The floor price of Bitcoin NFT Quantum Cats halved in value last week, falling from 0.087 BTC on March 30 to 0.04 BTC as of Saturday, April 5. Meanwhile, the floor prices of other notable Bitcoin NFT collections remained relatively flat in comparison. For example, NodeMonkes and Bitcoin Puppets declined by just 5% and 8%, respectively, over the same period.
The significant and isolated ~54% decline in Quantum Cats’ floor price is linked to the recent Taproot Wizards mint that began on March 25.
Quantum Cats holders were given a discount for the Taproot Wizards mint, thus incentivizing people to buy and hold them prior to the mint. Specifically, collectors who owned pairs of "entangled" Quantum Cats were given a 50% discount on the mint price, from 0.2 BTC to 0.1 BTC. However, after the Taproot Wizards mint, those who bought and held Quantum Cats solely to access the discount no longer had the same incentive to keep the NFTs, thus prompting them to sell in a classic example of a "sell the news/event."
This event has now brought Quantum Cats' floor price closer to its peers, such as NodeMonkes and Bitcoin Puppets, as opposed to the relatively significant premium it commanded from late December 2024 due to anticipation and hype of the aforementioned Taproot Wizards mint.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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