Crypto Paragraph News
Yuga Labs has launched its latest non-fungible token (NFT) collection, TwelveFold, on Feb. 28, as reported by Crypto Paragraph news site. The limited edition collection is comprised of 300 generative pieces inscribed on Satoshis on the Bitcoin blockchain. Yuga Labs is optimistic about the future of ordinals, expecting the technology and the ecosystem around it to become more sophisticated over time, but not evolve in the same ways as other blockchain NFT ecosystems. The TwelveFold auction will take place later this week, and the collection includes highly-rendered 3D elements and hand-drawn features as an homage to the ordinal inscriptions currently done by hand.
“TwelveFold is a base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”
Yuga stated that the TwelveFold auction will “launch later this week,” with a 24-hour notice period providing exact timing.
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
The announcement of TwelveFold comes as ordinals have taken the crypto world by storm, with over 200,000 being inscribed since their introduction, according to Dune Analytics. Ordinals are NFTs that can be inscribed into one Satoshi, the smallest denomination of a Bitcoin, and remain permanently on the blockchain, thanks to Bitcoin’s Taproot upgrade in November 2021, which brought programmability and smart contract capabilities to the network. Bitcoin building and smart contract platforms like Stacks (STX) have surged over the past month on the back of the ordinal hype.
However, the NFT ecosystem has yet to follow crypto asset markets into recovery, with daily sales still significantly lower than the same time last year. According to Nonfungible.com’s market tracker, the daily NFT sales figure is just 7,400, down around 66% in dollar terms from the same time last year, aside from a few spikes when new collections are launched. Nevertheless, Bored Ape Yacht Club (BAYC) remains the most popular NFT collection over the past week, with $26 million in secondary sales, as reported by Cryptoslam.
Yuga Labs’ TwelveFold collection aims to create a base 12 art system localized around a 12×12 grid, which serves as a visual allegory for the cartography of data on the Bitcoin blockchain. This latest offering from Yuga Labs reflects the company’s commitment to innovative and unique NFT collections that explore new creative avenues. As a result, the TwelveFold collection has already garnered a lot of attention from collectors and NFT enthusiasts alike.
Yuga Labs is a well-known NFT studio that has released several successful collections in the past, including Bored Ape Yacht Club, among others. The studio is known for its ability to create highly detailed and visually striking NFTs that are also backed by robust technology. With the success of ordinals and the TwelveFold collection, Yuga Labs is poised to remain at the forefront of the NFT market in the years to come.
In conclusion, the launch of TwelveFold by Yuga Labs is an exciting development for the NFT market, especially in the wake of the growing popularity of ordinals. With a commitment to pushing creative boundaries and leveraging new technologies, Yuga Labs is well-positioned to continue creating innovative and successful NFT collections in the future.
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