Investors who bought the freshly minted ‘Quantum Cats’ NFT-like images from Bitcoin Ordinals project Taproot Wizards were already selling them for more than double their original retail price on Tuesday – in a sign of the continued demand for digital art based on the original blockchain is registered. .
The lowest available price for the Quantum Cats listed on NFT marketplace Magic Eden was 0.243 BTC ($10,481) on Tuesday, down from the fixed price of 0.1 BTC each in the primary currency that closed on Monday.
According to Magic Eden, trading volume worth 115 BTC was achieved within hours of the Quantum Cats being delivered to their original owners. About 507 of the images were still for sale.
The original production of 3,000 Quantum Cats wrapped on Monday and the series sold out – theoretically generating around $13 million in revenue for the Taproot Wizards project from the debut collection.
That was despite much anxiety this past week, when Taproot Wizards’ website was plagued with technical issues, causing frustration and leading to widespread complaints on the project’s Discord channel. A suspension of the trial on the first day was followed by several postponements.
This week’s results showed that buyers weren’t deterred: The proceeds easily surpassed the $7.5 million that Taproot Wizards, led by co-founders Udi Wertheimer and Eric Wall, raised from investors last year.
The project has sparked a wave of enthusiasm for the Ordinals inscriptions, also known as “NFTs on Bitcoin.”
The Ordinals protocol and its “inscriptions” – launched in early 2023 by creator Casey Rodarmor – effectively allow NFTs to be minted and stored on the Bitcoin blockchain.
Previous waves of NFT hype have focused on other blockchains, such as Ethereum, which have historically been seen as more programmable than Bitcoin, the oldest blockchain and still the largest by market cap.