What is TwelveFold?
TwelveFold is a collection of 300 limited-edition NFT artworks created through the Ordinals protocol on the Bitcoin network. This is the first collection that the industry giant Yuga Labs has tested on the Bitcoin network, with each piece being a modern 3D graphics and hand-drawn artwork stored on a satoshi.
These pieces represent a complete art project with no connection to any of Yuga Labs’ previous or ongoing projects on Ethereum. The mechanism for creating TwelveFold NFTs on Bitcoin involves attaching images and characters to satoshis, which are the smallest unit of Bitcoin. You can refer to the process of creating Bitcoin NFTs through the Ordinals protocol here.
Idea
The idea behind TwelveFold came from the creative director of Yuga Labs, Michael Figgie, who wanted to create an Ordinal NFT collection that combined elements of time, mathematical logic, and blockchain technology.
The TwelveFold collection includes 300 engravings with unique patterns on each line, thanks to the application of the Ordinal protocol’s algorithm. Each series in this collection has its own theme and includes 12 unique pieces that make up a 12×12 grid. The cycle of the TwelveFold collection runs through four seasons: spring, summer, fall, and winter, symbolizing the four different color palettes of Bitcoin’s four-year cycle. Figge has created pieces based on the corresponding dominant color schemes of each season in the year.
Unlike previous NFT collections, TwelveFold’s artworks are designed by Yuga Labs using modern and high-tech specifications. As a result, the value of each piece is significantly increased due to the details in the design, and the number of pieces is limited to 288. You can refer to Michael Figgie’s process of creating these pieces through the Twitter video below.
Some notes on TwelveFold 🧵 – pic.twitter.com/b0FiNIXtP2
— schmigge figge (@mfigge) March 5, 2023
Revenue
Revenue from TwelveFold will be transferred to the ecosystem’s common fund since Yuga Labs is the entity responsible for issuing the collection. However, Yuga Labs has not yet disclosed any revenue details about TwelveFold, except for the $16.5 million earned from the auction on March 6th.
Token
At present, Yuga Labs has not announced whether TwelveFold will issue tokens, but it is possible that the project will operate similarly to the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) with the governance token ApeCoin (APE).
Road Map
There is currently no specific information on the development roadmap for TwelveFold. Investors can refer to Yuga Labs’ Twitter or the official TwelveFold website for more information.
Team
In addition to the aforementioned creative director Michael Figgie, TwelveFold was also built by two lead developers and a team of designers and blockchain experts. This team’s focus is on creating unique, high-quality artwork that leverages the power of blockchain technology and provides a valuable investment opportunity for collectors.
Investors
TwelveFold attracted funds from investors through a 24-hour auction held from March 5th, 2023 to March 6th, 2023. A total of 3,246 people participated, with the highest recorded bid being 7.1159 BTC (equivalent to $160,000) and the lowest bid being 2.2501 BTC. The total value of the auction reached 735.7 Bitcoin from 288 people, equivalent to $16.5 million.
Conclusion
Yuga Labs is one of the leading companies in the NFT market, and the success of the TwelveFold auction only further solidifies their position in this field. With the initial plan to experiment with optimizing an NFT project on the Bitcoin network, Yuga Labs also succeeded with TwelveFold, bringing in $16.5 million, although it was not as high as previous collections.
However, the Bitcoin NFT market is still very new, and Yuga Labs has received some mixed opinions from the somewhat flawed TwelveFold 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.
Read more:
- Bitcoin NFTs Built On Inscriptions & Ordinals: A $4.5bn Market By 2025, According To Galaxy Research
- Yuga Labs Plans To Mint New NFT Collection On Bitcoin Network Using Ordinals Protocol
- Does Ordinals Protocol Undermine Satoshi Nakamoto’s Vision For Bitcoin?