After Bitcoin Cats Oversubscribed by $100 Million, Can BakerySwap Replicate the IDO "Wealth Creation Myth"?
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After Bitcoin Cats Oversubscribed by $100 Million, Can BakerySwap Replicate the IDO "Wealth Creation Myth"?
What other Bitcoin-based blockchain gaming projects are worth watching?
Navigating Web3 tides with focused insightsBy flowie, ChainCatcher
Following the NFT boom in the Bitcoin ecosystem, enthusiasm is now spreading into gaming applications.
On December 19, BakerySwap—an AMM and NFT exchange on BNB Chain—announced that its first BRC IDO project, Bitcoin Cats, a Bitcoin-based game, achieved 150x oversubscription. A total of 37,383 ETH, 73 million BAKE tokens, and other cryptocurrencies participated in the IDO, amounting to $106 million in USDT.
Subsequently, on December 20 at 4:00 PM, Bitcoin Cats opened trading for its 1CAT token on Ethereum, with an opening price surge exceeding 15x and currently quoted at $0.007. According to Lookonchain monitoring, the first address to purchase the token spent 603.13 ETH (approximately $1.33 million) acquiring 413.89 million 1CAT tokens. It then sold 3.892 million 1CAT for 759 ETH (about $1.68 million), earning 156 ETH (around $345,000) within 15 minutes. Bitcoin Cats also noted that due to congestion on the Bitcoin network, 1CAT launched first on Ethereum, with distribution on Bitcoin expected in the coming days.
The success of Bitcoin Cats has significantly boosted the price of BakerySwap's native token BAKE, pushing it above $0.38 and achieving over 50% growth in 24 hours. Today, BakerySwap announced its second Launchpad project will only accept BAKE and 1CAT tokens for participation, prompting BAKE to rise above $0.45—a 24% increase over 24 hours—and currently trades at $0.42.
The wealth-generation narrative around Bitcoin Cats has triggered FOMO across the blockchain space. Can BakerySwap replicate this "wealth-making" IDO success and become a leading launchpad? Could Bitcoin Cats ignite a wave of blockchain gaming on Bitcoin? And which Bitcoin-based gaming projects are worth watching?
After Raising Over $100 Million, Can BakerySwap Replicate the IDO 'Wealth-Making' Miracle?
BakerySwap is a veteran AMM and NFT exchange on BNB Chain, established in 2020 and backed by Binance’s $100 million Seed Fund in April 2021. The successful 150x oversubscribed IDO of BitcoinCats marks a strong start for BakerySwap's strategic expansion into the Bitcoin ecosystem.
As BakerySwap’s inaugural BRC-sector IDO project, Bitcoin Cats captured significant attention by combining narratives of “Bitcoin ecosystem + GameFi + NFT.” According to its X platform presence, BitcoinCats joined X in August 2021 but only officially announced its Bitcoin-based game on December 6. It now boasts over 170,000 followers on X and more than 16,000 members in its Telegram group.
According to its official website, BitcoinCats positions itself as a GameFi platform within the Bitcoin ecosystem, aiming to bring Bitcoin assets such as BRC20 and Ordinals NFTs onto Ethereum and other Layer 2 networks. It plans to offer various gameplay features including Play-to-Earn, staking, farmland, and SocialFi—all presented in a pixelated cartoon style.
The $1CAT token, which surged over 15x at launch, serves as the native utility token of the BitcoinCats ecosystem. Initially inscribed on Bitcoin, part of the supply was bridged or wrapped to Ethereum. $1CAT can be used to purchase and upgrade in-game assets such as avatars, pets, and equipment. With a total supply of 10 billion tokens, 20% was allocated to the Launchpad, 20% for liquidity, 15% to the team, and 45% reserved for player rewards. While $1CAT trading is currently live on Ethereum, Bitcoin-based trading is expected soon. Exchange Bitget has announced it will list the $1CAT/USDT trading pair on December 21 at 11:00 UTC.
