Yuga Labs is experimenting with Bitcoin Ordinals in launching a new NFT collection
Yuga Labs, a major Web3 player, is launching the new generative art collection of 300 NFTs inscribed onto satoshis, Bitcoin’s smallest units.
TwelveFold’s NFT collection to launch on Bitcoin’s blockchain
TwelveFold, the new Yuga Labs collection, will soon be live on Bitcoin’s blockchain using the Ordinal protocol capabilities. The collection, which has 300 pieces, will have its inscription; hence it’s connected to a specific satoshi and is unique.
The collection is a base-12 art system localized around a 12 by 12 grid representing the cartography of data on Bitcoin’s blockchain. It features hand-drawn elements and 3D elements, which are a tribute to the ordinal inscriptions which are so far hand drawn.
Every satoshi in the collection is trackable when minted through the Ordinal Theory protocol. This concept has gained much traction after its release on the Bitcoin mainnet last month.
The TwelveFold collection, as Yuga Labs says, looks into the relationship between variability, time, and mathematics. The base-12 system on the collection is the visual allegory for the non-uniform calculation base, which is non-uniform, to measure time and varies from base 60, which means 60 minutes a minute, 60 minutes an hour, to base 12, meaning 12 months a year.
Yuga Labs mentions that its decision to go after both collection forms and issues on Bitcoin was a departure from the norm set for the firm.
The high-profile nature of TwelveFold’s release and its limited pieces has set an auction-style environment whereby bids are Bitcoin-based. Bidders need a self-custodial Bitcoin wallet to participate. Furthermore, they need an empty Bitcoin address to receive their NFT if their bid is successful.
Bitcoin Ordinals’ popularity in the last weeks peaked
Ordinals have brought more attention to the Bitcoin network. Since they came about, they have gained traction; for example, its mean size of transactions has grown over 100% to 1100 bytes.
The growth has led to taproot utilization, Bitcoin’s mempool, and inscription fee rates exploded. However, the activity has dropped over the weeks. Currently, the mempool is cleared out more than it was mid-month. Notably, Ordinals could lead the next Bitcoin network’s phase.
Meanwhile, Yuga Labs will announce the auction 24 hours before the drop on its news site and social media platforms.