Taproot Wizards Will Finally Be Released Tomorrow, Targeting to Become the Bitcoin NFT Series with the Highest Market Value

After 2 years of waiting, Bitcoin (Ordinals)'s most anticipated new project Taproot Wizards will finally be released tomorrow.

Author: Jaleel Cookie

After two years of anticipation, Bitcoin (Ordinals) flagship project Taproot Wizards is finally launching tomorrow. While the project is a behemoth in the Bitcoin NFT space, its minting price of 0.2 BTC is astronomical in today’s NFT market. So, why is this foreign NFT project launching at such a high price and how is it performing in the current market climate?

A look at this amazing NFT minting from the data

According to data from cryptoslam.io, only seven Bitcoin NFT series have a 30-day volume of over $100,000 (excluding BRC-20 token volume and the transactions are less than $35 million in total). In other words, the average daily transaction volume of Bitcoin NFT in the past 30 days is only about $1.15 million.

The total supply of Taproot Wizards is 2121, with 36 being airdropped to some early supporters over the past two years, 100 going to the most actively involved supporters, Quantum Cats holders with the “gold cape” feature and a very early raffle for Bitcoin Wizards holders, and 200 for the team. This leaves 1785 Taproot Wizards for this release.

The total number of white orders is set at 1,750. Among them, 828 white orders are minted at a price of 0.1 BTC, which is a discount obtained by staking 2 Quantum Cats (the characteristics of the 2 Quantum Cats must be 1 “alive” + 1 “dead”). Another 922 white orders are minted at a price of 0.2 BTC, which are selected from active users who have actively participated in various activities of Taproot Wizards in the past two years.

If all 1,750 white tickets are sold out, the Taproot Wizards team will receive 267.2 BTC in minting revenue, which is approximately $23.4 million. If there are any unsold items, they will be put into the public sale of the Dutch auction model together with the remaining 35.

Including the minting income of 300 BTC (about 13 million US dollars at the Bitcoin price at that time) from the Quantum Cats previously issued by the Taproot Wizards team, the income of the Taproot Wizards team through minting will be at least 36.4 million US dollars. According to the data on DefiLlama, this will make the Taproot Wizards team 8th in the historical total list of NFT minting income.

The minting price of 0.2 BTC is about 8.4 ETH, 17,560 USD, and 127,000 RMB, which is a rather exaggerated price in the current NFT market.

Considering that Quantum Cats has never fallen below the issue price of 0.1 BTC in Bitcoin terms, the theoretical cost of staking Quantum Cats to obtain a discounted whitelist for minting is also 0.3 BTC in Bitcoin terms.

Therefore, if the total supply of 0.2 BTC * 2121 is used as the initial market value of Taproot Wizards, Taproot Wizards will open at 424.2 BTC (about 37.2 million US dollars) and rank 21st in the NFT market value ranking.

Coincidentally, the three before the 21st place are all Bitcoin NFTs, namely Quantum Cats (440 BTC, about 38.6 million US dollars), NodeMonkes (435 BTC, about 38.2 million US dollars) and Bitcoin Puppets (434 BTC, about 38.1 million US dollars). Quantum Cats has been considered as the “warm-up series” of Taproot Wizards. This series is not only the Bitcoin NFT series with the highest total market value, but also has long served as a “price reference” for Taproot Wizards.

If the opening price doubles, Taproot Wizards’ total market value ranking will surpass Solana NFT leader Mad Lads and come to No. 7. As for the top 6, it is a comprehensive challenge from Bitcoin NFT to Ethereum NFT leaders.

When was the last time we saw such a crazy new NFT project minting? If we look at the total amount of minting revenue, it should be traced back to Azuki Elementals at the end of June 2023, which sold 10,000 NFTs for 20,000 ETH (about 38 million US dollars). If we look at the minting price, it may be traced back to Moonbirds in April 2022, with a minting price of 2.5 ETH (about 7,500 US dollars).

Why are