Additionally, BitcoinCats stated that $1CAT could also function as a meme coin, symbolized by an adorable cat.
BitcoinCats has also launched BitcoinCats NFTs—a collection of 10,000 pixel-art cats inscribed via Ordinals. Users can gain eligibility to claim these NFTs by staking $1CAT tokens. However, key sections on the official site such as the “Game Metaverse” and “FARMLAND” gameplay remain inaccessible for now.
Post-IDO, BitcoinCats released a roadmap outlining initial steps: launching a staking campaign to secure whitelist spots, followed by the release of its first 3D metaverse game.
BitcoinCats also plans regular airdrops of whitelist slots and in-game assets. Players must follow instructions such as downloading random pixel-cat images from the website and using them as social media profile pictures.
Beyond leveraging the popular Bitcoin ecosystem narrative, the success of BitcoinCats and $1CAT owes much to collaborative partnerships with platforms like BakerySwap.
As early as November, BakerySwap declared its readiness for the bull market, aiming to identify 100x projects, provide high-quality NFT and GameFi liquidity, and expand into the Bitcoin ecosystem. For the BitcoinCats IDO, participants could use ETH, BAKE, or other tokens within the BakerySwap ecosystem. This 150x oversubscription resulted in mutual gains—BitcoinCats gained traction while BAKE’s price surged over 50%.
In addition to BakerySwap, BitcoinCats also conducted an IDO through TurtSat, a launchpad focused exclusively on the Bitcoin ecosystem. TurtSat previously launched notable BRC-20 projects such as asset protocol CHAX, cross-chain bridge MUBI, and Ordinals aggregator NHUB—all of which performed strongly post-launch—earning TurtSat a reputation as a wealth-generating IDO platform.
With BitcoinCats’ IDO success, what will be BakerySwap’s next project? Can it sustain momentum and join platforms like TurtSat as a premier wealth-generating launchpad?
This afternoon, BakerySwap announced its second BRC-track Launchpad project, accepting only BAKE and $1CAT tokens for participation—prompting BAKE to spike above $0.45, rising over 24% in 24 hours, and currently trading at $0.42.
Will Bitcoin Cats Ignite the Bitcoin Gaming Narrative? What Other Projects Are Worth Watching?
Bitcoin Cats’ claim as the “first blockchain game in the Bitcoin ecosystem” has given it a strong narrative advantage, capturing broad interest from crypto users. Platforms like BakerySwap have clearly signaled that this bull cycle will focus heavily on Bitcoin, GameFi, and NFTs.
The success of BakerySwap and Bitcoin Cats may inspire more launchpads and Bitcoin-based games to push forward the Bitcoin gaming narrative and create new wealth stories. Beyond Bitcoin Cats, several emerging Bitcoin gaming projects are already gaining attention.
ORDZ GAMES: Claims Title of First Bitcoin Ecosystem Game, Plans IDO on Alexlab Soon
Like Bitcoin Cats, ORDZ GAMES claims to be the first blockchain game in the Bitcoin ecosystem—but actually launched earlier, back in March. It conducted two rounds of free mints and distributed brc20 token rewards.
ORDZ GAMES’ flagship title is a tank battle game, with additional mini-games inspired by titles like “Sheep Game,” spaceship adventures, and others. Players access games directly through inscription explorers. By playing, users earn points redeemable for tokens. Currently, ORDZ GAMES has over 48,000 followers on X and over 10,000 members in its Discord community.
Recent posts on X revealed that ORDZ GAMES has changed its token ticker from $OG to $ORDG, with a 1:1 swap ratio. A snapshot of wallets holding $OG will be taken at 9:00 PM Hong Kong time on December 26, and $ORDG redemption will begin on January 5, 2024, at http://ordz.games.
