After Bitcoin Ordinals game project Bits failed to generate as much interest as expected late Tuesday, the project announced on Wednesday that it is reducing the price and total supply of the asset.
“The first hurdle never determines the rest of the journey,” says Betty, co-founder of DFZ Labs. “While we're misjudging the supply and price market here, we're moving forward with an amazing team and a balanced supply/price.”
Betty did not immediately respond to a request for a decryption.
Powered by DFZ Labs, the creative studio behind the Ethereum-based Deadfellaz NFTs, Bits is a collection of 10,000 Bitcoin ordinals from Magic Eden's Bitcoin Ordinals marketplace.
In a statement from Betty last week, DFZ Labs is supporting efforts to create something on Bitcoin intended to bring gamers, creators and casual enthusiasts into a collaborative framework. The ultimate goal was for a core team to work with Beats property owners to co-develop a game that would be widely released to the public.
“Building a gaming ecosystem around Bitcoin offers the opportunity to take advantage of Bitcoin's security, stability, and decentralization,” Bett told DecryptGG at the time. The project is “providing financial incentives and opportunities for indie developers in the Bitcoin ecosystem to create products that players want to play.”
According to Bits' Twitter account, the cost of producing a Bits text will drop from 0.006 BTC (around $300) to 0.002 BTC (over $100), and the supply will be reduced to 3,000 notes—down from the original 10,000. .
Finding more details on the project's Discord server, Bits said Mint will be open to the public for 15 hours.
When asked if Bits will give refunds to collectors who have issued Bits worth more than the current 0.002 BTC price, he said that collectors will return the difference or discard as many Bits as the collector chooses.
Betty pushed back against claims that the Beats project was a money grab, but acknowledged that the project was “hugely big.”
“The market definitely spoke to that; yes, I agree,” said Betty. [development] It guarantees such a runway.
“That being said, despite the positive response and packed approval lists, it just hasn't been aligned with market conditions, and that's the hurdle to cross now—we're going to do it,” she continued. “I appreciate your comment and the Deadfellas love too.”
Edited by Ryan Ozawa.
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