In the past few days, the idea of NFT being built on top of the Bitcoin NFT Ordinals protocol is receiving mixed reviews from the community of lovers of digital works. Yuga Labs is the name that caught the NFT trend on Bitcoin when releasing the TwelveFold collection and collected 733 BTC (equivalent to 16.5 million USD) after the March 6 auction ended. So what is TwelveFold? Let’s learn about the NFT TwelveFold collection with Kyptos through the article below!
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What is TwelveFold?
TwelveFold is a limited collection of 300 NFT works of art created through the Ordinals protocol on the network. Bitcoin. This is the first collection tested online by “big man” Yuga Labs Bitcoin with each work is a graphic with modern 3D technology and hand-drawn, stored on a satoshi. These works will represent a complete art project and have no connection with the projects Yuga Labs has done on the web. Ethereum.
The mechanism for creating NFT TwelveFold on Bitcoin
TwelveFold is created through the Ordinals mechanism by attaching images, characters to satoshi (the smallest unit of Bitcoin). You can see how to generate Bitcoin NFT through the operation of Ordinals protocol at This.
Ideas from the TwelveFold . team
TwelveFold’s inspiration comes from Yuga Labs Creative Director Michael Figgie when he wanted to create an NFT Ordinal collection that simultaneously combines many factors such as time, mathematical logic and blockchain.
The TwelveFold Collection includes 300 inscriptions with individual motifs on each line by applying the Ordinal protocol algorithm. Each series of this collection has its own theme including 12 unique pieces creates a 12×12 canvas (also known as a 12×12 grid).
The TwelveFold collection cycle takes place in four seasons: spring, summer, autumn, and winter, representing four different color palettes similar to Bitcoin’s four-year cycle. Mr. Figge created works based on the respective main colors of each season of the year.
Different from previous NFT collections, TwelveFold artworks are designed by Yuga Labs using modern technology with high specifications. From here, the value of each work is significantly increased with the detail in the design and the number of works is limited to 288 copies. You can check out the creation process by Michael Figgie through the video on Twitter below
Some notes on TwelveFold – pic.twitter.com/b0FiNIXtP2
— schmigge figge (@mfigge) March 5, 2023
Revenue of TwelveFold
Yuga Labs is the publisher of the TwelveFold collection, so the revenue will go to the general fund of the ecosystem. However, Yuga Labs has not released the revenue details of TwelveFold except for the amount 16.5 million USD from the auction on 6/3.
Does TwelveFold have tokens?
Currently, Yuga Labs has not announced that Twelvefold will issue tokens but it is likely that the project will be operated like Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) with governance tokens ApeCoin (APE).
Development roadmap
Currently, there is no specific information on the development roadmap of TwelveFold. Investors can refer to the above information Twitter by Yuga Labs or website Official TwelveFold.
Development team
In addition to the aforementioned Creative Director Michael Figgie, TwelveFold is also built by two Yuga Labs co-founders, Greg Solano and Wylie Aronow. These are all talented hands who have successfully created collections Bored Ape Yacht Club (BAYC)Mutant Ape Yacht Club (MAYC) and The Otherside Meta.
Investors
TwelveFold attracts money from investors through an auction that takes place over 24 hours from March 5, 2023 to March 6, 2023. The number of participants reached 3,246 with the highest price recorded being 7,1159 BTC (equivalent to 160,000 USD) and the lowest price being 2,2501 BTC. The total value of this auction gained 735.7 Bitcoins from 288 people equivalent to 16.5 million USD.
Successful bidders will win a line, and so far 341,711 lines have appeared on the Bitcoin blockchain.
Partner
Updating.
Similar projects
Artsy Monke is the first NFT project on the Bitcoin blockchain with original AI-generated artworks with 20 different art themes. The project has 10,000 unique NFTs and the commercial interest of each work belongs to the owner.
Bitcoin Punks is an NFT collection inspired by CryptoPunks on Ethereum. Currently the project is at the top of the ordinals.market exchange with a daily trading volume of about 6,400 ETH.
Bitcoin Rocks this is also a NFT collection inspired by EtherRocks on Ethereum. Currently the collection has only 100 NFTs and the lowest price for one NFT is 2.7 BTC (equivalent to 61,000 USD).
Reviews of TwelveFold
Yuga Labs is one of the leading players in the NFT market and the success of the TwelveFold auction further strengthens their position in the field. With the original plan of experimenting to figure out how to optimize an NFT project on the Bitcoin network, Yuga Labs also succeeded with TwelveFold when it raised $ 16.5 million, although not as high as previous collections.
However, the Bitcoin NFT market is still in its infancy, and Yuga Labs has also received mixed reviews from TwelveFold’s somewhat inadequate auction. With the ambition to lead the market, Yuga Labs needs to research and implement more carefully with NFT collections on the Bitcoin blockchain in the future.
summary
Through this article, you must have somewhat grasped the basic information about the NFT TwelveFold collection. Kyptos is not responsible for any of your investment decisions. Wish you success and make a lot of profit from this potential market.