Moreover, ORDZ GAMES plans to conduct an IDO in the coming weeks in partnership with Alexlab, a protocol within the Stacks ecosystem. The Alexlab community will vote on December 23—if approved, $ORDG would become the first gaming token issued on Alex Launchpad.
Bitmap: Claims to Be Bitcoin’s First Metaverse Project; BRC-420 Protocol Gains Viral Popularity
Bitmap bills itself as the first metaverse project in the Bitcoin ecosystem, proposed by Twitter user @blockamoto on June 13, 2023, built upon Ordinals Theory and Bitmap Theory, primarily focused on selling virtual land.
Shortly after launch, Bitmap achieved a 440% increase in sales volume over seven days. After months of dormancy, its floor price recently hit a new high above 0.007 BTC—over ten times higher than its August price. Bitmap now has over 30,000 holders, and its NFT market cap has surpassed the combined valuations of The Sandbox LAND and Otherside’s Otherdeed plots.
Recently, the BRC-420 protocol built on Bitmap assets has gone viral. Focused on metaverse and gaming, BRC-420 enables complex digital assets by combining multiple inscriptions—from small characters and pets to full game scripts and even virtual machines.
The first BRC-420 asset, the Blue Box, launched on September 14 with a total supply of 10,000 and a mint price of 0.1u. Its current floor price exceeds 23,000 U, delivering astonishing returns and triggering chain-wide FOMO. Solana’s red-box NFT BIRU saw a buying frenzy after being compared to the BRC-420 Blue Box.
Dark City: Claims to Be Bitcoin’s First Multiplayer Role-Playing Game
Dark City is the first MMORPG built on Bitcoin, creating an open world leveraging multiple protocols including Bitmap, Ordinals, and TA. It currently has over 6,600 followers on X.
In Dark City, players can take on roles such as hackers, leaders of futuristic cults, or CEOs of criminal empires. They can build gangs, homes, companies, and religious cults on lands based on Bitmap. Each region and plot comes with unique traits and token rewards.
Dark City’s native token DRK has a total supply of 1 million, issued on the Bitcoin network. Its NFT collections, including Biometric Scans and Chipsets, are listed on MagicEden with a floor price of 0.0004 BTC and held by 2,100 owners.
BTC PixelWars: Claims to Be the First Cross-Chain Multiplayer Game in the Bitcoin Ecosystem
Launched in November and deployed on Ordinals, BTC PixelWars calls itself the first cross-chain multiplayer game in the Bitcoin ecosystem. It currently has over 5,900 followers on X.
In BTC PixelWars, players place individual pixels on a shared canvas to collaboratively create artwork. Each placed pixel earns players 10 $BPIX tokens and potential Bitcoin ecosystem NFT rewards.
The pixel war consists of 2.1 million pixels, each priced at 0.000033 BTC. $BPIX has a total supply of 21 million, though fewer than 200,000 pixels have been submitted so far.
Rabbit: Claims to Be the First Gaming Platform in the Bitcoin Ecosystem
According to its website, Rabbit brands itself as a gaming platform within the Bitcoin ecosystem, committed to delivering secure, scalable, and premium online gaming experiences. The platform hosts multiple games including Block Game, Space Dominion, Rainbow Garden Adventure, and Realm Awakening. Rabbit currently has 86,000 followers on X.
The Rabbit token Rait has a total issuance of 10 billion (with 7 billion immediately burned), leaving an actual circulating supply of 3 billion. Rait was also an IDO project on TurtSat. It currently trades around $0.003 with a 24-hour trading volume exceeding $11 million.
Conclusion
Compared to inscriptions, blockchain games require longer development cycles and sustained community engagement to deliver compelling content. Most Bitcoin-based games today remain largely conceptual, centered around the “Bitcoin ecosystem” narrative, with associated tokens often resembling meme coins.
Looking ahead, as Layer 2 solutions and sidechains mature within the Bitcoin ecosystem, there is growing potential for truly valuable, application-rich blockchain games to emerge—making this space one to watch closely.
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