Taproot Wizards Raises $7.5 Million
Taproot Wizards, a unique collection of NFT-like assets created on the Bitcoin blockchain using the Ordinals protocol, recently secured $7.5 million in funding. This funding round was led by venture capital firm Standard Crypto.
The primary aim of Taproot Wizards is to attract top-tier talent in the Bitcoin space and build a team that can help bridge the growing gap between Bitcoin and the broader crypto ecosystem, according to co-founder Udi Wertheimer in an interview with Decrypt.
The Taproot Wizards Collection
The collection consists of 2,121 wizards, inspired by a popular Reddit meme from 2013. These wizards are among the early assets created using Ordinals, which enables the creation of NFT-like assets on the Bitcoin network by encoding data onto individual satoshis (one hundred millionth of a Bitcoin).
Ordinals and Recent Developments
The fundraising news comes amidst a resurgence of interest in Ordinals. Binance recently listed a token built using Ordinals, leading to a significant surge in trading volume for Ordinals-based assets to a six-month high.
Moving Bitcoin Forward
Wertheimer emphasized the urgency of the current moment for Taproot Wizards, suggesting that now is the time for people to realize the opportunity to propel Bitcoin forward.
Controversy and Support for Ordinals
Ordinals has faced criticism within the Bitcoin community due to concerns about its potential impact on transaction fees. However, Wertheimer has been a vocal advocate for Ordinals and its ability to advance Bitcoin into new technical areas.
Investment Partners and Validation
In addition to Standard Crypto, other participants in Taproot Wizards’ $7.5 million funding round included Bitcoin Frontier Fund, UTXO Management, Newman Capital, Geometry, Collider Ventures, StarkWare, Masterkey, and other investors.
Alok Vasudev, co-founder of Standard Crypto, expressed support for Ordinals’ innovative nature and its role in unleashing energy within the Bitcoin community.
Hot Take: Embracing Innovation in Bitcoin
Tapping into Taproot Wizards represents a significant step forward for embracing innovation within the Bitcoin ecosystem. The infusion of funding and growing interest in Ordinals could help drive new developments and further integration within the broader crypto space.
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