May 26, 2024
Taproot Wizards' Latest Bitcoin NFTs Double in Value within Hours
NFT

Taproot Wizards’ Latest Bitcoin NFTs Double in Value within Hours

Investors in the eagerly awaited “Quantum Cats” NFT-like images from the groundbreaking Bitcoin Ordinals project, facilitated by Taproot Wizards, found themselves in a whirlwind of activity as the digital assets surged in value, fetching more than double their initial sales price within hours of being minted. This phenomenon underscores the enduring demand for digital art meticulously inscribed onto the original blockchain.

On Tuesday, the lowest available price for Quantum Cats on the NFT marketplace Magic Eden soared to 0.243 BTC ($10,481), a significant leap from the fixed price of 0.1 BTC each during the primary minting process, which concluded just the day before.

Magic Eden reported a staggering 115 BTC worth of trading volume mere hours after the Quantum Cats were distributed to their original owners. Despite the rapid turnover, some 507 images were up for sale on the platform.

The initial minting event, which closed on Monday, saw the entire series of 3,000 Quantum Cats snapped up by eager collectors, theoretically generating a revenue of about $13 million for the Taproot Wizards project from its debut collection.

However, the road to success was not without its hurdles. In the lead-up to the minting event, the Taproot Wizards website faced technical difficulties, causing frustration among participants and prompting a wave of complaints on the project’s Discord channel. The process was temporarily suspended on the first day and was subsequently postponed multiple times, leading to much angst among investors.

Yet, despite the challenges, buyers remained undeterred. The overwhelming response to the Quantum Cats NFTs far surpassed expectations, with the proceeds exceeding the $7.5 million raised by Taproot Wizards last year, led by co-founders Udi Wertheimer and Eric Wall.

The Taproot Wizards project has capitalized on the growing enthusiasm for the Ordinals protocol and its innovative approach to NFTs, often dubbed “NFTs on Bitcoin.” Introduced in early 2023 by creator Casey Rodarmor, the Ordinals protocol enables the minting and storing of NFTs directly on the Bitcoin blockchain.

While previous waves of NFT hype predominantly centred around blockchains like Ethereum, renowned for their programmability, the success of Taproot Wizards demonstrates a shifting focus towards Bitcoin, the oldest and still the largest blockchain by market capitalization.

As the market for blockchain-based digital assets continues to evolve, the remarkable reception of Quantum Cats underscores the potential for innovation within the NFT space, solidifying Bitcoin’s role as a formidable platform for digital collectables and creative expression.

Image: Wallpapers.com

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