NEW YORK - Taproot Wizards, a project championing Bitcoin innovation, has successfully raised $7.5 million in seed funding, led by venture capital firm Standard Crypto. The fresh capital injection is set to bolster the project's ambition to transform Bitcoin's blockchain and elevate its competitive edge against prominent blockchains such as Ethereum and Solana.
The initiative stands out by introducing a limited edition of 2,121 wizard-themed non-fungible tokens (NFTs), mirroring the finite supply of 21 million Bitcoin. As of today, fewer than 1% of these unique digital assets, known as Taproot Wizards’ Ordinals, have been created and distributed to members actively engaged in the community. These individuals have earned their Ordinals by participating in educational programs or showcasing their loyalty through various fan-driven activities.
Alex Vasudev, co-founder of Standard Crypto, has expressed high hopes for Taproot Wizards, drawing parallels with Yuga Labs' successful investment in the Bored Ape Yacht Club. He anticipates similar opportunities for branding and fostering a more vibrant Bitcoin ecosystem. In line with this vision, the project's co-founder Wertheimer stressed that their mission is not confined to Taproot Wizards alone but extends to sparking a broader wave of innovation within the Bitcoin landscape.
The project's momentum is further underscored by the recent adoption of the Ordinals protocol on the Bitcoin network. Since its introduction earlier this year, there have been nearly 1.9 million inscriptions recorded between late October and early November. This surge in activity has led to a dramatic 970% increase in network fees since August, signaling a significant uptick in demand and engagement on the network.
Despite some concerns from the Bitcoin community regarding potential network congestion, the enthusiasm around Taproot Wizards is palpable. The project's successful funding round and a record-breaking transaction on the Bitcoin network in February trace back to the early days of cryptocurrency when it was often referred to as "magic internet money." Now, with Taproot Wizards described as "magic internet JPEGs," it seems that history may be repeating itself as they bring a new layer of digital art and ownership to the original cryptocurrency platform.
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