The Taproot Wizards project’s debut digital-art sale titled “Quantum Cats” experienced strong demand on Monday, despite facing significant technical challenges that postponed the intended minting process three times last week. All 3,000 collectibles in the series were sold out by the conclusion of the public mint on Monday, priced at a fixed rate of 0.1 BTC ($4,265) each, resulting in total earnings of nearly $13 million.
The funds generated surpassed Taproot Wizards’ $7.5 million raised from investors last year, amidst heightened interest in Ordinals inscriptions, often dubbed “NFTs on Bitcoin.” Majority of the artworks were purchased by whitelisted investors during a five-hour exclusive buying period on Monday, with 313 of them selling out within the first two seconds of the public mint, as reported by the team.
The Quantum Cats sale began last Monday but was halted due to technical issues, preventing buyers from finalizing their purchases. This resulted in frustration and sparked numerous complaints on a Discord channel dedicated to the project.
Taproot Wizards’ leadership, headed by co-founders Udi Wertheimer and Eric Wall, delayed the mint’s resumption two additional times, citing the need for further testing despite having addressed the issues. Despite the rocky start, collectors or speculators seemed unfazed, judging by the outcomes.
“We were aware of the high demand,” Wertheimer informed CoinDesk during a Telegram chat on Monday. “We’re simply delighted that we could offer a seamless experience for our community today.” The Ordinals protocol, along with its “inscriptions,” introduced by creator Casey Rodarmor in early 2023, enables the minting and storage of NFTs on the Bitcoin blockchain.
Although there is some division within the Bitcoin community regarding the potential consequences of the increasing minting activity, which has occasionally led to network congestion and fee hikes, numerous crypto experts contend that this trend has injected a fresh vigor into the pace of development on the original and oldest blockchain.
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