How Bits, the Bitcoin Ordinals Gaming Project, Adapted to Market Realities by Cutting Prices and Supply

In the ever-evolving world of blockchain gaming, one project is making headlines for its bold response to market realities. The Bitcoin Ordinals Gaming Project, known as ‘Bits’, has announced a significant reduction in both price and supply.

How Bits, the Bitcoin Ordinals Gaming Project, Adapted to Market Realities by Cutting Prices and Supply
Image credit: DFZ Labs

A New Player in the Game

‘Bits’ is a project incubated by DFZ Labs, the creative studio behind the Ethereum-based Deadfellaz NFT collection and the upcoming RIP TCG digital card game. The project launched with 10,000 Bitcoin Ordinals, each one a unique character profile picture (PFP) resembling the greenish pixel look of Nintendo’s original Game Boy.

Ownership of these PFPs provides access to what DFZ Labs calls a “supercharged game development incubator”. This innovative approach aims to leverage the power of blockchain technology to revolutionize the gaming industry.

Adapting to Market Realities

The Bitcoin Ordinals gaming project Bits launched late Tuesday and didn’t attract as much demand as anticipated. On Wednesday, the project decided to cut prices and reduce the total supply of its assets. Betty, the pseudonymous co-founder of DFZ Labs, acknowledged this on Twitter. She said, “We admit that we misjudged the market for supply and price, but we’re moving forward with an excellent team and adjusted supply/price.”

Bits has lowered the cost of minting an inscription to 0.002 BTC (just over $100), a significant drop from the previous 0.006 BTC (around $300). They’ve also reduced the supply to 3,000 inscriptions, a decrease from the original 10,000. Bits announced that the mint would be open to the public for 15 hours, with more details available on the project’s Discord server.

In response to questions about refunds for collectors who minted a Bits inscription at a higher price than the current 0.002 BTC, Bits confirmed that they would refund the difference or provide additional Bits, depending on the collector’s choice.

Betty denied claims that the Bits project was merely a cash grab. She admitted the project was ambitious and said, “The market definitely had its say; I agree. It was ambitious, but not a cash grab. There’s a very real direction and development that justifies such a runway.

Despite the positive response and full allowlists, it didn’t align with market conditions. That’s our challenge to overcome now, and we will.” She expressed appreciation for the feedback and love from the Deadfellaz.

A Commitment to Gaming on Bitcoin

Despite these changes, ‘Bits’ remains committed to its vision of gaming on Bitcoin. The project’s leaders believe in the potential of blockchain technology to transform the gaming industry, and they are determined to be at the forefront of that transformation.

The story of ‘Bits’ is a reminder that in the fast-paced world of blockchain gaming, adaptability and responsiveness to market realities are key to success. It will be interesting to see how this project continues to evolve in response to the challenges and opportunities of this exciting new frontier.

Source: via

Comments

6 Best PC Games like Fall Guys in 2024 6 Best Gaming Phones to Play Free Fire MAX in India (2024) 6 Best Gaming Phones for BGMI in India (2024) 10 Best Building Games on PC in 2024 Review: Why Buy Lava Blaze Curve 5G? Sale is Live!