Feb 28, 2023
Yuga Labs Launches Limited Edition NFT Collection on Bitcoin Blockchain
Yuga Labs has unveiled a new NFT collection on Bitcoin, dubbed “TwelveFold,” that will go up for auction later this week. The collection consists of 300 tokenized computer generated artworks inscribed on satoshis on the Bitcoin blockchain.
According to a blog post from Yuga Labs, the concept behind the TwelveFold collection is based on mathematics, time, and the Bitcoin blockchain. The post reads, “TwelveFold is a base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain. 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.”
Yuga Labs cited the recent buzz around Bitcoin NFTs, or Ordinals, as the reason why it chose to drop a collection on the network. They stated, “Stepping into the Ordinals Discord a month ago felt like getting a glimpse of the 2017-era Ethereum NFT ecosystem. It’s the type of energy and excitement we love at Yuga.”
The instructions on how to acquire the TwelveFold collection involves running a self-custodial Bitcoin wallet, requires an empty Bitcoin address, and all bids will be in bitcoin. They also provide a guide to Bitcoin UTXOs.
Search down, trading up
Despite Google Trend data suggesting that search interest for NFTs has fallen to levels not seen since early 2021, NFT trading volume data from February tells a different story. According to data from CryptoSlam, there has been $997.14 million worth of global NFT sales for the month, following on from the $1 billion posted in January.
The Golden Key NFT, which was awarded to Twitch streamer Kyle Jackson, also known by his pseudonym Mongraal online, after he posted the highest score on the BAYC-affiliated Dookey Dash game, has been sold for 1,000 Ether (ETH), or roughly $1.63 million.
Polygon Foundation, the non-profit organization behind Ethereum-layer 2 scaling network Polygon, has partnered with South Korean multinational conglomerate Lotte Group to host the firm’s NFT projects. The partnership will see Lotte’s avatar-based NFT project BellyGom ported over to Polygon from the Klatyn network and rebranded as BellyGom season 2.
The move adds to Polygon’s growing list of partnerships with major brands such as Startbucks, Adidas, Adobe and Prada.
According to a survey from metaverse platform, Metajuice, almost three out of four of the NFT collectors on its platform purchase NFTs for status, uniqueness and aesthetics. On the other hand, 13% percent of the survey participants said that they are buying NFTs to resell them in the future.
A group of well-known Japanese tech companies agreed on Feb. 27 to forward the creation of the “Japan Metaverse Economic Zone.” Along with creating the Japan Metaverse Economic Zone, the agreement focuses on building an open metaverse infrastructure called “Ryugukoku,” which will spark the next wave of metaverse development.
NFTs have been gaining immense traction in the crypto space, with the NFT market reaching its all-time high in January 2022. As a result, many firms are looking to cash in on the opportunity presented by the NFT market. NFT marketing agencies have been popping up, offering services such as NFT promotion, Twitter NFT marketing, and selling NFTs.
Yuga Labs’ TwelveFold collection is just the latest in a series of NFT projects, and it will be interesting to see how it fares in the market.
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