Taproot Wizards' New Bitcoin NFTs Already Trading at Twice the Initial Sale Price
The Bitcoin Ordinals project, Taproot Wizards, sold "Quantum Cats" NFT-like images, which were immediately resold for over double the initial price. The lowest price for a Quantum Cat on the NFT marketplace Magic Eden was 0.243 BTC ($10,481), compared to the original price of 0.1 BTC. Within hours of the Quantum Cats being delivered to their original owners, 115 BTC worth of trading volume had occurred. Despite technical issues with the Taproot Wizards minting website, all 3,000 Quantum Cats were sold, bringing in about $13 million for the project. This revenue exceeded the $7.5 million raised from investors last year by Taproot Wizards co-founders Udi Wertheimer and Eric Wall. The Ordinals protocol, launched in early 2023 by Casey Rodarmor, allows NFTs to be minted and stored on the Bitcoin blockchain.
