Following a subdued reception upon its launch, the Bitcoin Ordinals gaming project Bits has announced significant adjustments to its pricing and total supply in an effort to recalibrate its market strategy.
In response to the lukewarm demand experienced since its late Tuesday launch, Bits revealed on Wednesday its decision to slash prices and reduce the total supply of its assets. Co-founder Betty, representing pseudonymous DFZ Labs, acknowledged the initial misjudgment of the market but expressed determination to forge ahead with the project’s team.
Incubated by DFZ Labs, the same studio behind Ethereum-based Deadfellaz NFTs, Bits comprises a collection of 10,000 Bitcoin Ordinal inscriptions launched on Magic Eden’s Bitcoin Ordinals marketplace.
Betty highlighted DFZ Labs’ vision to unite gamers, creators, and Ordinals enthusiasts within a collaborative framework on Bitcoin, emphasizing the potential to leverage Bitcoin’s security and decentralization for building a gaming ecosystem.
In response to the market feedback, Bits announced a reduction in the cost of minting a Bits inscription from 0.006 BTC to 0.002 BTC, and a decrease in the total supply to 3,000 inscriptions. The minting process would be open to the public for 15 hours, with further details available on the project’s Discord server.
Regarding refunds for collectors who minted Bits inscriptions at a higher price, the project assured that collectors could opt for a refund of the price difference or receive additional Bits.
While acknowledging the project’s ambitious nature, Betty refuted claims of a cash grab, emphasizing the project’s genuine direction and development objectives. Despite the setback, Betty expressed gratitude for the feedback received and affirmed the team’s commitment to overcoming the current challenges and realizing the project’s vision.