Yuga Labs Makes An Initiative: A New NFT Collection On Bitcoin
On February 28, Yuga Labs launched a group of NFTs named TwelveFold on the Bitcoin network. A limited edition of 300 generative works “inscribed on satoshis” on the Bitcoin network make up the collection.
The well-known NFT studio, which is responsible for such projects as Bored Ape Yacht Club, defined the NFTs as those that “represent a full art piece and will not have any other use or interact with or be tied to any prior, continuing, or future Ethereum-based Yuga initiatives.” The artwork was produced by the internal Yuga Labs team utilizing 3D modeling, algorithmic building, and top-notch rendering techniques.
Yuga Labs’ TwelveFold Collection is Awaited by Many
The TwelveFold collection sale will happen this week, according to Yuga Labs. Those who are interested will receive a 24-hour notice. The bid currency will be Bitcoin, and an empty BTC address is required to buy the artwork.
NFTs have just entered the Bitcoin ecosystem courtesy of the well-publicized Ordinals protocol. As this protocol has produced over 100,000 ordinals, the concept of NFTs on Bitcoin could become more widely accepted.
The Bitcoin network experienced a significant spike in activity last week as Ordinals grabbed control of the blockchain. Inscription of what are effectively NFTs into one Satoshi, the smallest unit of a bitcoin, is made possible using ordinals. As a result, Bitcoin’s mempool, taproot utilization, and inscription fee rates started to skyrocket; however, they have subsequently decreased.
The Ordinals have many Potentials for the Market
As long as there is ongoing community discussion on the possibilities of Ordinals, it is impossible to assess if the trend is actually starting to slow down. Additionally, the TwelveFold NFT collection from YugaLabs is sure to get a lot of attention. Glassnode doesn’t appear to be concerned about the crowding out of financial transactions.
In fact, ordinary users have been forced to examine the Bitcoin network more closely. The average size of transactions, for instance, has surged by almost 100% to 1100 bytes since its meteoric rise in popularity.