Yuga Labs, the creator of prominent NFT projects like BAYC, has just announced the release of their new experimental generative NFT project called TwelveFold.
The said project is limited to 300 pieces and will be minted on the Bitcoin blockchain as Ordinals Inscriptions.
Moreover, the collection will be released in auction format.
Furthermore, the team has promised to share more information about it via social media 24 hours before the drop.
In the meantime, here’s everything you need to know about TwelveFold so far and what Bitcoin NFTs are:
The TwelveFold Collection
TwelveFold is a limited edition, experimental collection of 300 generative art pieces inscribed on the Bitcoin blockchain in the form of satoshis.
These pieces are a complete art project that will not interact or be related to any previous, ongoing, or future Ethereum-based Yuga projects.
Unlike previous Yuga ventures, the TwelveFold collection was crafted in-house by Yuga Labs’ art team using 3D modeling, algorithmic construction, and high-end rendering tools.
The collection features a “base 12 art system localized around a 12×12 grid” that pays homage to existing Ordinal Inscriptions.
It includes highly-rendered 3D elements and hand-drawn features that serve as a visual allegory for the cartography of data on the Bitcoin blockchain.
All of these decisions are far from what’s expected from Yuga, but as they said, “Fuck doing expected things.”
What Are Ordinals Inscriptions?
Bitcoin is a digital currency that is fungible. This means that each unit of Bitcoin is interchangeable with any other unit of Bitcoin of the same value.
However, a Bitcoin Improvement Proposal (BIP) introduced the concept of “inscribing,” which allows creators to link metadata to individual satoshis, which are the smallest unit of Bitcoin.
By using the “inscribing” method, creators can link specific data to each satoshi, such as artwork or other metadata.
This means that each satoshi on the Bitcoin blockchain can be identified and set apart from the other satoshis, even though Bitcoin itself is still a fungible digital currency.
This concept enables the use of non-fungible tokens (NFTs) on the Bitcoin blockchain.
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
Moreover, this concept has been the latest trend in the NFT space lately, following the success of Bitcoin NFT projects like Ordinal Punks.
This idea fascinates Yuga Labs, so they have decided to follow the trend.
“Stepping into the Ordinals Discord a month ago felt like getting a glimpse of the 2017-era Ethereum NFT ecosystem. It’s the type of energy and excitement we love at Yuga,” Yuga Labs explained on their blog.
Given the limited number of pieces available and the high-profile nature of this drop, TwelveFold will be released in an auction-style format later this week, with bids made in Bitcoin.
The exact timing of the auction will be announced 24 hours before the drop via Yuga Labs’ social media accounts and official news blog.
The TwelveFold auction will launch later this week. There will be a 24-hour notice with auction details and exact timing.
— Yuga Labs (@yugalabs) February 27, 2023
FAQS ABOUT THE THE PROJECT
We understand that Bitcoin NFTs might be new to most of us. That’s why we have compiled some of the important FAQs from the TwelveFold website to help you prepare for this NFT drop:
What do you need to join the auction?
- To participate, you will need a self-custodial wallet containing Bitcoin that you will use to place a bid.
- Besides that, you’ll also need an empty Bitcoin address to receive the NFT if your bid wins.
Why would you need an empty Bitcoin address?
- At the moment, if you keep your digital artifact with your other Bitcoin holdings, you risk transferring the inscribed satoshi when you use your Bitcoin normally.
- This is because wallets currently do not allow the transfer of a single Satoshi. You’re the one responsible for safely storing, holding and transferring your inscription.
What you can do to prepare for the auction?
- It is strongly suggested that you learn about the best ways to hold inscriptions. This includes having an empty, dedicated wallet to receive and store the NFT.
- Moreover, this guide may be helpful for setting up your empty Bitcoin wallet address to help you prepare for the auction.
This update is an unexpected turn of events. While everyone thinks that the interest in Ordinals NFTs is fading, Yuga Labs comes in to join the trend.
Moreover, the TwelveFold collection is an exciting addition to the NFT space. It offers a unique Bitcoin NFT collection on Ordinals Inscriptions.
We are excited to see how this will all turn out. In the meantime, what do you think about this update?
Editors’ Note: The Mega Maxi’s articles and its external content are not financial advice. Always DYOR.