The post Mad Lads Solana NFTs Gain After Parent Firm Backpack Acquires FTX Europe appeared on BitcoinEthereumNews.com.

The starting price of NFTs in the prominent Solana collection Mad Lads jumped 19% earlier Tuesday, with the spike coming following news that parent company Backpack acquired the remains of FTX Europe and the collapsed firm’s MiFID II exchange license. Mad Lads briefly held a floor price—aka the cheapest asset listing on the marketplace—of almost $18,300 worth of SOL early Tuesday, though the price has fallen to $16,240 as of this writing following a sharp correction across the entire market. The price increase may come from speculators hoping for benefits tied to Backpack’s acquisition, which will allow the Backpack exchange to offer perpetuals trading to European users after prioritizing the return of funds to FTX Europe users. Backpack has acquired FTX EU and its MiFID II License. Our first priority is to return all customer EURO funds on behalf of the FTX estate, followed by rolling out a full suite of spot, margin, and futures trading products. Crypto perps trading is coming back to Europe 🇪🇺 pic.twitter.com/ExxYFufZHj — Backpack 🎒 (@Backpack) January 7, 2025 While no direct benefits for Mad Lads holders have been announced, project CEO Armani Ferrante shared a timely reminder late last night, only hours before the acquisition announcement.  “Reminder that if you hold a Mad Lad, you automatically get VIP 1 on Backpack Exchange,” he posted on X (formerly known as Twitter).  The reminder came as a response to the company’s teaser about an upcoming season of trading, a period of time in which trading volumes on its existing exchange products may lead to additional benefits. Previous seasons have rewarded users of Backpack’s exchange with access to airdrops, a benefit known well to Mad Lads NFT holders which received airdrops from Wormhole and Dymension among others. Mad Lads has garnered more than $1.8 million in secondary…

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Filed under: News - @ January 7, 2025 11:22 pm