Taproot Wizards Raises $7.5M for Bitcoin Ordinals Project

• Taproot Wizards: A Bitcoin Project Raises $7.5 Million in Funding
• Magic Internet JPEGs and The Largest Block in Bitcoin History
• Introducing Bitcoin NFTs via The Ordinals Protocol
• Related News: Lightning Labs Launches 'Taproot Assets'

Taproot Wizards: A Bitcoin Project Raises $7.5 Million in Funding

Taproot Wizards, a project concentrating on Bitcoin$42,260 -0.64% Ordinals, has successfully raised $7.5 million in seed funding. The funds are earmarked to make bitcoin magical again. This investment round saw participation from several entities, including the crypto-centric venture capital firm Standard Crypto. Contributors also included Geometry, Collider Ventures, StarkWare, UTXO Management, Bitcoin Frontier Fund, Masterkey, and Newman Capital.

Magic Internet JPEGs and The Largest Block in Bitcoin History

Taproot Wizards has self-identified as a provider of magic internet JPEGs. This intriguing description refers to their collection of Microsoft Paint images of wizards. These images harken back to the 2013 bitcoin meme: magic internet money. Taproot Wizards boasts an incredible achievement: the mining of the largest block and largest transaction in Bitcoin history. This feat was accomplished with the minting of one of their wizard images in February.

Introducing Bitcoin NFTs via The Ordinals Protocol

The Ordinals protocol, a feature of this project, allows users to inscribe data into satoshis, the smallest units of bitcoin. In essence, this creates non-fungible tokens (NFTs) on the Bitcoin network. This protocol was launched at the beginning of the current year, becoming a hotly debated topic among the Bitcoin community. Some voiced concerns that it was needlessly congesting the network.

In a span of two weeks, from the end of October to the start of November, almost 1.9 million inscriptions were uploaded to the blockchain. This drove network fees to nearly $7, marking an impressive 970% increase from the start of August. Despite the controversy, Ordinals will continue to persist. The recent funding round of Taproot Wizards attests that it retains a substantial fanbase.

Related News: Lightning Labs Launches 'Taproot Assets'

In related news, Lightning Labs has rolled out 'Taproot Assets', aimed at transforming Bitcoin into a 'Multi-Asset' Network.

Edited by Jonathan Stoker