Yuga Labs Introduces Bitcoin Ordinals NFT Kit Called “TwelveFold”
Yuga Labs is bringing new NFTs to the Bitcoin blockchain, introducing a Bitcoin Ordinals collection called TwelveFold on February 28.
Yuga Labs is bringing new NFTs to the Bitcoin blockchain, introducing a collection called TwelveFold on February 28. The collection is a limited edition of 300 generative pieces “inscribed on satoshis” on the Bitcoin network.
The renowned NFT studio, which owns the likes of Bored Ape Yacht Club, described the NFTs as those that “represent a complete art project and will have no other use or interact with or be related to any past, ongoing or future Ethereum-based Yuga -projects.” The art itself was created by Yuga Labs’ in-house team using 3D modeling, algorithmic construction, and advanced rendering tools.
Yuga Labs stated that the auction for the TwelveFold collection would take place later this week. Those interested will be notified 24 hours in advance. The token for bidding is Bitcoin and the artwork will require an empty BTC address.
NFTs have recently made their way to Bitcoin thanks to the Ordinals protocol, which has received a lot of attention recently. The number of ordinals generated through this protocol has crossed over 100,000, and it may lead to NFTs on Bitcoin becoming a more established idea. However, there are also signs that interest may decline.
Will Bitcoin Ordinals Popularity Keep Going?
Last week saw a sudden surge in activity in the Bitcoin network as Ordinals took over the blockchain. Ordinals allow the inscription of what are essentially NFTs in one Satoshi, the smallest unit of a bitcoin. The result was that Bitcoin’s mempool, taproot exploitation, and enrollment fee rates began to explode, although they have since fallen.
It’s hard to tell if the trend is really starting to slow down as the community discussion about the potential of Ordinals continues. Also, Yuga Labs TwelveFold NFT collection is sure to attract a lot of attention. Glassnode certainly does not seem to think that there is a concern about the crowding out of cash transactions.
Mempool now a little more clear
Ordinals have actually made everyone take a closer look at the Bitcoin network. Since its explosion in popularity, for example, the average size of transactions has increased by over 100% to 1100 bytes.
However, there is no doubt that this is possibly a trend that could decline in the coming weeks. The mempool is more cleaned out than it was in the middle of the month. One thing to note is that Ordinals may herald a new phase for the Bitcoin network.
Disclaimer
BeInCrypto has reached out to the company or person involved in the story for an official statement on the latest development, but has yet to hear back.
