Introduction to Taproot Wizards
A pioneering Bitcoin ordinals project, Taproot Wizards, is gearing up to raise over $34 million through the sale of its distinctive NFT collection featuring whimsical cartoon wizards, reminiscent of Microsoft Paint art. This venture follows a successful sale last year, where a similar collection garnered an impressive $13 million.
Details of the Upcoming NFT Auction
The upcoming auction will feature 2,121 non-fungible tokens (NFTs) known as “magic internet JPEGs.” These NFTs pay homage to a well-known Bitcoin meme from 2013, commonly referred to as “magic internet money.” The wizards were inscribed on the Bitcoin blockchain two years ago, and they are now set to be made available for collectors and enthusiasts later this month.
Previous Success and Fundraising Initiatives
In its previous venture, Taproot Wizards successfully sold a collection of 3,000 “Quantum Cats,” raising significant support for the Bitcoin Improvement Proposal (BIP) OP_CAT. Despite facing some technical challenges, the collection quickly sold out and generated 300 BTC in funding.
Whitelist and Auction Process
The NFT sale is scheduled to commence on March 25, with an initial offering to buyers on a whitelist priced at 0.2 BTC (approximately $16,000). Any unsold NFTs will then be offered in a Dutch auction format, where the starting bid will be set higher than 0.2 BTC and announced closer to the auction date, as confirmed by a Taproot Wizards spokesperson via Telegram.
Potential Earnings and Market Impact
If all 2,121 NFTs sell at the initial price of 0.2 BTC, Taproot Wizards stands to raise around $34 million, based on Bitcoin’s current valuation of approximately $80,000.
The Importance of OP_CAT in Bitcoin’s Evolution
OP_CAT, which was initially included in Bitcoin’s original code by the pseudonymous founder Satoshi Nakamoto, was later removed due to concerns regarding potential risks, such as denial-of-service (DoS) attacks. Developers have been advocating for its reintegration to enable Ethereum-style smart contract functionality, which would greatly enhance the utility of the Bitcoin blockchain.
Taproot Wizards’ Vision for the Future
The overarching mission of Taproot Wizards is to “meme OP_CAT back into existence.” This initiative is not just about selling NFTs; it represents a broader effort to build an ecosystem of applications leveraging OP_CAT. Last month, the project successfully raised $30 million in funding to support this vision and foster innovation within the Bitcoin network.
As Taproot Wizards prepares for its NFT sale, the excitement within the crypto community continues to grow, highlighting the evolving landscape of digital assets and their potential impact on the future of blockchain technology.
