anything in return. As a gesture of goodwill, the team generously refunded the bad actors' transactions, leading to a surge in project momentum.
Two hours later, the highly anticipated art reveal took place, showcasing the capabilities of xNFT technology in a gamified manner. The team employed a raid boss approach, transforming the reveal into a literal video game experience. The Mad King depicted as a raid boss with a substantial XP bar, was collectively attacked by holders, rapidly clicking on the image until the XP was depleted. Upon the Mad King's defeat, rug holders were able to locate their rugs on a giant rug image, revealing the art for the first time in an electrifying and unforgettable spectacle.
Post Mint: The Rise of Mad Lads
The journey of Backpack and the Mad Lads was just beginning, attracting attention from across various chains and ecosystems, with a particular spotlight on Solana. The Solana ecosystem experienced a resurgence of energy and vitality, with the Mad Lads community flourishing and confidence in the Solana blockchain being rekindled, especially given that xNFT technology was only possible on Solana
In the days following the mint, there was a whirlwind of activity to process. The newfound interest in the Solana chain and the Mad Lads collection propelled them to the top spot by volume, surpassing collections on every other chain. This included esteemed collections such as Bored Ape Yacht Club (BAYC), Cryptopunks, and Azuki.
Secondary sales soared, with subcommunities forming around specific traits. The Mad Skulls emerged as the most coveted trait, commanding the highest prices in the collection. Notably, one MadSkull NFT sold for an impressive 1000 SOL ($173,038.22) just seven days ago.
Following closely behind were the female PFPs, known as the Mad Lassies, along with other subcommunities like the Mad Androids and MadGalaxies. On average, there are 26 Mad Lads sales daily, generating an impressive volume of $800,000.
Additionally, honorary NFTs were distributed to key figures, leaders, and contributors within the Solana community, including individuals like Mert, Toly, Austin, and David. This gesture further solidified the sense of community and camaraderie within the ecosystem
Staking: A New Frontier
The Mad Lads revolutionized the concept of staking NFTs by introducing a novel approach. Unlike traditional views of staking as merely a product milestone, the Mad Lads recognized it as a potent tool and explored innovative avenues to leverage its potential. They understood the significance of community and customer loyalty, prompting them to develop a staking mechanism with arguably the most compelling loyalty rewards system in the entire crypto sphere.
Staking mechanisms should be designed to support the goals of the ecosystem. They should be used to incentivize the parts of a product, community, or network that require people to do work or to take risk
-Cobie
Upon announcing staking, users could stake their Mad Lads directly within Backpack, eliminating the need to transfer them to a separate contract. Through this mechanism, Mad Lads staking became more than just a means of earning rewards; it became a measure of loyalty. Staked Mad Lads accrued points, with their value enshrined in a history marked by golden coins. This approach fostered a symbiotic relationship, rewarding users for their loyalty while also allowing other projects to target Mad Lads holders for high-profile partnerships. These partnerships not only targeted individuals but engaged with the entire Mad Lads community simultaneously, resulting in holders benefiting from some of the ecosystem's most significant airdrops, such as Pyth and Wormhole.
A well-designed reward funnel created a powerful loop, incentivizing users to remain active participants rather than passive observers. This, among other factors, solidified Mad Lads' reputation as the premier Solana NFT, driving community growth and fostering increased engagement among its holders.
The Mad Roster: Beyond Web3
Every Web3 project encounters a significant challenge: how to expand in a space where the user base is relatively small. Web3 users constitute a minority globally, with only a fraction deeply engaged in the crypto community. Recognizing this hurdle, the Mad Lads team understood that for crypto and Web3 to gain widespread adoption, they needed to reach beyond the confines of the crypto bubble and cater to a global audience. They aimed to make Backpack and its intuitive UX accessible to those venturing into Web3, inspiring people to care about the technology and embrace on-chain applications.
To achieve this ambitious goal of expanding their reach beyond the crypto sphere, the Mad Lads team adopted a marketing strategy akin to Red Bull's approach, leveraging extreme sports to promote their products. They introduced the Mad Roster campaign, a curated selection of top content creators, professional athletes, and individuals from diverse fields. By sponsoring these individuals, the team aimed to create compelling content that would resonate with a broader audience, fostering brand affinity and raising awareness beyond the crypto demographic.
Mad Lads sought to become synonymous with Web3 adoption, positioning themselves as the leading brand in the space and serving as the vanguard for Backpack's broader vision. For those who encounter Mad Lads before delving into Web3, the brand serves as a trusted leader and a gateway into this new realm. As users engage with Mad Lads’ content and become familiar with the brand, they are gradually introduced to the suite of products offered by Backpack, including its flagship wallet. Ultimately, Mad Lads aspire to be more than just an NFT collection; they aim to be a catalyst for Web3 adoption and a guiding force in the journey toward decentralization.
Future Outlook: Charting the Course Ahead
At this juncture, the ascent of Backpack and Mad Lads is undeniably exponential, poised to endure for the long haul. Their achievements thus far are impressive: they've developed mobile wallets for both Android and iOS, established a Solana validator to fortify the network's security, and at the Breakpoint of 2023 in Amsterdam, unveiled X—a centralized exchange. This exchange aims to address lingering issues left unresolved by previous centralized exchanges following the FTX collapse, notably the challenge of self-custody. Despite encountering hurdles along the road to success, the exchange garnered significant interest, with over 90,000 individuals signing up for the waitlist. During its beta phase, it processed over $27 billion in trading volume.
Moving forward, Backpack's focus remains squarely on execution across various fronts. Product distribution ranks as a top priority for the company, with Mad Lads positioned at the forefront. As an integral part of the community, individuals play a pivotal role in shaping the features, experiences, and essence of Backpack. Mad Lads serve as the cultural cornerstone and distribution channel for Backpack's tooling, embodying the spirit of innovation and inclusivity. Furthermore, all of Backpack's on-chain products, except the exchange, are open-sourced, underscoring their commitment to transparency and collaboration within the ecosystem.
Conclusion
The Mad Lads’ success lies in their ability to blend Web3, innovative products, top-notch art, global brand awareness, and a tight-knit community supporting a talented team.
Mad Lads represents more than just an NFT collection; it embodies a community-driven approach to innovation. Though the journey has been arduous, it has been nothing short of extraordinary.
Happy Anniversary in advance MadLads!
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Connect with me on X: @angry__pacifist
A walk down memory lane. Felt like it was yesterday, good writeup man.