Taproot Wizards is a project spearheaded by Udi Wertheimer and Eric Wall, inspired by the classic Bitcoin wizard meme that circulated on Reddit over 10 years ago. Taproot Wizards aims to transform the perception of the Bitcoin blockchain by introducing innovative approaches to community building. The project received a $7.5 million investment from Standard Crypto in November 2023 to overhaul the Bitcoin ecosystem and compete with major players like Ethereum or Solana.
Taproot Wizards Bitcoin
The origins of Taproot Wizards lead us to its unique collection of 2108 wizards, reflecting the total Bitcoin supply of 21 million. While most of these digital creations have been minted, only 20 of them have been publicly released. This slow-release strategy aims to maintain long-term interest and attract individuals committed to the project’s mission.
Taproot Wizards has contributed to the introduction of the BRC-20 standard, allowing individuals to mint and transfer any token they desire via the Bitcoin blockchain. This has generated great excitement among creators and collectors and is being used as the equivalent to Ethereum’s ERC-20 token standard.
Thanks to this, Taproot Wizards has attracted a significant amount of investors, including Standard Crypto, Bitcoin Frontier Fund, Collider Ventures, StarkWare, Masterkey, among others. They all see in Ordinals a means to unleash pent-up energy in the network and attract more participants to the Bitcoin blockchain.
Not everyone applauds the project
Despite Taproot Wizards’ undeniable success and its impact on the community, the project has not been without criticism. Many concerns revolve around the technical issues experienced during the sale of its inaugural collection “Quantum Cats” and the perception some Bitcoin community members have regarding network congestion and the impact of minting on the Bitcoin blockchain.
Issues:
Technical glitches during the sale of Quantum Cats. During the collection’s launch, Taproot Wizards was plagued by technical problems that caused multiple delays. Users expressed frustration with the purchasing experience, labeling it as one of the worst. Bitcoin network congestion. Some Bitcoin community members have criticized the introduction of minting on the Bitcoin network, arguing that it unnecessarily congests the network. The viewpoint considers that minting could be impairing the efficient functioning of the network. Delays and changes in the sales plan. The sale of the “Quantum Cats” collection experienced multiple delays, leading to discontent among potential buyers. Frequent changes in the sales plan, including suspension and resumption, contributed to a negative perception of project management.