Yuga Labs Launches “TwelveFold”, an NFT Collection on the Bitcoin Blockchain
Right, they’re not exact NFTs. Nevertheless, ‘TwelveFold’ is the name of Yuga Labs’ new venture to build creatively on Bitcoin. There has been considerable hype and interest in this unique corner of the NFT community, fueled by curiosity and fueled by your daily crypto dough. It has led to a very “underground” feeling that is sure not to last much longer – as things often move quickly in this space.
What are Bitcoin NFTs all about? First: they are ‘ordinals’, not NFTs. And now that Yuga Labs is jumping in, we may find that this newfound interest from NFT collectors may not just be a fad.
What is an Ordinal?
In early February, we did a deep dive into the rise of Bitcoin buzzwords. Ordinals are effectively the Bitcoin equivalent of smart contract NFTs, without the smart contracts. That has made them much more rigid and difficult to maneuver around compared to the smart contract options that most users have become accustomed to today.
Unlike ERC-based smart contract NFTs, Bitcoin ordinals are just satoshis tied to specific content. However, just like “traditional NFTs” that we know and love, ordinals are actually “on the chain.”
Interest in ordinal’s uniqueness and ties to the most iconic cryptocurrency of all time has engaged the NFT community. Now it’s Yuga Labs’ turn to get involved – arguably the biggest conglomerate in NFTs, Yuga Labs oversees flagship projects like Bored Ape Yacht Club and CryptoPunks, and will look to expand its reach into Bitcoin now too:
Introducing TwelveFold. A limited edition collection of 300 generative pieces, written in satoshis on the Bitcoin blockchain. pic.twitter.com/PjWABKKBr4
— Yuga Labs (@yugalabs) 27 February 2023
Yuga Labs is unleashing a project via ordinals - the 'NFTs of Bitcoin.' | Source: BTC-USD on TradingView.com
TwelveFold: Yuga Labs enters the mix
Yuga Labs has launched a website for TwelveFold and signaled that a 300-piece limited edition project on Bitcoin is on the way. The NFTs (or in this case ordinals) will be generative pieces and will “represent a complete art project.” Yuga has explicitly stated that the TwelveFold project “will not have any other benefit or interact with or be related to any past, ongoing or future Ethereum-based Yuga projects.”
TwelveFold arguably adds a huge layer of legitimacy to an already hyped corner of NFTs. Considering the price tags that many of Yuga Labs’ other NFT collections carry, we wouldn’t be surprised to see TwelveFold take big bucks from some of the top users in NFTs, given the extremely limited supply compared to others Yuga coins to date.
Much like the early days of NFTs themselves, the long game of Bitcoin ordinal inscriptions is about as murky and unclear as it gets. That’s undoubtedly part of the beauty behind this place – you can wake up one day and a whole new corner of the ecosystem can come alive. We’ll see what tomorrow brings.
