The floor price of Quantum Cats NFTs plummeted after the Taproot Wizards mint incentives ended, contrasting sharply with the relative stability of other Bitcoin NFT collections.
The following is an excerpt from The Block's data and insights newsletter.
Last week, the floor price of the Bitcoin NFT Quantum Cats was 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 instance, during the same period, the prices of NodeMonkes and Bitcoin Puppets only declined by 5% and 8%, respectively.
The significant decline of approximately 54% in the floor price of Quantum Cats is related to the recent Taproot Wizards minting activity that started on March 25.
Quantum Cats holders enjoyed discounts during the Taproot Wizards minting, incentivizing people to purchase and hold these NFTs before the mint. Specifically, collectors who owned paired 'entangled' Quantum Cats were able to enjoy a 50% discount on the minting price, reducing it from 0.2 BTC to 0.1 BTC. However, after the Taproot Wizards mint ended, those who only purchased and held Quantum Cats for the discount lost the motivation to continue holding these NFTs, prompting them to sell, embodying 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 the relative significant premium it held since the end of 2024 due to expectations and speculation around the Taproot Wizards mint.
