After the late Tuesday launch of Bitcoin Ordinals gaming project Bits failed to attract as much demand as expected, the project announced Wednesday that it was cutting prices and the overall supply of its assets.
“A stumble at the beginning never defines the rest of the journey,” DFZ Labs pseudonymous co-founder Betty said on Twitter. “Although we misjudged the market here in terms of supply and price, we are moving forward with a great team and adjusted supply/price.”
A stumbling block at the beginning never determines the rest of the journey. Although we misjudge the market for supply and price here, we move forward with a great team and an adjusted offer/price.
I invite you to be a part of @BitsOrdinals – it’s going to be a fun ride ._. https://t.co/VtYfD3qaQn
— BETTY (@betty_nft) February 14, 2024
Betty did not respond immediately Decode request for comment.
Incubated by DFZ Labs, the creative studio behind the Ethereum-based Deadfellaz NFTs, Bits is a collection of 10,000 Bitcoin Ordinal inscriptions launched on Magic Eden’s Bitcoin Ordinals marketplace.
In a statement last week, Betty said that DFZ Labs is backing an effort to create something on Bitcoin that aims to bring together gamers, makers and Ordinals enthusiasts in a collaborative framework. The end goal was for a core team to work with Bits asset holders to jointly develop a playable game that would be widely released to the public.
“Building a Bitcoin gaming ecosystem around Ordinals offers the potential to leverage Bitcoin’s security, stability and decentralization,” Betty shared. Declutter‘s GG at the time. She said the project “provided indie developers with the financial incentives and opportunities of the Bitcoin ecosystem to create products that gamers actually want to play.”
According to the Bits Twitter account, the cost of creating a Bits inscription would be reduced to 0.002 BTC (just over $100), down from 0.006 BTC (about $300), and the supply would be reduced to 3,000 inscriptions – a decrease from the original 10,000. .
With further details available on the project’s Discord server, Bits said the coin would be open to the public for 15 hours.
✅ Mint condition reduced to .002
✅ Sales offer reduced to 3000
✅ Open to the public for 15 hours
✅ Further details in discord
✅ Little by little ._.https://t.co/msQusLf3OT— Bits ._. (@BitsOrdinals) February 14, 2024
When asked if refunds would be issued to collectors who minted a Bits inscription for more than the current price of 0.002 BTC, Bits said collectors would get the difference back or drop more Bits, depending on the collector’s preference .
Betty pushed back on the claim that the Bits project was a money grab, but acknowledged that the project was “ambitious.”
“The market certainly agreed with this; Yes, I agree,” Betty said. “It was ambitious, but not a money grab – there is a very real direction [development] that justifies such a runway.
“That said, despite the positive response and the crowded admissions lists, it just didn’t fit the market conditions, and that’s the hurdle we now have to overcome – and we will,” she continued. “I appreciate your feedback and also the love from Deadfellaz.”