Seed Success: Taproot Wizards' Bitcoin-Focused Ordinals Project Raises $7.5M

Taproot Wizards, a project centered on the convergence of Bitcoin and the Ordinals protocol, has recently secured an impressive $7.5 million in seed funding. The primary objective of this financial infusion is to reignite the allure and fascination surrounding Bitcoin. Branded as the provider of "magic internet JPEGs,

"Taproot Wizards presents a unique collection of Microsoft Paint illustrations featuring wizards that evoke memories of the 2013 bitcoin meme known as "magic internet money."

The funding initiative was led by Standard Crypto, a venture capital firm specializing in cryptocurrencies, and saw contributions from notable entities such as Geometry, Collider Ventures, StarkWare, UTXO Management, Bitcoin Frontier Fund, Masterkey, and Newman Capital. The official announcement of this financial backing was made through a post on Taproot Wizards' X account, marking a significant milestone in the project's development.

HOLD ON TO YOUR WIZARD HATS!

Today we are announcing a $7.5M seed round, led by @standardcrypto, to Make Bitcoin Magical Again

We broke the chain, we danced on stage, we took showers

We heard about bitcoin 10 years ago. And WE’RE HERE TO FIX IT

More in the thread below ????‍♂️ pic.twitter.com/xoNho6EKhs

— Taproot Wizards (@TaprootWizards) November 16, 2023

Co-founder Udi Wertheimer proudly lays claim to the mining of "the largest block and largest transaction in Bitcoin history" during the creation of a particularly enchanting image in February. At the heart of Taproot Wizards lies the Ordinals protocol, which empowers users to engrave data into satoshis—the smallest units of bitcoin—effectively generating non-fungible tokens (NFTs) on the Bitcoin network. Despite making its debut at the beginning of the year, the Ordinals protocol quickly became a contentious topic within the Bitcoin community, with concerns raised about potential network congestion.

Between late October and early November, a remarkable 1.9 million inscriptions were uploaded to the blockchain, resulting in a significant upswing in network fees—soaring to almost $7. This represents a staggering 970% increase from the starting point in August. While facing criticism and opposition from certain quarters due to these challenges, the successful completion of the seed funding round for Taproot Wizards serves as a clear indicator of the substantial support and enthusiasm the project has garnered.

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