A Bitcoin ordinals project has set its sights high, aiming to raise over $34 million from an innovative art collection featuring Microsoft Paint-style cartoon wizards. This ambitious effort follows a previous successful sale last year that garnered $13 million.
Taproot Wizards plans to auction 2,121 non-fungible tokens (NFTs) of its distinctive “magic internet JPEGs,” inspired by the 2013 Bitcoin meme of “magic internet money.” The auction is scheduled for later this month, as detailed in an emailed statement from the project. These whimsical Wizards were inscribed on the Bitcoin blockchain two years ago and are now ready to make their debut in the marketplace.
Last year’s venture, which saw the sale of 3,000 “Quantum Cats,” was aimed at supporting the Bitcoin improvement proposal (BIP) OP_CAT. Despite facing technical challenges, the collection quickly sold out, raising 300 BTC in the process.
The upcoming auction, beginning on March 25, will first offer the Wizards to buyers on a whitelist for 0.2 BTC ($16,000). Any unsold tokens will subsequently be available through a Dutch auction, with the starting price set to be higher than the initial 0.2 BTC and disclosed as the auction date approaches, according to a spokesperson who communicated via Telegram.
If all 2,121 NFTs are sold at the initial price, the project stands to raise approximately $34 million, reflecting Bitcoin’s current price of around $80,000.
OP_CAT was a part of Bitcoin’s original code introduced by its pseudonymous founder, Satoshi Nakamoto. Subsequently, it was removed due to concerns about potential security risks, such as exposing the network to denial-of-service (DoS) attacks.
Today, developers are working to reintroduce it to enable Ethereum-like smart-contract functionality, which could greatly enhance the utility within the Bitcoin ecosystem.
Taproot Wizards aims to “meme OP_CAT back into existence” through various initiatives, including the NFT sales. Recently, the project secured $30 million in funding dedicated to developing a robust ecosystem of applications that utilize OP_CAT.
