After the Bitcoin Ordinals gaming project Bits faced lower demand than anticipated in its late Tuesday launch, the project announced a reduction in prices and the total supply of its assets on Wednesday.
Betty, a co-founder of DFZ Labs, the creative studio incubating Bits, took to Twitter to express resilience, stating, “A stumble at the start never determines the rest of the journey. While we own misjudging the market for supply and price here, we’re moving forward with an amazing team and adjusted supply/price.” Betty did not immediately respond to Decrypt’s request for comment.
DFZ Labs, known for the Ethereum-based Deadfellaz NFTs, initiated Bits as a collection of 10,000 Bitcoin Ordinal inscriptions on Magic Eden’s Bitcoin Ordinals marketplace.
In a recent statement, Betty revealed DFZ Labs' support for creating a collaborative framework on Bitcoin that unites gamers, creators, and Ordinals enthusiasts. The ultimate goal was to involve a core team collaborating with Bits asset holders to collectively develop a playable game for public release.
Betty highlighted the potential of building a gaming ecosystem on Bitcoin around Ordinals, leveraging Bitcoin’s security, stability, and decentralization. The project aimed to provide indie developers with financial incentives and opportunities from the Bitcoin ecosystem to create games that gamers genuinely want to play.
The Bits Twitter account announced a reduction in the cost of minting a Bits inscription to 0.002 BTC (just over $100) from 0.006 BTC (around $300), accompanied by a cut in supply to 3,000 inscriptions from the original 10,000.
Further details were provided on the project’s Discord server, indicating that the mint would be open to the public for 15 hours. In response to queries about potential refunds for collectors who minted at a higher price, Bits stated that collectors could choose a refund for the difference or receive additional Bits.
Despite facing criticism suggesting the Bits project was a cash grab, Betty defended its ambition. “The market definitely spoke with this one; yes, I agree. It was ambitious, but not a cash grab—there is very real direction and [development] that warrants such a runway,” Betty stated. She acknowledged the misalignment with market conditions but expressed determination to overcome this hurdle.
“I appreciate your feedback and also the Deadfellaz love,” Betty concluded.