Flipping Frenzy Propels Quantum Cats’ Sales to $13M

Investors are rapidly capitalizing on the sales of Taproot Wizards’ newly released Bitcoin Ordinals project ‘Quantum Cats’.

On the multi-chain marketplace Magic Eden, a single cat is now priced at $13,307 (0.31 BTC), soaring past its initial $4,300 (0.1 BTC) value and strengthening its position as the top-traded collection within 24 hours.

According to this recent Twitter post, 313 cats were snatched up in just 2 seconds during the public mint. Since then, nearly 3,000 cats have been sold, pushing project revenue to an impressive $13 million.

Quantum Cats sales
Source: Magic Eden

Bitcoin Ordinals Renaissance

Early 2023 marked the debut of the Ordinals protocol by developer Casey Rodarmor, allowing for the creation of NFTs directly on the Bitcoin blockchain. Such an innovation ignited widespread enthusiasm for Bitcoin-based Ordinals inscriptions, often termed ‘Bitcoin NFTs’.

Shifting the focus to mint NFTs on Bitcoin represents a significant departure from previous trends that predominantly used Ethereum-based blockchain. Traditionally, these networks were seen as more programmable than Bitcoin, which boasts the oldest and highest-valued blockchain. 

The Quantum Cats sales mark a turning point in NFT trading, showcasing the potential of Ordinal NFTs and challenging Ethereum’s dominance with innovative uses of the Bitcoin network. 

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

The post Flipping Frenzy Propels Quantum Cats’ Sales to $13M appeared first on NFT Plazas.