After the Taproot Wizards minting at the minting factory, the floor price of Quantum Cats NFT fell by 54%.

The Floor Price of Quantum Cats NFT plummeted after the minting incentives for Taproot Wizards ended, starkly contrasting with the relative stability of other Bitcoin NFT collections.

The following is an excerpt from The Block Data and Insights newsletter.

Last week, the Floor Price of the Bitcoin NFT Quantum Cats halved, dropping from 0.087 BTC on March 30 to 0.04 BTC on April 5 (Saturday). Meanwhile, the Floor Prices of some other well-known Bitcoin NFT collections remained relatively stable. For example, during the same period, the prices of NodeMonkes and Bitcoin Puppets only decreased by 5% and 8%, respectively.

The significant fall of approximately 54% in the Floor Price of Quantum Cats is related to the minting activity of Taproot Wizards that started on March 25.

Holders of Quantum Cats enjoy a discount on the minting of Taproot Wizards, incentivizing people to buy and hold these NFTs before minting. Specifically, collectors who own paired “entangled” Quantum Cats can enjoy a 50% discount on the minting price, reducing it from 0.2 BTC to 0.1 BTC. However, after the minting of Taproot Wizards ended, those who bought and held Quantum Cats merely to obtain the discount lost the motivation to continue holding these NFTs, leading them to sell, exemplifying the typical “sell the news/event” phenomenon.

This event has brought the Floor Price of Quantum Cats closer to its peers, such as NodeMonkes and Bitcoin Puppets, rather than being influenced by the expectations and hype surrounding the minting of Taproot Wizards, which has held a relatively significant premium since the end of 2024.