Just days after they were minted, the Quantum Cats NFTs have doubled in value, with the lowest priced now at 0.284 BTC, or $12,650, as interest continues to surge.
The NFT collection by Taproot Wizards had a rocky start, with multiple postponements and technical glitches, but so far, it has seen close to 300 BTC traded on Magi Eden.

When Taproot Wizards announced early last week that it would have to postpone the Quantum Cat NFT collection launch due to technical glitches, it looked like the project was doomed. Investors vented on social media and the project’s Discord channel, demanding the team fix the glitches. Today, all the project’s troubles are forgotten, and just days after it sold out the collection, the NFTs are now worth more than double what the initial investors paid for them.

Quantum Cats are Ordinals inscription minted on the Bitcoin blockchain, the equivalent of NFTs on other networks like Ethereum. Ordinals had a great 2023, and as Quantum Cats prove, their hot streak will continue into 2024 despite the dip in NFT interest.

At their minting, the NFTs were selling for 0.1 BTC, or $4,450, by today’s market prices, which is a steep price to pay for a new project at a time when NFT popularity has taken a nosedive. Taproot Wizards minted 3,000 NFTs, and they all sold out by Monday.

Just two days later, the NFT collection had doubled in value. On Wednesday, the floor price of a Quantum Cat NFT was at 0.243 BTC ($10,816). The interest in the collection is still rising, and at press time, the lowest you can pay for a Quantum Cat NFT is 0.284198 BTC, or $12,650.

Quantum Cat NFTs Spike 184% As Bitcoin Ordinals’ Streak Continues

The collection is on sale on Magic Eden, the NFT marketplace. Since their debut, Quantum Cats have recorded 297.97 BTC ($13.2 million) in traded volume. At press time, 585 NFTs are still listed on the platform, with the lowest priced going for $12,650, and on the opposite end, ‘cat0424’ has been listed for 69.69 BTC, or $3.1 million.

As Quantum Cats thrive, the team behind the project, Taproot Wizards, has become the latest NFT success story. Founded by Eric Wall and Udi Wertheimer, Taproot Wizards sparked investor interest late last year, raising $7.5 million in November. After selling out their collection, the team has raised 300 BTC ($13.3 million).

According to Wall and Udi, Quantum Cats are “magic internet JPEGs” that mimic the popular Bitcoin meme from a decade ago, where it was described as “magic internet money.”

Quantum Cats is the latest to tap into the Ordinals protocol on Bitcoin. The protocol was launched by Casey Rodarmor early last year, and it effectively brings tokens to the Bitcoin network. Before Ordinals, NFTs were believed to only be possible on blockchains where smart contracts are natively built in, with Ethereum being home to the majority of existing NFTs.

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Filed under: Bitcoin - @ February 9, 2024 5:16 am