We will select our data from solana.core.fact_nft_sales table and filter for sales where the transferring address is the Mad Lads mint contract: '2RtGg6fsFiiF1EQzHqbd66AhW7R5bWeQGpTbv2UMkCdW'.

Some of the queries used for this analysis are based off Alitaslimi's wonderful work.

The team behind the development of Backpack and xNFTs has created an NFT collection called Mad Lads, a collection of 10000 NFT which was minted on Apr 20, 2023 at the price of 6.9 SOL. xNFTs are non-fungible tokens that allow for ownership rights over code execution, making them a valuable asset for advancing Web3 and developing an ecosystem of apps, protocols, tools, and digital art.

The initial stage of the xNFT experiment is called Backpack, which is an operating system that can manage all crypto assets in a single interface without requiring the adoption of a new protocol.

• Hourly volume of Mad Lads sales was close to 100K SOL in the first hour of secondary sales going live. Sales volume quickly dipped over the next few hours to around 5k SOL before and short lived surged in volume to about 30K SOL. Volume has ranged between 2k to 3k SOL per hour since then.

• Number of sales per hour followed the same trend as volume, peaking immediately after launch with 2K sales in the first hour of launch. Currently sales are in the range of 100 per hour, a significant drop from the first few hours after launch.

• The bulk of Mad Lads sales took place on Magiceden as it has seen the most Mad Lads volume, sales and royalties among NFT marketplaces. About every 6 in 10 Mad Lads sold are sold on Magic Eden. Tensor has a significant share of sales as well with 2515 sales so far. Mad Lad buyers may prefer Magic Eden because of its low sales tax - 1.5%.

• There were about 1500 buyers and sellers each per hour of Mad Lads at the start of secondary sales. A downtrend was observed after that with sellers reaching below 100 at 12:00 UTC on the 22nd of April.While there was a slight uptrend in buyers and sellers, this trend didn't last and both metrics sank down even further over the next few hours and is currently at around 50 buyers and sellers respectively per hour.

• Mad Lads were significantly more expensive on Magic Eden with an average price of 62 Sol. Nonetheless, this high average price didn't deter Mad Lads buyers and sellers as we saw Magic Eden still had the most volume.

• Even though it seems based on sales activity the hype around Mad Lads is waning, this doesn't seem to affect the value of the collection as a whole as we observe the average, moving average and median price of the collection is in an uptrend.

• 18:00 UTC on April 22nd saw the most polarity in terms of sales price of Mad Lads, in that hour a Mad Lad was sold for over 2000 SOL while another was sold for less than 15 SOL, a whooping 133 times difference in price.

• Mad Lads sales volume peaked at 100k SOL in the first hour of secondary sales, but has since stabilized at 2-3k SOL per hour.
• The number of sales per hour also peaked in the first hour at 2k and has since dropped to around 100 per hour.
• Magic Eden is the primary marketplace for Mad Lads, with 60% of sales, while Tensor has 2515 sales.
• There were 1500 buyers and sellers per hour at the start of secondary sales, but this has dropped to around 50 per hour currently.
• Despite high prices on Magic Eden, it still had the most sales volume.
• The value of the Mad Lads collection is increasing, despite waning hype.
• There was a significant range in sales prices, with one Mad Lad selling for over 2000 SOL and another for less than 15 SOL in the same hour.