Will Yuga Labs' Bitcoin NFTs become a singularity in the Ordinals ecosystem?

Original Title: "Will Yuga Labs' Bitcoin NFTs Become a Singularity in the Ordinals Ecosystem?"

Original Author: Shi Wen, Odaily Planet Daily

Recently, Ordinals Inscriptions (also known as Bitcoin NFT) have become a new trend followed by NFT creators.

Even though there are constantly Bitcoin purists who claim that NFTs go against the "peer-to-peer electronic cash" original vision and will cause too much pressure on this veteran blockchain, creators clearly won't give up any opportunity to "expand the narrative".

Today, Yuga Labs, the strongest IP creator in the NFT industry, announced a plan to launch a series of NFTs called TwelveFold on the Bitcoin blockchain based on the Ordinal protocol.

TwelveFold: Yuga Labs' brand new customized design

Unlike Yuga Labs' previous series, TwelveFold is a collection of 300 original and experimental generative art pieces. Each piece is engraved on the smallest unit of Bitcoin - satoshi, and a engraved satoshi can be traced back to when it was minted through the Ordinal protocol. Inspired by this, "Yuga Labs explores the relationship between time, mathematics, and variability for the TwelveFold series."

Yuga Labs states that TwelveFold is a visual allegory for Bitcoin blockchain data mapping based on a 12 x 12 grid. In addition, unlike PFPs such as BAYC, the works that make up the TwelveFold series are created internally by Yuga Labs' art team using 3D modeling, algorithmic construction, and high-end rendering tools to pay homage to the currently handcrafted serial inscriptions.

This TwelveFold series will be sold through an auction, and all bids will be made in Bitcoin. To participate in the auction, buyers will need an empty Bitcoin address to receive the NFT. Each Bitcoin NFT must be individually minted in its own transaction and incurs its own fees. If a user stores their Bitcoin NFT with other Bitcoin assets, they may face the risk of their existing assets being transferred when minting the NFT.

Actually, Yuga Labs had already revealed this news to everyone on February 24th, but at that time only the name "TwelveFold" was announced, which was too mysterious and no one could understand it, leaving only some Easter eggs.

For example, someone discovered a new incubation organization named "TwelveFold", whose logo is identical to Yuga Labs, but in fact has no relation to Yuga Labs.

There are also speculations that TwelveFold is related to the already released game Lick Toad.

What's even more interesting is that a netizen discovered that "twelvefold.btc" was minted when Yuga Labs mentioned "TwelveFold" and was listed for 250,000 STX. Did someone already anticipate the intentions of the question setter at that time?

Although many people are curious about "TwelveFold", the specific auction time and details of the TwelveFold series have not yet been announced. Yuga Labs stated that they will release the information through their social media and official news blog 24 hours before the auction.

Ordinals Protocol Continues to be Crazy

Bitcoin NFT has gradually entered people's sight since the end of January this year. As of now, the cumulative minting volume of Ordinals has exceeded 200,000, and the highest daily minting volume occurred on February 9th, with a daily NFT minting volume of 21,824. On February 15th, the Bitcoin network has paid miners more than $1.31 million in fees.

Early launched Bitcoin NFTs such as Ordinal punk have seen a surge in off-exchange trading volume, exciting more and more NFT enthusiasts. In addition, some blue-chip projects such as DigiDaigaku announced that Digi Genesis collectors will be able to receive a Free Bitcoin NFT. DeGods will also mint 535 NFTs based on Ordinals on the Bitcoin chain.

On February 19th, software engineer Anthony Guerrera launched the Litecoin Ordinals project on GitHub after forking the Bitcoin Ordinals GitHub repository.

Although the ecosystem and infrastructure of Bitcoin NFT are constantly increasing and improving, like other NFT trends in different ecosystems, they gradually become topics of casual conversation after the heat and passion cool down.

From the perspective of data, the daily fees paid to Bitcoin miners have steadily decreased since February 15th, and as of the time of writing, it is currently only slightly above $11,000.

The transaction fee of Bitcoin depends on the amount of data in the transaction and the speed at which the user wants to complete the transaction. Users who want to conduct transactions during high traffic periods can choose to pay more fees to push the transaction. When the demand for processing transactions exceeds the supply of miners, fees will rise. Obviously, the decrease in miner transaction fees further indicates that the demand for Bitcoin NFTs is gradually decreasing, and compared to the initial enthusiasm, everyone seems to be more rational now.

However, Yuga Labs' decision this time has added a catalyst to the Bitcoin NFT ecosystem. We found that Yuga Labs did not choose to release a new series on other chains, and Bitcoin is its first stop for external expansion. For Web3 top IP like Yuga Labs, I believe it will be sought after wherever it goes. The combination of the world's "oldest" blockchain and Web3's "top luxury" will also spark new sparks.

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