On Feb. 28, Yuga Labs announced Twelvefold, its latest contribution to the world of nonfungible tokens.
Riding on the back of the Ordinal inscription craze, the firm unveiled a limited edition collection of 300 generative pieces inscribed on Satoshis on the Bitcoin blockchain.
The announcement described the collection nomenclature as:
“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.”
Yuga stated that the TwelveFold auction will “launch later this week,” with a 24-hour notice period providing exact timing.
Introducing TwelveFold. A limited edition collection of 300 generative pieces, inscribed on satoshis on the Bitcoin blockchain.https://t.co/aFWEIhzqcI pic.twitter.com/PjWABKKBr4
— Yuga Labs (@yugalabs) February 27, 2023
Yuga Labs Optimistic on Ordinals
Ordinals are NFTs that can be “inscribed” 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 have taken the crypto world by storm this year, with more than 200,000 being inscribed, according to Dune Analytics.
The Twelvefold collection includes highly-rendered 3D elements as well as hand-drawn features. These serve as “homage to the ordinal inscriptions currently done by hand,” it noted.
The company was optimistic about the future of Ordinals and that it wasn’t just another crypto craze.
“We expect this technology and the ecosystem around it to evolve and become more sophisticated over time, however, we don’t expect it to evolve in the same ways other blockchain NFT ecosystems have.”
Bitcoin building and smart contract platforms such as Stacks (STX) have surged over the past month on the back of Ordinals hype.
NFT Ecosystem Outlook
NFT sales have yet to follow crypto asset markets into recovery. 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.
At the moment the daily sales figure is just 7,400. In dollar terms, the daily volume has decreased around 66% from the same time last year, aside from a few spikes when new collections are launched.
Cryptoslam reports that the most popular NFT collection over the past week remains BAYC, with $26 million in secondary sales.
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