Bitcoin Ordinals Gaming Project Bits has decided to make significant changes to its pricing and supply after its launch on Tuesday did not generate as much demand as anticipated. The project, backed by DFZ Labs, announced that it will be slashing prices and reducing the total supply of its assets.
Co-founder Betty, who goes by a pseudonym, acknowledged the misjudgment of the market for supply and price but expressed optimism about moving forward with the project. Betty emphasized the determination of the team and the adjustments made to address the current challenges.
Bits is a collection of 10,000 Bitcoin Ordinal inscriptions launched on the Bitcoin Ordinals marketplace operated by Magic Eden. The project aims to bring together gamers, creators, and Ordinals enthusiasts in a collaborative framework that leverages Bitcoin’s security, stability, and decentralization.
According to the Bits Twitter account, the cost of minting a Bits inscription will be reduced to 0.002 BTC ($100) from 0.006 BTC ($300), and the supply will be cut to 3,000 inscriptions instead of the original 10,000. The project has provided further details on its Discord server and announced that the mint will be open to the public for 15 hours.
Refunds will be offered to collectors who minted a Bits inscription for a higher price, allowing them to either receive the difference back or obtain additional Bits, depending on their preference.
While some have criticized the project for being overly ambitious, Betty asserted that the changes were necessary due to market conditions. She expressed gratitude for the support and confirmed the commitment to overcome the challenges and ultimately deliver on the project’s goals.