The Mad Lads (MLADS) NFT collection is making waves in the digital asset market. Its floor price skyrocketed past $18,000 following Backpack Exchange’s acquisition of bankrupt FTX Europe.
This strategic purchase, valued at $32.7 million, marks a significant milestone for both the NFT and cryptocurrency communities, as it intertwines the revival of a failed exchange with a surge in NFT demand.
Mad Lads’ Market Momentum
Mad Lads (MLADS), a prominent NFT collection, has seen its floor price soar to $18,854.53, reflecting increased investor interest and robust trading activity. Over the past 24 hours, the collection recorded a sales volume of 8,334 SOL, underlining its appeal in the NFT space.
According to CoinGecko data, Mad Lads has 9,966 unique NFTs minted and held by 6,139 individual owners, and its total market capitalization is now $187.9 million.
The sharp rise in MLADS’ value demonstrates the sustained interest in NFTs as viable digital assets. This growth is fueled by strong community engagement and the broader appeal of the collection in the decentralized marketplace.
Backpack Exchange’s Bold Move
Backpack Exchange, a Dubai-based cryptocurrency platform founded by former employees of FTX and Alameda Research, has solidified its presence in the European derivatives market with its acquisition of FTX Europe.
The deal positions Backpack to expand its offerings while also assuming responsibility for a significant financial burden.
Also Read: FTX Gets January 3rd As Court Date For Chapter 11 And $16 Billion Stablecoins Funds Distribution
FTX Europe, a key component of the now-defunct FTX empire, was entangled in the bankruptcy fallout following FTX’s collapse in 2022. Backpack will manage the allocation of €53 million ($55 million) in court-approved insolvency claims to impacted FTX EU customers as part of the deal.
Settlement with FTX EU Founders
A settlement with Patrick Gruhn and Robin Matzke, the original co-founders of FTX Europe, made the acquisition possible. Previously, the FTX estate had filed a lawsuit to recover millions from the founders.Â
However, the legal dispute was resolved as part of the settlement, which allowed the founders to reacquire the unit before selling it to Backpack.
This strategic acquisition not only strengthens Backpack’s position in the European crypto market but also underscores the evolving landscape of cryptocurrency exchanges in the wake of FTX’s historic collapse.
Interconnected Growth
The acquisition’s impact on the Mad Lads NFT collection highlights the interconnected nature of the blockchain ecosystem. As Backpack expands its operations, the renewed focus on decentralization and market resilience is likely to benefit the NFT market.
In a time when the crypto industry is seeking stability, this deal serves as a reminder of the potential for recovery and innovation. Both Backpack Exchange and Mad Lads are riding this wave of renewed confidence, paving the way for further growth in their respective domains.
With the Mad Lads collection breaking new ground and Backpack Exchange taking bold steps in market expansion, the crypto and NFT communities remain at the forefront of technological and financial transformation.
Also Read: FTX’s Bankruptcy Plan Takes Effect: What’s Next for Investors and the Crypto Market?