Taproot Wizards New Bitcoin NFTs Selling at High Prices.

Investors who purchased the "Quantum Cats" NFT-like images from the Taproot Wizards project were quick to resell them for more than double the original price.

Taproot Wizards New Bitcoin NFTs Selling at High Prices.

Taproot Wizards’ debut collection of “Quantum Cats” NFT-like images has taken the market by storm, with investors already flipping the digital art pieces at prices more than double their initial sale value. The project, part of the Bitcoin Ordinals ecosystem, saw its images listed on the NFT marketplace Magic Eden for 0.243 BTC ($10,481) each, a significant markup from the fixed price of 0.1 BTC during the primary mint.

Within hours of the Quantum Cats being released, trading volume on Magic Eden reached 115 BTC, indicating strong demand for these blockchain-inscribed artworks. Despite technical glitches during the minting process, which sparked frustration and complaints on the project’s Discord channel, buyers remained undeterred. The original minting of 3,000 Quantum Cats sold out, generating an estimated $13 million in revenue for Taproot Wizards.

This success comes on the heels of the project raising $7.5 million from investors the previous year, showcasing the growing interest in Ordinals inscriptions and NFTs on the Bitcoin blockchain. The Ordinals protocol, created by Casey Rodarmor in early 2023, has garnered attention for its innovative approach to minting and storing NFTs on the world’s oldest and largest blockchain.

The success of Taproot Wizards highlights a shift in the NFT landscape, with Bitcoin gaining prominence as a platform for digital art and collectibles. While Ethereum has traditionally been the go-to blockchain for NFTs due to its programmability, the appeal of inscribing artworks directly on Bitcoin’s immutable ledger draws artists and collectors to explore new possibilities.

As the market for blockchain-based art continues to evolve, projects like Taproot Wizards are at the forefront of this digital revolution, demonstrating the potential for NFTs to bridge traditional art with cutting-edge technology. With Quantum Cats already fetching premium prices, the future looks bright for NFTs on the Bitcoin blockchain.

Related News

NFTS Projects

New Gaming Token PIXEL Surges to Top 10 in Trading Volume.

New Gaming Token PIXEL Surges to Top 10...

With trading volume exceeding $1.2 billion, PIXEL has swiftl...

UK could pass stablecoin, staking laws within six months: Report

UK could pass stablecoin, staking laws within six...

The UK government plans to fast-track the enactment of fresh...

Japanese Government Plans to Relax VC Crypto Investment Rules

Japanese Government Plans to Relax VC Crypto Investment...

Reports suggest that the government has considered this move...

Bored Ape Creator Yuga Labs Acquires Moonbirds NFT Startup Proof

Bored Ape Creator Yuga Labs Acquires Moonbirds NFT...

As part of the acquisition, Yuga Labs plans to integrate Moo...

Aptos and Jambo partner to empower emerging markets via web3 phone.

Aptos and Jambo partner to empower emerging markets...

At the core of this initiative is the affordable JamboPhone,...

Spanish telecom giant Telefonica partners with Chainlink for enhanced security

Spanish telecom giant Telefonica partners with Chainlink for...

The collaboration will kick off with implementing the SIM SW...

Are you a journalist or an editor