On Tuesday, Yuga Labs, one of the leading non-fungible token players and the company behind Bored Ape Yacht Club, announced the debut of an original and experimental NFT collection consisting of 300 works of generative art on the Bitcoin Blockchain.
Yuga Labs sets eyes on the Bitcoin Ordinals
The attractiveness of Ordinals Inscriptions, the most recent craze to sweep the NFT market, is now indisputable. Yuga Labs, a key Web3 power player, has indicated its intention to enter the nascent market sector at the same time as both new and established creators. Yuga labs has ignored the fears of crypto maximalists that Bitcoin NFTs are straining the world’s oldest blockchain.
Yuga Labs, the developers of the immensely famous Bored Ape Yacht Club, unveiled “TwelveFold,” a new experimental NFT collection, on February 27. The upcoming project, which was briefly mentioned on Twitter, would be substantially smaller than the larger Yuga ecosystem and will include no more than 300 pieces.
Importantly, the collection will not interact with or be tied to any past, present, or future Yuga-based Ethereum initiatives. The collection pieces will be minted using the Ordinal Theory protocol and written onto satoshis – the smallest recognizable Bitcoin units. The ordinal NFT collection is said to be inspired by the relationship between time, mathematics, and variability.
According to Yuga Labs, the TwelveFold collection auction will take place later this week. A 24-hour notice will be given to those who are interested. Bitcoin will be used as the bid currency, and an empty BTC address is needed to purchase the artwork.
Details of the “TwelveFold” NFT project
Unlike previous Yuga projects, the TwelveFold collection was created entirely in-house by Yuga Labs’ art team using 3D modeling, algorithmic construction, and high-end rendering techniques. These rendering approaches, according to Yuga, provide high-fidelity outputs, which often need enormous quantities of data to store and can be costly for artists.
Twelvefold is a base 12 system that will be hosted on a 12×12 grid, making it “a visual analogy for the mapping of data on the Bitcoin blockchain. Yuga appears to have avoided these storage and budgetary limits by using Ordinals Inscriptions.
The collection will comprise highly rendered 3D pieces as well as hand-drawn elements that pay homage to existing Ordinal Inscriptions, the majority of which are currently done by hand.
Ordinal protocol, created by Casey Rodarmor, provides satoshis with a unique identifier that enables them to be monitored and exchanged. Each satoshi is assigned a sequential number and afterward encoded with data in the form of images, documents, or videos, and hosts an individual’s art on a chain.
What lies ahead for the TwelveFold project and BTC Ordinals?
The Bitcoin network experienced a significant increase in activity last week as Ordinals took control of the blockchain. As a result, Bitcoin’s mempool, taproot usage, and inscription fee rates began to skyrocket, but they have since decreased.
Although the community continues to examine the potential of Ordinals, it is difficult to tell if the trend is truly beginning to abate. In addition, Yuga Lab’s TwelveFold NFT collection is certain to get a great deal of attention. Glassnode clearly does not appear to be concerned about the smothering of monetary transactions.
Due to the high-profile nature of this drop and the restricted quantity of available pieces, TwelveFold will be released in an auction-style format, with all Bitcoin bids accepted. Bidders will require a self-custodial Bitcoin wallet and an empty Bitcoin address to get a piece if their bid is successful.
The precise moment of the auction will be published 24 hours before the drop via Yuga Labs’ social media platforms and the company’s official news blog. In addition, users can access the TwelveFold website for further information about the project. And for further information about Ordinals Inscriptions, Yuga advises users to review this guide prior to the auction in order to be prepared.
According to data from Dune Analytics, as of February 27, more than 202,800 Ordinals have been mined on the Bitcoin blockchain.
