Taproot Wizards Raises $7.5M to Bring ‘Magic’ Back to Bitcoin with Ordinals
Bitcoin, often regarded as the pioneer of cryptocurrency, isn’t always seen as a hub for innovation. While some prefer it to remain unchanged, projects like Taproot Wizards are challenging that notion—with a $7.5 million funding round to prove it.
Reviving Bitcoin’s Experimental Spirit
Inspired by the iconic Bitcoin wizard meme from a decade ago, Taproot Wizards aims to rekindle Bitcoin’s early ethos of experimentation and creativity. The funding round, led by Standard Crypto, includes participation from Geometry, Collider Ventures, StarkWare, UTXO Management, and others. The co-founders, Udi Wertheimer and Eric Wall, declined to disclose the valuation but emphasized their mission:
“We want to bring back the culture of building on Bitcoin and make it magical again.”
— Udi Wertheimer, Taproot Wizards Co-Founder
The capital will fuel efforts to rebuild Bitcoin’s “wizard village”—a metaphor for fostering a dynamic ecosystem that competes with chains like Ethereum and Solana.
Why Investors Are Betting on Taproot Wizards
Alok Vasudev, co-founder of Standard Crypto, likened the project’s potential to Yuga Labs’ Bored Ape Yacht Club, highlighting opportunities for brand-building and infrastructure development:
“We think there’s interesting infrastructure potential for a more dynamic Bitcoin ecosystem.”
Key Project Details:
- Limited Collection: Only 2,121 wizards (nodding to Bitcoin’s 21M supply cap).
- Distribution Strategy: 99.3% inscribed, but fewer than 1% distributed—prioritizing community engagement over hype.
- Community Focus: Ordinals are awarded to active participants (e.g., “wizard school” attendees or fans with wizard-themed tattoos).
The Rise of Bitcoin Ordinals
Launched in December 2022, Ordinals (Bitcoin’s answer to NFTs) gained traction in early 2023, even as Ethereum-based NFTs declined. By March, Magic Eden launched a dedicated Bitcoin marketplace, featuring Taproot Wizards among its top collections.
Growth Metrics:
- 40.4M inscriptions recorded (up 14% month-over-month).
- 505,000+ daily inscriptions (all-time high on November 12).
- $163M in NFT sales on Bitcoin over 30 days (1,074% growth).
Bitcoin’s Divided Community
While Taproot Wizards sees Ordinals as a fun way to expand Bitcoin’s utility, “maximalists” criticize them for clogging the network and raising fees. Wertheimer argues the stagnation is cultural, not technical:
“Once that’s broken, innovation will follow.”
Eric Wall added that despite resistance (including attempts to censor Ordinals via code or miner influence), the project persists:
“They can’t stop us from having fun with Bitcoin.”
The Road Ahead
Taproot Wizards positions itself as more than an NFT project—it’s a movement to reignite Bitcoin’s creative potential. As Wertheimer puts it:
“It’s a mission with an NFT collection, not the other way around.”
With Bitcoin’s NFT sales now second only to Ethereum, the wizard’s spell may just be beginning.
Image Credits: Taproot Wizards
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