- The NFT Collection is named TwelveFold features 300 digital art pieces by Yuga Labs
- Will serve as a “Visual allegory for the cartography of data on the Bitcoin Blockchain”.
- Yuga Labs clarified the new NFT Collection won’t come with extended utility or has any affiliation with other collections.
With the announcement of Yuga Labs’ new NFT Collection launching, crypto experts believe this will be a contributory factor for boosting cryptocurrency values. Yuga Labs has made headlines with its explosive success with Bored Ape Yacht Club (BAYC) in April 2021. It would have been appropriate to anticipate another NFT collection to disrupt the ongoing valuation of its Bitcoin-based Prdinal protocol.
Yuga’s Plans for the TwelveFold NFTs Collection
Yuga Labs has been a huge success among crypto users, especially those preferring Ethereum over other cryptocurrencies. Their last artwork from Ordinal Punks had one of its NFTs valued at a whopping 9.5 Bitcoins totaling nearly $214,000.
In order to incentivize this NFT Collection, yuga Labs plans to open it for auctions during the first week of March. They have also encouraged their audience to open Bitcoin Wallets before the mint.
TwelveFold and its Allegory
The TweveFold is devised to be a limited NFTs collection of 300 generative digital art pieces. These art pieces explore the relationship between time, mathematics, and variability. It is created using 3D modeling and algorithmic construction and inscribing on Satoshis and crafts in-house by Yuga Labs’ Art Team. Satoshis are the smallest denomination of the Bitcoin Cryptocurrency. It makes the relativity of their art and the meaning behind it comprehensible as an inscribed satoshi can be located by tracking when it was minted in time using Yuga’s Ordinal Theory Protocol.
After Meebits NFTs, Crypto Punks NFTs, Otherside Meta, and 10KTF Shop, the TwelveFold is expected to be the “next big thing” from Yuga Labs, keeping its independency at the forefront.
Inscription instead of a Fungible Digital Currency
Satoshi is 1/100,000,000th of a Bitcoin and through inscription, creators can connect data to an individual Satoshi. Through this, even a single Satoshi can operate as non-fungible and allows NFTs to live on the Bitcoin Blockchain. However, a Bitcoin is still a Fungible Digital Currency therefore inscription is required in order to enable NFTs on its Blockchain.
In their recent update, Yuga Labs shared with their audience that the evolution of Bitcoin has been majorly seen with an upwards perspective. However, the next advancements will be taking place on minute levels and one example of this is the inscription on Satoshis. Such development would require specific infrastructure and tooling and this can open up a whole new horizon for opportunities for those who get it from the basics.
It can be very interesting to anticipate if Yuga Labs would be the first of the few Crypto Companies to explore this technology and how will they take it forward. It can also be meant to bring multiple blockchains together and develop this in partnership.