Bitcoin Punks, etc. Surging Volume, Following Yuga Labs Bitcoin NFT Release Announcement

Yuga labs deploys Bitcoin

Yuga Labs, which handles NFTs (non-fungible tokens) such as “Bored Ape Yacht Club (BAYC)”, plans to release a new NFT collection “TwelveFold” on the crypto asset (virtual currency) Bitcoin (BTC) on the 27th. announced.

Introducing TwelveFold. A limited edition collection of 300 generative pieces, inscribed on satoshis on the Bitcoin blockchain.https://t.co/aFWEIhzqcI pic.twitter.com/PjWABKKBr4

— Yuga Labs (@yugalabs) February 27, 2023

“TwelveFold” is a 300-piece generative art collection based on mathematics that uses a 12×12 grid to represent data. Yuga Labs describes it as “visual rhetoric for the cartography of data on the Bitcoin blockchain.”

The collection consists of computer-generated 3D elements and hand-painted areas. These designs are different from current projects by Yuga Labs, represented by BAYC, Cryptpunks, and Meebits.

Yuga Labs emphasized the purpose of establishing TwelveFold, saying that simply providing “what is expected” cannot be expected to grow. Details on when TwelveFold will be released and how it will be sold will be announced later this week.

Following the announcement of TwelveFold, trading volumes for the Ordinals Protocol’s flagship collection “Bitcoin Punks” surged.

Quietly, Bitcoin Punks just did 1000 ETH of volume in one day… and it wasn’t even eligible for airdrop farming. pic.twitter.com/SRWBnRjVu5

—NFTstatistics.eth (@punk9059) February 28, 2023

What is the Ordinals Protocol?

“TwelveFold” will be issued on the Ordinals Protocol, which launched on Bitcoin in January 2023. Ordinals Protocol’s flagship NFT collection, Ordinal Punks, was trading at 9.5 BTC (about $250,000) in February.

connection:Bitcoin version of “CryptoPunks” soars in price, trading at 27 million yen

Ordinal is a protocol designed by former Bitcoin Core developer Casey Rodarmor that allows NFTs (digital artifacts) to be stored directly on the Bitcoin chain without going through sidechains, Layer 2, etc.

Specifically, by assigning a serial number to the smallest unit “satoshi” that represents 1/100 million in Bitcoin, it is possible to search, transfer, and receive satoshi units, and it is also possible to include video and image data in satoshi. It became possible.

Yuga Labs mentions that Ordinals, which has just been created and does not yet have infrastructure such as a marketplace and tools including statistical data, reminds us of the “Ethereum NFT ecosystem in 2017”. On the other hand, he noted that the basic principles of history preservation, self-custody and ownership have been restrained. I hope that it will take root and develop as a culture in the future.

Bitcoin Punks has arbitrarily used Yuga Labs’ copyrighted CryptoPunks artwork, as well as BAYC’s Ordinals edition.

connection:Considering the Token Issuance Protocol on Bitcoin and the Ideas Behind It｜Contributed to Bitcoin Research Institute