Yuga Labs, the leading NFT conglomerate behind some of the most popular NFT projects, including Bored Ape Yacht Club and CryptoPunks, has made its entry into the world of Bitcoin ordinals with the launch of TwelveFold.
The TwelveFold project is a limited edition collection of 300 generative pieces that will be inscribed on satoshis on the Bitcoin blockchain. Unlike Ethereum-based NFTs, Bitcoin ordinals lack smart contracts, making them rigid and hard to maneuver around. However, the uniqueness of Bitcoin ordinals, coupled with their ties to the most iconic cryptocurrency of all time, has sparked the interest of the NFT community.
Yuga Labs’ entry into the Bitcoin ordinal space is a significant development that adds a new layer of legitimacy to this relatively unknown corner of the NFT market. The launch of TwelveFold is expected to attract significant investment due to its limited supply and the popularity of Yuga Labs’ previous projects.
However, the future of Bitcoin ordinals and their potential impact on the broader NFT market is uncertain. As with the early days of NFTs themselves, the long game of Bitcoin ordinal inscriptions is unclear and fuzzy. Nevertheless, the hype and interest generated by this new corner of the NFT market show that it has the potential to become a significant player in the NFT space.
Yuga Labs’ launch of TwelveFold is a significant development for the Bitcoin ordinal space and the NFT market. Its success or failure will depend on how well it performs and whether it can attract a broader audience beyond the current niche market.
Bitcoin ordinals are an exciting addition to this space. The more interest there is in the NFT space, the more likely developers will build better tools to create and manage NFTs and more applications on top of them. It also helps legitimize blockchain technology by showing its potential uses beyond simply storing value.