Bitcoin’s Taproot Wizards project, driven by the Bitcoin Ordinals initiative, has secured a significant $7.5 million funding from venture capital firm Standard Crypto. This project, co-founded by Udi Wertheimer and Eric Wall, is motivated by a vintage Bitcoin wizard meme from Reddit, dating back over a decade. The initiative seeks to redefine Bitcoin’s blockchain technology.
A diverse consortium of investors, including Geometry, Collider Ventures, StarkWare, UTXO Management, Bitcoin Frontier Fund, Masterkey, and Newman Capital, has contributed to this funding round. The investment is designated for developing a “wizard village,” a concept designed to position Taproot Wizards as a formidable competitor to established blockchains like Ethereum and Solana. Co-founder Eric Wall focuses on pioneering innovative ways to engage with Bitcoin.
Standard Crypto’s co-founder Alok Vasudev perceives Taproot Wizards as having the potential to reach heights similar to the Bored Ape Yacht Club, as he disclosed in a TechCrunch interview. Vasudev anticipates that the project will expand beyond mere brand growth, fostering a robust infrastructure within the Bitcoin ecosystem. Standard Crypto is set to play a vital role in this progression, extending its influence beyond managing an NFT collection.
Taproot Wizards boasts a distinctive array of 2,121 wizard-themed NFTs, echoing the total Bitcoin supply cap of 21 million. Out of these, 2,106 have already been inscribed, accounting for 99.3% of the collection. Yet, only 20 have been released to date. This gradual release approach, as explained by Wertheimer, is strategic to maintain enduring interest and attract dedicated supporters, rather than simply following passing fads.