On March 5th, Yuga Labs, the team behind the well-known "Boring Ape (BAYC)" IP in the NFT field, posted on social media that the TwelveFold auction will be held at 3:00 pm Pacific time on March 5th (the morning of March 6th, Beijing time). 7 a.m.) and will end 24 hours later at 3 p.m. Pacific time on March 6, 2023 (7 a.m. Beijing time on March 7).
As previously reported, Yuga Labs announced that it will launch the NFT series TwelveFold on the Bitcoin blockchain based on the Ordinals protocol. It is reported that the "Twelve Fold" series includes 300 limited-edition NFTs, created by the team using 3D modeling, algorithmic construction and high-end rendering tools, including 3D and hand-painted elements, all stored in 12 basic art systems positioned in a 12x12 grid.
"TwelveFold" is native to the Bitcoin blockchain. It uses the smallest identifiable unit satoshis (Satoshi) to inscribe (inscribe) on the Bitcoin blockchain, and it is realized through the Ordinal theory (ordinal number theory) protocol.
According to the team's official blog, it represents a complete art project, so no other features will be added, nor will it interact or be connected with any past, ongoing or future Yuga Ethereum projects.
Related Reading: Controversy Continues: Will Bitcoin NFTs Bring Change?
The Spring of Bitcoin NFT?
Ordinal theory is a system that assigns a serial number to each satoshi, which allows each satoshi to be tracked and transferred. The system numbers each Satoshi consecutively starting from 0 in the order of mining. These numbers are called Ordinals and give the order of each Satoshi in the total supply. Satoshi thus obtains an ID that can be assigned content.
According to Dune Analytics, as of Feb. 27, more than 202,800 Ordinals have been minted on the Bitcoin blockchain.
Two weeks ago, SegWit and Taproot planned to launch a collection called "Ordinal Punks," inspired by the iconic design of CryptoPunks.
In addition, Moonbird NFT, which achieved sales of nearly 500 million US dollars in April 2022, is catching up and plans to launch NFT on the Bitcoin Ordinals protocol.
It is obvious that more and more NFT IPs are gradually pouring into the track of the Bitcoin network. It can be said that the NFT field is quietly changing, and the world of Bitcoin and NFT is becoming more and more interesting. Will it be a sign that NFT is moving towards spring again?
Tracing back to the history of the Ordinals protocol, it debuted in 2014, and recently gained attention and discussion thanks to the fact that Yuga Labs, the leading IP team in the NFT field, launched NFT on its protocol these days. Different from the smart contract NFT based on Ethereum ERC, the NFT on the Bitcoin Ordinals protocol has its own characteristics.
The former's NFT data is stored off-chain and charges a considerable amount of transaction fees, while the latter's data is stored on-chain, making it cheaper to store data in a single transaction.
The Ethereum ERC protocol can mint many NFTs at once, while each ordinal NFT on the Bitcoin ordinal protocol must be minted individually in its own transaction. Therefore, like buying TwelveFold, the buyer needs an empty bitcoin address to receive.
Bitcoin is a fungible digital cryptocurrency, but after an improvement proposal (BIP) (describing a method called "inscribe"), it will allow creators to link data to a single satoshi (bitcoin). 1/100000000 of a coin) and host metadata on-chain. This allows Satoshi to function like an NFT, essentially implementing the concept of an NFT on the Bitcoin blockchain.
Yuga Labs is excited about this development: “Walking into the Ordinals Discord a month ago felt like a glimpse into the 2017-era Ethereum NFT ecosystem, and it’s the invigorating energy and excitement we feel in the team.” Yuga Labs said, “We expect this technology and the ecosystem around it to evolve and become more complex over time. However, we don’t expect it to evolve in the same way as other blockchain NFT ecosystems. "
As mentioned by Yuga Labs, Bitcoin NFT infrastructure and tools are developing rapidly, but the current "nascent stage" is still relatively early.
In a way, the reason why it feels like the "spring of NFTs" is coming is that the Bitcoin Ordinals protocol, as a brand new thing, has a major advantage over Ethereum's traditional NFTs: Ordinals and all their data 100% stored on-chain. This means that as long as the BTC network is alive, BTC NFTs are alive.
The second is based on comprehensive market data. With the emergence of the Ordinals protocol, the activity of the Bitcoin network has also surged suddenly. .Once a node validates a transaction, it waits in the mempool until it is picked up by a miner and inserted into a block), taproot utilization and inscription rates start to explode (and have since declined, as shown above), meaning This means that both IP brands and market ecology are pouring into this new blue ocean.
epilogue
The "Twelve Fold" series will be released soon. Due to the halo of the head brand and the limited number of castings, the NFT of the Twelve Fold series may be resold at a high price.
Currently, the Ordinals protocol has its shortcomings, which may be due to the design of the Bitcoin blockchain itself. One is that if users want to conduct NFT transactions, they need to run a complete Bitcoin node to transfer or trade; second, all Ordinals transactions are carried out in an "off-exchange transaction" or peer-to-peer manner, which means that this transaction method is not safe enough. Relatively elementary.
But perhaps the most exciting thing about BTC NFTs is their novelty. While there are many transaction barriers and Ordinals does not have a smooth UI, the value of Ordinals may grow as developers create better tools for ordinal transactions.
Like early NFTs themselves, the development of Bitcoin NFTs is murky. But from an optimistic point of view, this market is full of infinite possibilities.
TwelveFold Auction Rules:
Time: 07:00, March 6-07:00, March 7 (Beijing time)
Quantity: 288 (12 for donation)
Payment: BTC
Auction address: https://twelvefold.io
Minimum bid: 20,000 satoshis (~$5)
Copyright: Personal use, non-commercial
refer to:
Cryptoslate: Bored Ape creators unveil Bitcoin Ordinals collection “TwelveFold”
Beincrypto: Yuga Labs Joins Bitcoin Ordinals Fever With NFT Collection 'TwelveFold'
