Taproot Wizards’ New Bitcoin NFTs Already Trading at Twice the Initial Sale Price

Taproot Wizards’ newly issued Bitcoin NFTs, known as “Quantum Cats,” are already being traded at double the initial sale price, indicating strong demand for blockchain-based digital art. On Tuesday, Quantum Cats listed on the NFT marketplace Magic Eden were being sold for 0.243 BTC ($10,481), compared to the original fixed price of 0.1 BTC during the primary mint. Within hours of being delivered to their owners, a total trading volume of 115 BTC was recorded on Magic Eden, with 507 images still available for sale. The Taproot Wizards project generated an estimated $13 million in revenue from its debut collection, despite technical issues on the minting website causing frustration among buyers. The success of the project surpasses the $7.5 million raised by Taproot Wizards from investors last year. Taproot Wizards’ utilization of the Ordinals protocol, which enables NFTs to be minted and stored on the Bitcoin blockchain, has contributed to its popularity within the crypto community. This marks a shift from previous NFT trends focused on other blockchains like Ethereum.