- Bitcoin startup Taproot Wizards raised $7.5 million in seed funding led by Standard Crypto to build a community around Bitcoin Ordinals
- Taproot Wizards has a limited mint of 2,121 wizard NFTs/tokens to give to active community members, paying homage to Bitcoin’s 21 million supply
- Ordinals enable indexing and tracking of satoshis across Bitcoin’s network, serving as NFTs or fungible tokens, contributing to Bitcoin’s transaction volume highs
Bitcoin-focused startup Taproot Wizards has raised $7.5 million in a seed funding round led by crypto venture capital firm Standard Crypto. The startup is building an engaged community around Bitcoin Ordinals.
About Taproot Wizards
Taproot Wizards is a Bitcoin-focused Ordinals project working to “re-infuse the Bitcoin community with magic” according to a tweet from the startup. The organization has a limited mint of 2,121 wizards, with the specific number paying homage to Bitcoin’s total supply of 21 million.
To date, less than 1% (20) of the Taproot Wizards Ordinals have been inscribed. Taproot Wizards are awarding these Ordinals to active community members who participate in the startup’s activities. For example, attendees of a recent Taproot Wizards event in Amsterdam could win an Ordinal by having the best wizard costume.
About Bitcoin Ordinals
Ordinals enable the indexing and tracking of every satoshi (Bitcoin’s smallest unit) across the Bitcoin network. The process called inscription allocates image or other data to individual satoshis.
Ordinals can serve as either individual NFTs or fungible BRC-20 tokens. The hype around Ordinals likely contributed to Bitcoin’s network hitting an all-time high for transactions in September.
Other Investors
In addition to lead investor Standard Crypto, Taproot Wizards received backing from StarkWare and Bitcoin Frontier Fund. The startup said no Ordinals have been sold to investors in this funding round.
Conclusion
With its recent seed funding and active community building, Taproot Wizards aims to bring more excitement and engagement to the Bitcoin ecosystem through Ordinals. It will be interesting to watch the startup’s progress in the months ahead.
