- The Mad Lads NFT collection on Solana has seen a significant increase in market value, reaching a starting price of 82.37 SOL on secondary markets.
- Backpack, a Solana-based NFT wallet app, is launching a cryptocurrency exchange in Dubai.
- Trek Labs, connected to Backpack and Coral, has secured a Virtual Asset Service Provider license from Dubai’s VARA.
Solana’s Mad Lads NFT collection has reached a new zenith in market value, coinciding with significant developments at Backpack, a Solana-based NFT wallet application. Backpack’s latest endeavor involves launching a cryptocurrency exchange in Dubai, a move bolstered by the appointment of former FTX general counsel Can Sun as the leader of this new venture.
Backpack’s association with the soaring Mad Lads NFTs is undeniable. These digital collectibles have witnessed a remarkable price surge, starting at 82.37 SOL (approximately $4,480) on secondary marketplaces. This figure represents a substantial increase from their previous high, especially notable given Solana’s 148% rise over the past month.
Can Sun’s role be pivotal in developing Trek Labs, the Dubai-based startup connected to Backpack and its creator, Coral? Having recently testified in the fraud trial against FTX co-founder Sam Bankman-Fried, Sun brings a wealth of experience and insight. This move comes after Trek Labs secured a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA), setting the stage for a regulated exchange in the United Arab Emirates.
The ripple effect of these developments extends beyond just the realms of cryptocurrency and legal expertise. Coral co-founder and CEO Armani Ferrante, a minority shareholder in Trek Labs, and Claire Zhang, Sun’s former deputy at FTX and Ferrante’s spouse, add interconnectedness between these entities.
Moreover, Trek Labs has unveiled plans to sell a 10% stake in the company, seeking a valuation surpassing $100 million. This ambitious target reflects the growing confidence and potential in the digital asset space, particularly in a region as dynamic as Dubai.
The recent beta signups for the Backpack exchange, initially exclusive to Mad Lads NFT holders, have further fueled interest in these digital assets. The strategic move of offering early access to NFT owners underscores the increasing integration of various facets of the digital asset ecosystem.
The intertwined developments among Backpack, Trek Labs, and the Mad Lads NFT collection signify a burgeoning era in the digital asset world. The incorporation of experienced professionals and strategic business moves is setting a new course for the future of cryptocurrency exchanges and NFT marketplaces, particularly in the vibrant landscape of Dubai’s digital economy.