WHY ARE MAD LADS PRICED SO LOW? We are seeing a Pudgy version at a few ETH? Looking at the table below in terms of Market Cap, we can see that Mad Lads are significantly lower compared to Lil Pudgy (a sub-collection of Pudgy Penguins) and Azuki. Why is that? With the Market Cap below, I see some irrational points including: 1⃣ Comparison with Lil Pudgy @LilPudgys is a secondary collection in the @pudgypenguin ecosystem. Clearly, in terms of ecosystem positioning, we must place Mad Lads alongside Pudgy Penguins, not Lil Pudgy. According to the table, Lil Pudgy is 2 times, and Pudgy Penguins are nearly 7 times larger in Capital compared to Mad Lads. So if 1 Lads = 1 Pudgy, would we have over 200 $SOL for 1 Lads? 2⃣ Comparison with Azuki From my narrow perspective, Azuki only has two main strengths: - Beautiful JPEG - Large community However, Azuki's community today (especially after the $ANIME deployment phase) has relatively cooled down. I've noticed fewer X or Telegram accounts with Azuki profile pictures. In contrast, @MadLads is a completely different story with an active community that frequently shares information (clearly visible in @GemResearch_). In terms of art, from my personal perception, when comparing with Azuki, I find Azuki more beautiful, which I'd rate 8-10. 3⃣ Other Differences Briefly, I invest in Mad Lads with the following criteria: - NFT project with a product. I prefer NFT projects with actual products, not just cultural or community-related things. - Mad Lads remains very fair to holders. No NFT collection has received as many money opportunities as Mad Lads on Solana. This shows the development team still cares about the community. - Quality community. From these analytical points, we can clearly see Mad Lads is an extremely potential NFT collection. It doesn't need an NFT wave to return; just Backpack Exchange's success will drive Mad Lads' success immediately. One of my key observations about Mad Lads is: "What percentage of success will Backpack have in the future?" I answer myself with a few main points: - Existing experience. The Backpack building team previously built a powerful FTX. - Abundant finances. The acquisition of FTX EU's debt larger than the successful fundraising is enough to show. - Reasonable strategy. The Backpack Wallet & Exchange expansion strategy seems very rational based on Airdrop, Earn Point,... Products are continuously added & optimized. Note: This article is a personal perspective and should not be considered investment advice!