Crypto Quill

The NFT market may have cooled down in recent months, but there is one collection that is defying the trend and soaring in value: Quantum Cats. These are the first NFTs powered by Taproot, the latest upgrade to the Bitcoin network that enables new possibilities for smart contracts and privacy. Quantum Cats are not only cute and rare, but they also represent a milestone for the Bitcoin community and its innovation.

What are Quantum Cats and how are they created?

Quantum Cats are a collection of 3,333 digital artworks that depict cats with various attributes and backgrounds. They are inspired by the OP_CAT opcode, a Bitcoin improvement proposal that would allow concatenating two strings of data. This opcode was never activated, but it became a symbol of Bitcoin’s potential and creativity.

Quantum Cats are created using the Ordinals protocol, which allows minting NFTs on the Bitcoin blockchain. Ordinals was developed by Casey Rodarmor, a Bitcoin developer and artist, who also created the first Bitcoin NFTs, such as BitcoinShrooms and BitcoinPlants. Ordinals uses a clever technique to encode NFT data into Bitcoin transactions, without requiring any changes to the protocol or consensus rules.

Quantum Cats are the first Ordinals NFTs that leverage Taproot, the most significant upgrade to Bitcoin since SegWit in 2017. Taproot enhances Bitcoin’s scripting capabilities, making smart contracts more flexible, efficient, and private. Taproot also enables new types of NFTs, such as those that can be transferred conditionally, split, merged, or burned.

Who are the Taproot Wizards and why are they important?

The creators of Quantum Cats are Taproot Wizards, a project founded by Udi Wertheimer and Eric Wall, two prominent Bitcoin influencers and developers. Taproot Wizards aims to explore the possibilities of Taproot and Ordinals, and to showcase the innovation and artistry of the Bitcoin community.

Taproot Wizards raised $7.5 million in November 2023 from investors such as Paradigm, Electric Capital, and Scalar Capital. The project also received support from Dan Held, the fractional CMO of Taproot Wizards and the growth lead at Kraken, one of the largest cryptocurrency exchanges.

Taproot Wizards is not only a commercial venture, but also a cultural phenomenon. The project has attracted thousands of fans and followers, who eagerly awaited the launch of Quantum Cats. The project also faced some challenges and controversies, such as technical glitches, delays, and criticism from some Bitcoin purists who opposed the use of Ordinals.

How much are Quantum Cats worth and where can you buy them?

Quantum Cats were initially sold for 0.1 BTC ($4,450) each on Magic Eden, a NFT marketplace that supports Ordinals. The sale started on January 29, 2024, and sold out within two days, despite some technical issues that prevented some buyers from completing their transactions.

Since then, the secondary market for Quantum Cats has exploded, with the floor price doubling to 0.2 BTC ($8,900) in less than a week. At the time of writing, the lowest priced Quantum Cat is 0.284 BTC ($12,650), while the highest priced one is 69.69 BTC ($3.1 million). The total trading volume for Quantum Cats has reached 297.97 BTC ($13.2 million), making it one of the most successful NFT collections ever.

Quantum Cats can be bought and sold on Magic Eden, as well as on other platforms that support Ordinals, such as Bitpainting and Bitmark. However, buyers and sellers should be aware of the risks and costs involved in using Ordinals, such as high transaction fees, network congestion, and potential censorship.

What is the future of Quantum Cats and Taproot Wizards?

Quantum Cats are more than just digital collectibles. They are also a testament to the power and creativity of the Bitcoin network and its community. They demonstrate that Bitcoin can support NFTs and smart contracts, without compromising its security, decentralization, or simplicity.

Quantum Cats are also a catalyst for further innovation and experimentation with Taproot and Ordinals. Taproot Wizards has announced that it will continue to explore new types of NFTs and features, such as quantum-resistant NFTs, multisig NFTs, and NFT auctions. The project also plans to launch more collections in the future, such as Taproot Dogs, Taproot Birds, and Taproot Plants.

Quantum Cats are not only hotter than the sun, but also brighter than the stars. They are the new frontier of Bitcoin-powered magic.