After the launch of the Bitcoin Ordinals gaming project late Tuesday failed to attract as much demand as expected, the project announced on Wednesday that it was slashing the price and total supply of the asset.
“Your first mistake doesn’t determine the rest of your journey,” said Betty, co-founder of DFZ Labs, on Twitter. She said, “We are misjudging the market here on supply and pricing, but we are moving forward with an amazing team and aligned supply/pricing.”
Betty didn’t respond immediately. detoxification Request for comment.
Incubated by DFZ Labs, the creative studio behind the Ethereum-based Deadfellaz NFT, Bits is a collection of 10,000 Bitcoin Ordinal inscriptions launched on Magic Eden’s Bitcoin Ordinals marketplace.
In a statement last week, Betty said DFZ Labs is supporting efforts to create something Bitcoin-based to bring gamers, creators, and Ordinals enthusiasts together into a collaborative framework. The end goal was for the core team to work with Bits asset holders to jointly develop a playable game that would be released widely to the public.
“Building a gaming ecosystem on Bitcoin around Ordinals offers the potential to leverage Bitcoin’s security, stability, and decentralization,” said Betty. decryptionIt was GG at the time. She said the project is “about providing indie developers with the financial incentives and opportunities of the Bitcoin ecosystem to create products that gamers actually want to play.”
According to the Bits Twitter account, the cost of creating a Bits inscription will be reduced from 0.006 BTC (about $300) to 0.002 BTC (about $100), and the supply will be reduced from the original 10,000 to 3,000. .
Bits said more details can be found on the project’s Discord server, and that Mint will be open to the public for 15 hours.
When asked if refunds would be offered to collectors who minted more Bit inscriptions than the current 0.002 BTC price, Bit said they would either refund the difference or drop more Bits depending on the collector’s preference.
Betty denied claims that the Bits project was a cash grab, but admitted it was “ambitious”.
“The mayor has definitely talked about this. “Yes, I agree.” Betty said. “It was ambitious, but it wasn’t a cash grab. There are very real directions and (developments) that ensure that runway.
“That said, despite the positive response and full whitelist, it was not aligned with market conditions and that is the hurdle we now have to overcome,” she continued. “Thank you for your feedback and love from Deadfellaz.”
editor Ryan Ozawa.
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