Yuga Labs launches Ordinal Inscription NFT Collection Twelvefold

On February 28, Yuga Labs announced Twelvefold, their latest contribution to the world of non-fungible tokens.

On the back of the Ordinal inscription craze, the firm unveiled a limited edition collection of 300 generative pieces inscribed with Satoshis on the Bitcoin blockchain.

The announcement described the collection nomenclature as:

“TwelveFold is a base 12 art system located around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”

Yuga stated that the TwelveFold auction will “launch later this week,” with a 24-hour notice period giving the exact time.

Yuga Labs optimistic on ordinals

Ordinals are NFTs that can be “written into” one Satoshi, the smallest denomination of a Bitcoin, and remain permanently on the blockchain. The official documentation labels the individual assets as “digital artifacts” rather than NFTs.

They were made possible by Bitcoin’s Taproot upgrade in November 2021, which brought programmability and smart contract capabilities to the network.

They’ve taken the crypto world by storm this year, with more than 200,000 signed up, according to Dune Analytics.

The Twelvefold collection includes highly rendered 3D elements as well as hand-drawn features. These serve as “homage to the ordinary inscriptions currently done by hand,” it noted.

The company was optimistic about the future of Ordinals and that it was not just another crypto craze.

“We expect this technology and the ecosystem around it to evolve and become more sophisticated over time, but we don’t expect it to evolve in the same way that other blockchain NFT ecosystems have.”

Bitcoin building and smart contract platforms like Stacks (STX) have surged in the past month on the back of the Ordinals hype.

NFT Ecosystem Outlook

NFT sales have yet to follow the recovery of cryptoasset markets. They are still way down from the same time last year when there were more than 60,000 sales per day, according to Nonfungible.com’s market tracker.

Currently, the daily sales figure is only 7,400. In dollar terms, daily volume is down about 66% from the same time last year, except for a few spikes when new collections are launched.

Cryptoslam reports that the most popular NFT collection this past week remains BAYC, with $26 million in secondary sales.