The Taproot Wizards project, known for its Bitcoin Ordinals initiative, has successfully raised $7.5 million in funding, led by venture capital firm Standard Crypto. Founded by Udi Wertheimer and Eric Wall, Taproot Wizards is inspired by a classic Bitcoin wizard meme that circulated on Reddit over 10 years ago. The project aims to reshape perceptions about the Bitcoin blockchain.
The investment attracted a diverse group of backers, including Geometry, Collider Ventures, StarkWare, UTXO Management, Bitcoin Frontier Fund, Masterkey, and Newman Capital. This influx of capital is earmarked for the development of what the founders call the “witch village,” symbolizing a commitment to major rival blockchains like Ethereum and Solana. Eric Wall emphasized his goal of pioneering a new approach to interacting with Bitcoin.
Investment impact and future vision
Standard Crypto co-founder Alok Vasudev sees immense potential in Taproot Wizards and believes it could become similar to Bored Ape Yacht Club, as revealed in an interview with TechCrunch. Vasudev foresees opportunities beyond brand expansion, including the development of dynamic infrastructure within the Bitcoin ecosystem. Standard Crypto aims to be an active participant in this evolution, going beyond simply overseeing a collection of NFTs.
Taproot Wizards has a unique collection of 2,121 wizards, reflecting the total Bitcoin supply of 21 million. To date, 2,106 of these digital creations have been registered, which represents 99.3% of the total. However, only 20 of them were released. The slow-launch strategy, according to Wertheimer, is deliberate and aims to maintain long-term interest and attract people committed to its mission, rather than passing trends.