CDS Crypto News Taproot Wizards, Bitcoin NFT Initiative, Clears 13M Dollars as First Collection Sells Out
Crypto News

Taproot Wizards, Bitcoin NFT Initiative, Clears 13M Dollars as First Collection Sells Out

By the conclusion of Monday's public mint, all 3,000

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Taproot Wizards, Bitcoin NFT Initiative, Clears 13M Dollars as First Collection Sells Out

Crypto News– Despite severe technical issues that caused delays, Taproot Wizards’ Bitcoin Ordinals project, featuring its inaugural “Quantum Cats” digital-art sale, experienced robust demand. All 3,000 NFT-like collectibles in the series were claimed during the public mint on Monday, priced at 0.1 BTC ($4,265) each, resulting in nearly $13 million in revenue.

Taproot Wizards, Bitcoin NFT Initiative, Clears 13M Dollars as First Collection Sells Out

The proceeds surpassed the $7.5 million raised by Taproot Wizards last year from investors, reflecting the enthusiasm for the Ordinals inscriptions, sometimes dubbed “NFTs on Bitcoin.” The majority of the images were sold to whitelisted investors during a five-hour exclusive buying window, with 313 of them selling out within the first two seconds of the public mint.

Despite the rocky start, buyers remained undeterred, indicating strong interest in the project led by co-founders Udi Wertheimer and Eric Wall.

Debut Collection of Taproot Wizards, Bitcoin NFT Project

The Ordinals protocol, introduced by creator Casey Rodarmor in early 2023, enables the minting and storage of NFTs on the Bitcoin blockchain. While the Bitcoin community holds varying opinions on the implications of the increased minting activity, which has occasionally led to network congestion and higher fees, many crypto experts believe it has injected fresh momentum into the development pace of the original blockchain.

“We knew that the demand was high,” remarked Wertheimer during a Telegram chat with CoinDesk on Monday. “We’re just pleased we’re able to provide a smooth experience for our community today.”

Taproot Wizards, Bitcoin NFT Initiative, Clears 13M Dollars as First Collection Sells Out

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