ok they are not exactly NFT. However, ‘TwelveFold’ is the name of Yuga Labs’ new company to create creativity in Bitcoin. There has been great anticipation and interest in this unique corner of the NFT community, fueled by curiosity and bolstered by its daily crypto degeneration. It has given rise to a very ‘underground’ feel that surely won’t last much longer as things often move quickly in this space.
What are Bitcoin NFTs all about? First: they are ‘ordinal’, not NFT. And now that Yuga Labs is coming on board, we may find that this new interest from NFT collectors might not just be a fad.
What is an ordinal?
In early February, we delved into the emergence of Bitcoin ordinals. Ordinals are effectively the Bitcoin equivalent of smart contract NFTs, minus the smart contracts. That has made them much more rigid and difficult to maneuver relative to the smart contract capabilities most users have grown accustomed to today.
Unlike ERC-based smart contract NFTs, Bitcoin ordinals are just satoshis that are tied to specific content. However, just like the ‘traditional NFTs’ we know and love, ordinals are in fact ‘on-chain’.
Interest around ordinal’s uniqueness and ties to the most iconic cryptocurrency of all time has the NFT community engaged. Now, it’s Yuga Labs’ turn to get involved, arguably the largest conglomerate in NFT, Yuga Labs oversees top projects like Bored Ape Yacht Club and CryptoPunks, and will now look to expand its reach into Bitcoin as well:
Introducing TwelveFold. A limited edition collection of 300 generative pieces, enrolled in satoshis on the Bitcoin blockchain.https://t.co/aFWEIhzqcI pic.twitter.com/PjWABKKBr4
— Yuga Laboratories (@yugalabs) February 27, 2023
Yuga Labs is unleashing a project via ordinals - the 'NFTs of Bitcoin.' | Source: BTC-USD on TradingView.com
TwelveFold: Yuga Labs Gets Into The Mix
Yuga Labs has released a home page for TwelveFold and noted that a 300-piece limited edition project in Bitcoin is on the way. The NFTs (or in this case, the ordinals) will be generative pieces and will “represent a complete art project”. Yuga has explicitly stated that the TwelveFold project “will have no other utility, nor will it interact with or be related to any previous, ongoing, or future Ethereum-based Yuga project.”
TwelveFold arguably adds a major layer of legitimacy to an already hyped corner of NFT. Considering the price tags many of Yuga Labs’ other NFT collections have, we wouldn’t be surprised to see TwelveFold make a lot of money from some of the biggest NFT spenders, considering the immensely limited supply relative to other NFT mints. Yuga to date.
Much like the early days of NFTs, Bitcoin’s long game of ordinal entries is as confusing and confusing as it gets. That’s arguably part of the beauty behind this space: you might just wake up one day and a whole new corner of the ecosystem could come to life. We’ll see what tomorrow brings.
