The Mad Lads trends within the nonfungible token (NFT) sector has introduced a new kind of NFT known as xNFTs. What are xNFTs? The ‘Executable NFTs’ are distinct digital assets that can run code. That makes them quite different from the traditional NFTs that have been mainly utilized as collectibles in music, art, and gaming.
With executable NFTs, the users have an opportunity to interact with their NFTs and use them for many other endeavors besides collecting on the blockchain. They can listen to music, access DeFi protocols, play games, and update themselves according to external data and events.
How Are xNFTs Changing The NFT Industry?
xNFTs are a new kind of NFT that can run code natively within them. That, in turn, makes them increasingly functional and interactive than the traditional NFTs. They designed on Solana using React xNFT, an industry infrastructure for creating executable NFTs. Moreover, developers can readily design and create native web3 applications and protocols that run inside an isolated browser.
This supports secure and safe communication between xNFTs and external applications. The tokens are primarily minted as SPL tokens. These are Solana’s equivalent of the ERC-20 standard for the fungible tokens on Ethereum. But, xNFTs have an associated program ID that links to their executable code that is stored on Solana’s program store.
The biggest difference between the xNFTs and traditional nonfungible tokens is that xNFTs can run code within them, while NFTs cannot. That ability to run code within the nonfugible token gives xNFTs a wide range of possible use cases. Moreover, xNFTs are exclusive to Solana. It means that they utilize React xNFT, an infrastructure for building executable NFTs on Solana. On the contrary, NFTs on Ethereum utilize the ERC-1155 or ERC-721 standards.
Mad Lads Sets New Benchmarks With Executable NFTs
The Mad Lads project is a collection featuring 10,000 Solana-based PFPs that are also xNFTs. The project is powered by Backpack, an open and programmable system that is created for Web3. This platform allows users to manage their digital assets natively in one centralized interface.
In that context, the possible use cases for executable NFTs are endless. The creator of Mad Lads, Ferrante, teased that the project’s additional functionality will soon be revealed. This functionality exceeds simple tradability or allow-list incentives, which is the biggest goal of the xNFT ecosystem. In an earlier 2022 thread, Ferrante also explained some of the potential use cases and methods of using xNFTs.
The benefits of Backpack and xNFTs go far past the Mad Lads tokenomics. The reason is that Coral creates something with the possibility of developing a shift in the way Web3 content creators and consumers operate. The xNFT network’s primary goal is interoperability. It means that executable NFTs can interact with one another, other nonfungible tokens, or external data sources to develop new use cases and applications.
Ultimately, The Mad Lads project is a functional example of a significant collection of xNFTs fully managed natively in one interface using Backpack. The possible use cases for xNFTs are widespread, and the xNFT ecosystem’s primary goal is interoperability, which helps shift and improve the way Web3 consumers and Creators operate.
