Bitcoin Ordinals Gaming Project Bits: Adjusting to Market Dynamics

• Bitcoin

The Bitcoin Ordinals gaming project, Bits, initiated by DFZ Labs, recently faced unexpected market reactions following its launch. The project's initial demand did not meet expectations, prompting the team to re-evaluate its price and supply structure. In a show of resilience, the project has announced a significant reduction in the price and total supply of its assets.

"A stumble at the start never determines the rest of the journey," said Betty, co-founder of DFZ Labs.

Betty, the pseudonymous co-founder of DFZ Labs, acknowledged the team's miscalculation of the market and expressed their optimism about moving forward with a skilled team and revised supply and price. DFZ Labs, known for its Ethereum-based Deadfellaz NFTs, has incubated Bits, a collection of 10,000 Bitcoin Ordinal inscriptions, launched on Magic Eden's Bitcoin Ordinals marketplace.

The Vision Behind Bits

Last week, Betty shared DFZ Labs' vision of creating a unique platform on Bitcoin that brings gamers, creators, and ordinary enthusiasts into a collaborative framework. The ultimate goal is to develop a playable game with Bits asset holders that can be released to the public. This initiative aims to leverage Bitcoin's security, stability, and decentralization, providing indie developers with financial incentives and opportunities within the Bitcoin ecosystem to create products that gamers want to play.

Changes in Supply and Price

The Bits Twitter account announced that the cost of minting a Bits inscription would be reduced to 0.002 BTC (just over $100), down from 0.006 BTC (around $300). Moreover, the supply would be cut to 3,000 inscriptions, a significant decrease from the original 10,000. The mint would be open to the public for 15 hours, with further details being shared on the project's Discord server.

In response to queries about refunds for collectors who minted a Bits inscription at a higher price, Bits stated that collectors would be refunded the difference or given more Bits, depending on the collector's preference.

Bits: Ambitious, Not a Cash Grab

While acknowledging the project's ambitious nature, Betty vehemently denied that Bits was a cash grab. She admitted that market conditions did not align with their expectations but emphasized their commitment to overcoming this hurdle.

Despite the initial misjudgment, the team behind Bits remains committed to their vision and confidently moves forward with their adjusted plan. Their positive response to market conditions and dedication to creating a gaming ecosystem on Bitcoin clearly indicate their determination and adaptability.