Taproot Wizards Aims to Raise $34 Million with NFT Sale

Taproot Wizards, a Bitcoin ordinals project, is preparing to launch a highly anticipated sale of its signature NFT collection, aiming to raise over $34 million. The collection features 2,121 non-fungible tokens (NFTs) of Microsoft Paint-style cartoon wizards, which were inscribed on the Bitcoin blockchain two years ago. This sale follows a previous successful auction last year, where the project raised $13 million from the sale of 3,000 "Quantum Cats" NFTs, despite encountering technical issues.

The upcoming sale will commence on March 25, with the NFTs initially offered to buyers on a whitelist at a price of 0.2 BTC ($16,000). Any remaining NFTs will be sold in a Dutch auction, with the starting price to be revealed closer to the auction date. If all 2,121 NFTs are sold at the initial price of 0.2 BTC, the project could potentially raise around $34 million, based on the current price of bitcoin.

The Taproot Wizards project has a broader mission to "meme OP_CAT back into existence." OP_CAT is a Bitcoin improvement proposal that was originally included in the Bitcoin code by its pseudonymous founder, Satoshi Nakamoto, but later removed due to security concerns. Developers have been working to reintroduce OP_CAT to enable Ethereum-style smart-contract functionality on the Bitcoin blockchain, thereby enhancing its utility. The project recently secured $30 million in funding to build an ecosystem of applications using OP_CAT, furthering its goals within the Bitcoin ordinals community.

The sale of these unique and whimsical NFTs is expected to attract a diverse range of collectors and investors, underscoring the growing interest in digital art and the potential for NFTs to generate significant value within the crypto space. The proceeds from this sale will be used to further develop the Taproot Wizards ecosystem and support the broader Bitcoin ordinals community, highlighting the project's commitment to innovation and community engagement.