High-profile Bitcoin NFT project Taproot Wizards has seen its market value drop significantly just days after its launch despite generating over $24 million in initial sales.
The collection launched via a two-tier sale: a presale at 0.2 BTC and a public Dutch auction that closed at 0.31 BTC, or roughly $16,000 and $25,000 respectively.
Following the start of secondary trading, the floor price quickly returned to 0.2 BTC—matching the presale price but falling well below the auction peak.
What is Taproot Wizards?
Taproot Wizards is a collection of 2,108 digital items inscribed on the Bitcoin blockchain using Ordinals—a protocol that enables individual satoshis to carry data. Of the total supply, 200 items were withheld by the creators, with 1,908 made available to buyers.
Led by Eric Wall, Taproot Wizards was promoted as a technically ambitious project and one of the first attempts to introduce a PFP-style NFT collection natively on Bitcoin.
The launch attracted considerable attention due to its scale and format, with a public Dutch auction—a sale mechanism where prices begin high and decrease over time.
How has the price performed since launch?
The public auction settled at 0.31 BTC per NFT, whilst the presale offered tokens at 0.2 BTC. At current exchange rates during the sale period, those prices were roughly $25,000 and $16,000 respectively.
However, once secondary market trading opened, the floor price fell to approximately 0.2 BTC with presale buyers seeing 25% price drop, whilst auction participants faced losses of up to 50%.
Market data indicates that trading volumes have remained relatively low since launch, which may be contributing to the sustained price decline. The price drop has also led to scrutiny from collectors and observers with some questioning the pricing structure.
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