07/02/2024 Bitcoin NFTs 'Quantum Cats' Fetching 0.24 BTC ($10K+) on Magic Eden Marketplace

Taproot Wizards' New Bitcoin NFTs Already Trading at Twice the Initial Sale Price.

Even after a weeklong minting process marred by technical issues, the Quantum Cats digital images were going for more than $10,000 each on the NFT marketplace Magic Eden, on their first day of secondary trading.

Investors who bought the freshly minted "Quantum Cats" NFT-like images from the Bitcoin Ordinals project Taproot Wizards were already flipping them on Tuesday for more than twice the initial sales price – in a sign of enduring demand for digital art inscribed onto the original blockchain.

The lowest available price for the Quantum Cats listed on the NFT marketplaceMagic Edenwas 0.243 BTC ($10,481) on Tuesday, versus the fixed price of 0.1 BTC each in the primary mint that concluded Monday.

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According to Magic Eden, 115 BTC worth of trading volume had transpired within hours after the Quantum Cats were delivered to their original owners. Some 507 of the images were still listed for sale.

The original minting of 3,000Quantum Catsclosed on Monday, with the series selling out – theoretically bringing in about $13 million of revenue for the Taproot Wizards project from its debut collection.

That was despite much angst over the past week as the Taproot Wizards minting website wasplagued by technical issues, causing frustration and leading to widespread complaints on the project's Discord channel. A suspension of the process on the first day was followed by multiple postponements.

This week's results showed buyers undeterred, with the proceeds well exceeding the $7.5 million that the Taproot Wizards, led by co-founders Udi Wertheimer and Eric Wall, raised from in vestors last year.

The project has ridden a wave of enthusiasm for the Ordinals inscriptions, sometimes referred to as "NFTs on Bitcoin."

The Ordinals protocol and its "inscriptions" – launched in early 2023 by creatorCasey Rodarmor– effectively allows NFTs to be minted and stored on the Bitcoin blockchain.

Previous waves of NFT hype were focused on other blockchains, such as Ethereum, that have historically been seen as more programmable than Bitcoin, which is the oldest blockchain and still the largest by market capitalization.

Arts

https://www.coindesk.com/tech/2024/02/06/taproot-wizards-new-bitcoin-nfts-already-trading-at-twice-the-initial-sale-price/amp/

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The idea for this piece was borne out of a tweet of mine that caused a bit of a stir. I’d posted a link to a blog article I’d written a number of months previous titled ‘Who is the Creator’ discussing various types of creative collaborations and why I hire people to work on my animations. It generated a lot of debate around creation and attribution with the community split on whether it’s right or wrong for an artist to hire other professionals to help them realize their art projects. I decided to push the boundaries even further and see how the cryptoart community responded. What if I quite literally had nothing to do with the physical or digital elements of the work other than coming up with the concept and coordinating it? I decided there was one artist in the space who could add huge value to this idea on levels that none other could and so I gathered my courage and contacted the great José Delbo to ask him if he’d be interested in a very unique collaboration. I explained to him that to make this piece ‘work’ he couldn't have any say in what I produced and moreover, he wouldn’t even be allowed to see the animation until it was dropped on MakersPlace. To my surprise, Mr Delbo agreed to my proposal. The animation tells the story of the creative process, which includes my roles as writer, director, and producer working with a team and making edits and changes ‘in real time’. The dialogue between myself and my ‘hired guns’ plays out in front of the viewer. The music written for the piece adds to the nostalgia of the comic book superhero theme but other elements such as the snapping and kicking of the pencil and the signing of my signature at the bottom incorporates further layers and challenges the viewer to ask important questions, such as, is the ‘Art’ the final animation (the creation) or is the ‘Art’ the concept/credit for the creation itself?
X*Y=K
･゜ﾟ･:.｡..｡.:*･'(ﾟ▽ﾟ)'･*:.｡. .｡.:*･゜ﾟ･* for more info see https://tinyurl.com/56unnr39