Yuga Labs is bringing new NFTs to the Bitcoin blockchain, introducing a Bitcoin Ordinals collection called TwelveFold on Feb. 28.
Yuga Labs is bringing new NFTs to the Bitcoin blockchain, introducing a collection called TwelveFold on Feb. 28. The collection is a limited edition of 300 generative pieces “inscribed on satoshis” on the Bitcoin network.
The renowned NFT studio, which owns the likes of Bored Ape Yacht Club, described the NFTs as those that “represent a complete art project and will not have other utility or interact with or be related to any previous, ongoing, or future Ethereum-based Yuga projects.” The art itself was created by the Yuga Labs’ in-house team using 3D modeling, algorithmic construction, and high-end rendering tools.
Yuga Labs stated that the auction for the TwelveFold collection would take place later this week. Those interested will get notified 24 hours in advance. The token for bidding is Bitcoin, and the artwork will require an empty BTC address.
NFTs have recently made their way to Bitcoin thanks to the Ordinals protocol, which has garnered much attention recently. The number of ordinals generated through this protocol has crossed over 100,000, and it may result in NFTs on Bitcoin becoming a more established idea. However, there are also signs that the interset may taper off.
Will the Bitcoin Ordinals Popularity Keep Going?
Last week saw a sudden surge in activity in the Bitcoin network as Ordinals took over the blockchain. Ordinals allow the inscription of what are essentially NFTs into one Satoshi, the smaller unit of a bitcoin. The result was that Bitcoin’s mempool, taproot utilization, and inscription fee rates began exploding, though it has since dropped.
It’s difficult to say if the trend is really beginning to abate as community discussion about the potential of Ordinals continues. Furthermore, Yuga Lab’s TwelveFold NFT collection is bound to attract a lot of attention. Glassnode certainly doesn’t seem to think that there is a concern for the crowding out of monetary transactions.
Mempool Now a Bit More Clear
Ordinals have indeed made everyone take a closer look at the Bitcoin network. Since the explosion in popularity, the mean size of transactions, for example, has increased by over 100% to 1100 bytes.
However, there is no denying that this is possibly a trend that may go down in the weeks to come. The mempool is more cleared out than it was in the middle of the month. One thing to note is that Ordinals could herald a new phase for the Bitcoin network.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
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