Taproot Wizards: the new NFT collection on the Bitcoin network

Taproot Wizards is a new NFT collection that lives in Bitcoin. It is created by Bitcoin OG and well-known crypto user, Udi Wertheimer. The goal is to foster and bring together the first animated Bitcoin community related to non-fungible tokens.

A week ago in NFTexpress we made an article about the Ordinals Protocol, which allows the creation of NFTs in the Bitcoin network. If you want to know more about this article, I leave you the link here.

After the launch of Ordinals, the protocol that converts individual satoshis into non-fungible digital collections, the Bitcoin community was confronted by Bitcoinsers who criticize this action, saying it goes against the Bitcoin philosophy, and users who are in favor of these creations because they see a potentially revolutionary future in the Bitcoin NFT ecosystem.

Among the positive consequences that followed these new NFTs is the increase in transaction fee revenue for Bitcoin miners, which could generate a promising future in which cultural activity supports the network.

Before I focus on Taproot Wizard, I’ll review what Ordinals is all about. what Ordinals is all about. This Protocol is based on a new mechanism called “Inscriptions”, which are digital assets native to the Bitcoin blockchain and can be exchanged, bought and sold just like any other NFT on another network.

Being stored entirely on the Bitcoin blockchain, it generates minting up to seven times cheaper than minting an NFT on the Ethereum network.

That is why they quickly became popular in the Bitcoin ecosystem and in a short time we will surely see markets that help with adoption, since, it is still quite precarious the way these NFTs are obtained.

As I mentioned earlier, Ordinals’ Bitcoin NFT industry is extremely traditional and even rudimentary, so the UX for collecting Bitcoin NFTs is not very friendly right now.

With the intense activity that this new Protocol has shown and the collections that are being created in Bitcoin, I personally expect multiple “NFT Bitcoin wallets” and “NFT Bitcoin marketplaces” to appear in a short time.

However, for the time being, anyone interested in minting a non-fungible token on the major network will have to go through barriers they may not be aware of. That is why Gökhan Turhana creative and curator of the NFT ecosystem has made a guide on how to collect NFTs on the Bitcoin blockchain. You can read it here.

DeFi Llama on its official Twitter published last February 3 that the Bitcoin reached the No. 2 position on the tariff and revenue board. In total, it accumulated $2,552,183 dollars in gas tariffs paid by users during a 24-hour period. This generated the highest amount since the beginning of 2023. Another consequence of this popularity that NFTs created on the Bitcoin blockchain took.

About Taproot Wizards

Taproot Wizards is a new NFT collection created on the Bitcoin blockchain. The idea is spearheaded by Bitcoin OG and well-known crypto user, Udi Wertheimer. The goal is to foster and bring together the first and largest Bitcoin lively community regarding NFTs.

As I mentioned earlier, the UX of the project is still too primitive compared to the NFTs collections we see every day on the various blockchains more accustomed to developing this type of technology.

However, for non-fungible token and BTC lovers, this project may be the kickoff for users to start getting acquainted with the Bitcoin NFT scene. While, Taproot Wizards is a community experiment, it is certainly worth following, as it is one of the first community centers to be born around Ordinals and its new protocol.

Dotta, CEO of Ethereum’s Forgotten Runes Wizard Cult NFT collection, has been digging deep into what’s been going on these days regarding NFTs in Bitcoin, and has made a thread on Twitter that is worth a read, as, he recounts the first “1000 NFT grails” in Bitcoin.

Although we surely all have a different point of view regarding these new NFTs in Bitcoin, at the same time, for some collectors, the most important thing comes first.. Consequently, if we look at it from Dotta’s perspective, these first 1000 Bitcoin NFT grails could become increasingly iconic over time.

Bitcoin Punks

Bitcoin Punksis a PFP collection that is inspired by the renowned 10,000 Punks, but this time it is created through the Ordinals Protocol.

Also, I want to keep clarifying that these new NFTs and marketplaces are created for advanced users, as, it does not have a UX or user interface known to most people who interact daily with collections created on other blockchains and may fall for different scams. Always be on the lookout to do your own research.

However, the activity is booming as never seen before, as, 10,000 PFP’s were created from Bitcoin Punks have already been mined in their entirety. It is likely that this collection will have relevant power in the future due to the fact that people like dingaling.etha well-known collector of NFTs, acquired 7 non-fungible tokens of these Punks in Bitcoin.

In total he spent 15.2 BTC (over 200 ETH) on these 7 NFTs, which are:

  • Punk 27 (ins #444)

  • Punk 48 (ins #483)

  • Punk 73 (ins #599)

  • Punk 80 (ins #606)

  • Punk 88 (ins #614)

  • Punk 91 (ins #617)

  • Punk 92 (ins #618)

  • Conclusion

    If we think about the future, probably these collections of non-fungible tokens created on the Bitcoin network are just the tip of the iceberg of what is to come. Surely, we will soon see NFTs in other blockchains that did not exist before, such as Bitcoin Cash, Dogecoin or Litecoin, created in the same way (with a protocol like Ordinals).

    Also, it will be necessary to think about the most common and not so advanced users, with the objective that the whole community of the different blockchains can coin and be part of these NFT ecosystems such as Bitcoin. Currently, Emblem Vault is one of the most popular solutions for defragmenting non-Ethereum NFTs, but they are not easy for the most basic cryptoseekers.

    Finally, at NFTexpress we will be constantly monitoring what happens with Bitcoin NFTs, since, this phenomenon reached a very fast adoption and cultural acceptance by most Bitcoiners, so no one will be able to do anything to stop this exceptional turn in the non fungible tokens industry.

    Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.