Quantum Cats by Taproot Wizards: A Review

Taproot Wizards, the team behind the Bitcoin Ordinals project, launched its first-ever digital art sale "Quantum Cats" on Feb. 5. 

Despite meeting severe technical difficulties that led to three delays in the planned minting, the sale not only succeeded but also set impressive records, leaving the crypto community buzzing with anticipation for the future of "NFTs on Bitcoin."

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The Collaborative Creation and Its Costs

"Quantum Cats," a collection of 3,333 images inscribed on the Bitcoin blockchain, emerged from a collaboration with OrdinalHub/Luxor. Known for crafting mint experiences for Yuga Labs and DeGods, the collaboration contributed to creating a project that reportedly cost over $66,000.

This achievement not only surpassed the $7.5 million raised by Taproot Wizards from investors last year but also highlighted enthusiasm for the Ordinals inscriptions.

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Flipping and Trading Surge

Investors wasted no time in capitalizing on the digital art craze, flipping the freshly minted "Quantum Cats" NFT-like images. Surprisingly, these images were being resold for more than thrice their initial sales price within a few days of their release.

On Wednesday, the lowest available price for "Quantum Cats" on the NFT marketplace Magic Eden reached 0.3299 BTC ($14363.482). 

The trading volume for these images reached an impressive 272 BTC within 24 hours, with 548 images still listed for sale. 

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Overcoming Tech Glitches: A Triumph in Demand

Taproot Wizards faced considerable challenges with its minting website, causing frustration and sparking widespread complaints on the project's Discord channel. Despite a suspension on the first day and multiple postponements, co-founders Udi Wertheimer and Eric Wall decided to launch the collection on Feb. 5.

Despite the initial setbacks, the "Quantum Cats" sale witnessed an overwhelming response, with all 3,000 NFT-like collectibles in the series being sold during the public mint on Monday. Each piece was fixed for 0.1 BTC ($4,361), resulting in a staggering total revenue of nearly $13 million. 

In early 2023, Casey Rodarmor introduced the Ordinals protocol, which made it possible for NFTs to be minted and stored on the Bitcoin blockchain. The success of Taproot Wizards' "Quantum Cats" sale demonstrates the potential of this protocol and its growing interest.