The Mad Lads trend in the NFT industry brings a new type of NFT called xNFTs into the limelight. So, what are xNFTs? Well, xNFTs, or ‘Executable NFTs’, are unique digital assets that can run code. This makes them different from traditional NFTs that have been used mostly as collectibles in art, music, and gaming. With xNFTs, users interact with their NFTs and use them for more than just collecting on the blockchain. They play games, access DeFi protocols, listen to music, and even update themselves based on external data or events.
xNFTS: What are They & How Do They Change the NFT Industry?
xNFTs are a new type of NFT that can run code natively inside them. This in turn makes them more functional and interactive than traditional NFTs. They are built on Solana using React xNFT, an industry framework for building executable NFTs. Further, developers can create native web3 applications and protocols running inside an isolated browser.
This allows for secure and safe communication between xNFTs and external applications. These tokens are minted as SPL tokens. These are Solana’s equivalent of the ERC-20 standard for fungible tokens on Ethereum. However, xNFTs have an associated program ID pointing to their executable code stored on Solana’s program store.
The main difference between xNFTs and traditional NFTs is that xNFTs can run code inside them, while NFTs cannot. This ability to run code natively inside the NFT gives xNFTs a wider array of potential use cases. Furthermore, xNFTs are exclusive to Solana, and they use React xNFT, a framework for building executable NFTs on Solana. In contrast, NFTs on Ethereum use the ERC-721 or ERC-1155 standards.
Mad Lads: Setting New Benchmarks with xNFTs
The Mad Lads project is a collection of 10,000 Solana-based PFPs that are also xNFTs. This project is built on Backpack, an open, programmable system built for Web3, which enables users to manage their digital assets natively in a single interface. The potential use cases for xNFTs are vast. Ferrante, the creator of Mad Lads, teases that the project’s extra functionality will be revealed soon. This functionality transcends simple tradability or allow-list incentives, which is the ultimate goal of the xNFT ecosystem. In an earlier 2022 thread, Ferrante also explains some of the various use cases and ways to use xNFTs.
The importance of Backpack and xNFTs goes far beyond the Mad Lads tokenomics. This is because Coral, builds something with the potential to create a shift in how Web3 creators and consumers operate. The xNFT ecosystem’s ultimate goal is interoperability. This means that xNFTs can interact with each other, other NFTs, or external data sources to create new applications and use cases.
In conclusion, The Mad Lads project is an example of a collection of xNFTs that are managed natively in a single interface using Backpack. The potential use cases for xNFTs are vast, and the xNFT ecosystem’s ultimate goal is interoperability, which can create a shift in how Web3 creators and consumers operate.