Yuga Labs Jumps On Ordinals Hype, Dookey Dash Key Sells For 1000 ETH And More…
Bored Ape Yacht Club (BAYC) creators Yuga Labs have announced a new Bitcoin NFT collection called “TwelveFold”.
The move was announced via Twitter on February 28, with Yuga Labs unveiling 300 tokenized computer-generated artworks as part of the TwelveFold collection that will go up for auction later this week.
In an accompanying blog post, Yuga Labs explained the concept behind the collection is based on math, time and the Bitcoin blockchain.
“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,” the post reads, adding that:
“Satoshis are the smallest individually identifiable units of a Bitcoin. An inscribed satoshi can be located by tracking when that satoshi was minted in time via the Ordinal Theory protocol.”
“Inspired by this, our collection explores the relationship between time, mathematics and variability,” it explained.
Yuga Labs cited the recent buzz around Bitcoin NFTs, or Ordinals, as the reason they chose to drop a collection on the network.
“Walking into Ordinal’s Discord a month ago felt like getting a glimpse of the 2017 Ethereum NFT ecosystem. That’s the kind of energy and excitement we love at Yuga,” the firm stated.
Search down, switch up
According to Google Trend data, search interest in NFTs has fallen to levels not seen since early 2021 – before the NFT boom – suggesting interest may be waning for non-fungible tokens.
However, NFT trading volume data from February suggest otherwise.
Google Trends uses a calculation of 0-100 to show interest in various search terms that people look up in the search engine. Between February 19 and February 25, the keyword “NFTs” scored just seven out of 100 points.
Such levels have not been seen since early to mid-January 2021, while there has been a sharp decline since the all-time high of 100 between January 23 and January 29, 2022.
However, NFT trading volume in February paints a different picture.
According to data from CryptoSlam, there has been $997.14 million in global NFT sales for the month, following $1 billion posted in January.
These levels bring the NFT market back to June 2022 and its sales of $982 million, before falling to a low of $460 million in October 2022.
Recently, sales volume has been on a significant rise, with the launch of the trade-friendly marketplace Blur as a major contributor behind this.
Twitch streamer sells Dookey Dash key for 1000 ETH
The man who won the Golden Key NFT for posting the highest score on the BAYC-affiliated Dookey Dash game has sold the token for 1,000 Ether (ETH), or roughly $1.63 million.
Twitch streamer Kyle Jackson, also known by his online pseudonym Mongraal, first received the key on February 16 after scoring a whopping 928,522 points during the Dookey Dash competition hosted by Yuga Labs.
Mongraal announced on February 27 that it had agreed to sell the key to Adam Weitsman, BAYC NFT holder and CEO of scrap metal shredding company Upstate Shredding.
The Golden Key is bound to unlock something special from Yuga Labs, but the specific details have yet to be revealed.
Polygon establishes another important partnership
The Polygon Foundation, the non-profit organization behind the Ethereum layer 2 scaling network Polygon, has partnered with South Korean multinational conglomerate Lotte Group to host the firm’s NFT projects.
According to a February 27 announcement from Lotte’s marketing and NFT hub, Daehong Communications, the partnership will see Lotte’s avatar-based NFT project BellyGom transferred to Polygon from the Klatyn network.
The project will be renamed BellyGom Season 2, and the NFTs offer hodler benefits linked to Lotte’s product and service lines such as shopping discount vouchers and hotel vouchers. New additional benefits have been teased going forward, but details were sparse in the announcement.
Lotte has close to 100 different business units across areas such as fast food, candy production, electronics and hotels. As of September 2022, the firm is estimated to have around $15 billion worth of assets on its balance sheet.
Looking more broadly, the firm has outlined intentions to develop its Web3 initiatives in partnership with Polygon, as Lotte looks to expand its NFTs to a global audience and develop “a new NFT business model rather than just issuing NFT -is.”
Related: Blur is chasing OpenSea market share, but its success depends on upcoming governance proposals
The move adds to Polygon’s growing list of partnerships with major brands such as Startbucks, Adidas, Adobe and Prada.
Other good news
According to a survey by the metaverse platform, Metajuice, nearly three out of four NFT collectors on the platform buy NFTs for status, uniqueness and aesthetics. On the other hand, 13% percent of survey participants said they buy NFTs to resell them in the future.
A group of well-known Japanese technology companies agreed on February 27 to forward the creation of the “Japan Metaverse Economic Zone. Along with the creation of the Japan Metaverse Economic Zone, the agreement focuses on building an open metaverse infrastructure called “Ryugukoku”, which will trigger the next wave of metaverse development.
