On Monday, the Bitcoin Ordinals project Taproot Wizards sold its Quantum Cats collection for $13 million. The NFT collection, comprised of 3,000 pieces, sold out quickly despite earlier technical glitches, even as more marketplaces come on board.
Taproot Wizards sold their 3,000-piece Quantum Cats collection at 0.1 BTC (about $4,301) apiece.
Taproot’s Bitcoin Ordinals Mint Beats Sniping
Most pieces were sold to investors during a five-hour window reserved for whitelisted buyers. Around 313 ordinals sold out during the first two seconds of the public mint. Taproot Wizards delayed the mint last Monday to avoid a phenomenon called mempool sniping.
In mempool sniping, bad actors hijack Bitcoin Ordinals transactions by replacing a buyer’s signature with their own while a transaction waits for confirmation. Their transaction then gets more priority because it pays a high transaction fee to the miner. This interception means the hacker, not the original owner, receives the NFT when the miner confirms the transaction.
By delaying their mint, Taproot’s founders ensured that the rightful owners of Bitcoin NFTs got what they paid for. They also created a better user experience where buyers could pay lower transaction fees.
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Author: David Thomas
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