Taproot Wizards, the Bitcoin NFT project, has made headlines with the successful sale of its first collection, “Quantum Cats,” raking in an impressive $13 million in revenue.
Despite encountering severe technical issues that led to multiple delays in the planned mint last week, all 3,000 NFT-like collectibles in the series were sold out by the end of the public mint on Monday. Priced at 0.1 BTC each (equivalent to $4,265), the total revenue surpassed expectations and exceeded the $7.5 million raised from investors last year.
The majority of the digital artworks were sold to whitelisted investors during a five-hour exclusive buying window, with an additional 313 pieces being snapped up within the first two seconds of the public mint.
The Quantum Cats sale, which commenced last Monday, faced interruptions due to technical difficulties that impeded buyers from completing their transactions, sparking frustration and complaints on the project’s Discord channel.
Taproot Wizards, headed by co-founders Udi Wertheimer and Eric Wall, announced two postponements in the mint’s resumption, citing the need for additional testing despite claiming to have resolved the issues.
The success of Taproot Wizards’ debut collection is attributed to the Ordinals protocol and its “inscriptions,” introduced by creator Casey Rodarmor in early 2023. This innovation enables the minting and storage of NFTs on the Bitcoin blockchain.
While the surge in minting activity within the Bitcoin community has sparked debates regarding network congestion and increased fees, many crypto experts argue that it has injected new vitality into the development pace of the original blockchain.
The overwhelming response to Taproot Wizards’ inaugural collection underscores the growing interest in Bitcoin-based NFT projects and their potential to reshape the digital art landscape.
