Coinspeaker
Bitcoin NFT Project Taproot Wizards Raises $13M in First Collection Sale
On February 5, Taproot Wizards, a Bitcoin Ordinals project conducted its first “Quantum Cats” digital art sales, successfully raking in a staggering $13 million. This comes despite the fact that the platform has been facing several tech issues recently.
Despite the challenges, all 3,000 of the NFT-like collectibles in the series were sold out by the end of the public mint, each priced at 0.1 BTC ($4,265). The generated proceeds significantly surpassed the $7.5 million that Taproot Wizards secured last year from investors amidst heightened excitement surrounding the Ordinals inscriptions, often dubbed as “NFTs on Bitcoin”.
Whitelisted investors acquired a majority of the images after getting access during a five-hour exclusive buying period on Monday. Additionally, investors snapped up 313 of these collectibles within the first two seconds of the public mint, as reported by the team.
The Quantum Cats sale commenced last Monday but encountered technical issues that hindered buyers from completing their purchases, causing frustration and eliciting widespread complaints on the project’s Discord channel.
Taproot Wizards officials, led by co-founders Udi Wertheimer and Eric Wall, delayed the resumption of the mint twice, citing the need for additional testing despite having resolved the issues. Despite the rocky start, collectors, or speculators, remained undeterred.
“We knew that the demand was high,” Wertheimer conveyed in a Telegram chat on Monday. “We’re just pleased we’re able to provide a smooth experience for our community today,” added he.
The Bitcoin Ordinals Story
Casey Rodarmor introduced the Ordinals protocol and its “inscriptions” in early 2023, enabling NFTs to be minted and preserved on the Bitcoin blockchain.
While opinions within the Bitcoin community vary regarding the consequences of the increased minting activity – occasionally causing network congestion and fee spikes – numerous crypto experts assert that this trend has injected fresh vitality into the development of the Bitcoin ecosystem.
Donald Trump has ventured into the realm of digital collectibles with an unorthodox non-fungible token (NFT) on the Bitcoin blockchain, priced at $9,900.
Trump’s NFT project, unveiled in a post on X, introduces a unique offer for collectors. Individuals willing to invest $99 for 100 units of his “mugshot edition” NFTs will additionally receive a special card presented as an ordinal. Collectors can anticipate claiming their exclusive Ordinals inscriptions in the future through the inscription process on Magic Eden.
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Bitcoin NFT Project Taproot Wizards Raises $13M in First Collection Sale