CORRECTION (March 11, 15:40 UTC): Updates the headline to correct figures. The previous version stated that Taproot Wizards aimed to secure approximately $34 million by selling 2,121 wizards at 0.2 BTC each. However, many purchasers would only be willing to pay 0.1 BTC due to their previous involvement in last year’s Quantum Cats sale. A revised total cannot be specified at this time.
The Bitcoin ordinals initiative Taproot Wizards is set to auction its collection of whimsical, Microsoft Paint-style cartoon wizards this month, following a successful sale last year that generated $13 million.
In this new auction, Taproot Wizards will offer 2,121 non-fungible tokens (NFTs) showcasing its signature “magic internet JPEGs,” which reference a popular Bitcoin meme from 2013: “magic internet money.” These Wizards were inscribed onto the Bitcoin blockchain two years ago and are now available for purchase.
Last year, the project sold a batch of 3,000 “Quantum Cats,” successfully raising funds to support the Bitcoin improvement proposal (BIP) OP_CAT. Despite encountering technical challenges, the collection sold out rapidly, amassing 300 BTC.
Beginning on March 25, the Wizards will first be accessible to whitelisted buyers at a price of 0.2 BTC ($16,000).
Any unsold wizards will subsequently enter a Dutch auction, with a starting price that will be set higher than 0.2 BTC, to be disclosed closer to the auction date, as indicated by a spokesperson in a Telegram update.
OP_CAT was originally part of Bitcoin’s source code, introduced by pseudonymous creator Satoshi Nakamoto, but was later removed due to concerns it might make the network vulnerable to threats like denial-of-service (DoS) attacks.
Developers are striving to reintegrate it to enable Ethereum-style smart contract capabilities, thereby significantly enhancing the possible utility of the original blockchain.
Taproot Wizards intends to “meme OP_CAT back into existence” through efforts like the NFT sales, as stated. Last month, the initiative secured $30 million in funding aimed at developing an ecosystem of applications leveraging OP_CAT.