Yuga Labs is set to debut a limited edition Bitcoin-based NFts called TwelveFold. 300 works of generative art written with satoshis on the Bitcoin blockchain will be included in the collection.
As per the announcement, the TwelveFold auction will go live later this week. Details about the sale, including the precise time, will be disclosed in a 24-hour notice.
All bids will be made in bitcoin. Additionally, Yuga Labs also stated that “Wallets do not currently support the transfer of individual satoshis.”
This meant that users run the danger of losing their inscribed Satoshi if they store their digital assets alongside other BTC holdings.
BTC-based NFTs or so-called Ordinals become all the rage with the inscription of the 100,000th ordinal on Valentine’s Day.
A few days back, the number of these Inscriptions surpassed 200k, data from Dune Analytics showed.
Similar to nonfungible tokens [NFTs], these Inscriptions are digital assets that can be inscribed into one Satoshi, the smallest denomination of a Bitcoin.
The Inscription process involves writing or inscribing the data of the content stored into the witness of the Bitcoin transaction. The witness was introduced in the SegWit upgrade to the BTC network in 2017.
Segregated Witness [SegWit] refers to a change in the transaction format of Bitcoin.
The maximum size for BTC blocks should be 1MB. But, Ordinal users can now add 3MB of data to each block thanks to SegWit and Taproot. The latter was launched on the BTC network on November 14, 2021.
Despite Ordinals’ Entry, Bitcoin Miner’s Fee Decreased
As the popularity of Ordinals grew, fees on the Bitcoin network skyrocketed over the last month, passing $170,500 in inscription fees alone on February 15, 2023. More than $1 million in fees have been paid to miners on the BTC network.
However, since then, the BTC miner’s fee each day has fallen from $54k on Feb. 20 to just over $11k at the moment.
Speaking on the same, Ordinals creator Casey Rodarmor, a former BTC Core contributor said,
“Clearly we have not been shipping features fast enough to keep the mempool full. We regret our sloth and will rectify the matter in due time.”
Yuga Labs’s latest set of 300 Ordinals might possibly be able to rekindle the craze, the highest adoption so far.
Earlier, Bitcoin wallet Xverse too jumped on the bandwagon and launched support for Ordinals.