In an impressive display of digital art enthusiasm, all 3,000 “Quantum Cats” digital images were swiftly acquired during Monday’s public minting event, each fetching a fixed price of 0.1 BTC ($4,265), culminating in a staggering total revenue of nearly $13 million. This figure not only underscores the high demand for these NFT-like collectibles but also surpasses the $7.5 million Taproot Wizards garnered from investors last year, highlighting a burgeoning interest in Ordinals inscriptions, often likened to Bitcoin’s version of NFTs.
Despite facing significant technical setbacks that resulted in a week-long delay and multiple postponements of the minting process, Taproot Wizards’ inaugural “Quantum Cats” digital art sale witnessed a robust turnout. The anticipation for the sale was perceptible, with most of the collectibles being snapped up by pre-selected investors during an exclusive five-hour window before 313 pieces were sold within the first two seconds of the public mint, as reported by the project team.
These technical difficulties, which halted the sale last Monday and led to widespread dissatisfaction voiced on the project’s Discord channel, did not deter collectors and speculators. The team, led by co-founders Udi Wertheimer and Eric Wall, took extra precautions by delaying the mint further for additional testing, despite resolving the initial issues. Their efforts to ensure a seamless experience paid off, with Wertheimer expressing satisfaction over the smooth execution of the sale in a Telegram chat with CoinDesk.
The Ordinals protocol, along with its “inscriptions” feature introduced by creator Casey Rodarmor in early 2023, has revolutionized the way NFTs can be minted and stored directly on the Bitcoin blockchain. This advancement has sparked a mix of excitement and concern within the Bitcoin community, as the surge in minting activity occasionally congests the network and increases transaction fees. Nevertheless, many in the crypto sphere believe that this trend injects vibrant energy and accelerates innovation on Bitcoin, the world’s oldest and most established blockchain.
