by The creators of Bored Ape Yacht Club (BAYC), Yuga Labs, have announced a new collection of NFTs for Bitcoin called “TwelveFold”.
The move was announced on Twitter on February 28, when Yuga Labs unveiled 300 tokenized computer-generated artworks as part of the TwelveFold collection, which will go up for auction later this week.
Introducing TwelveFold. Limited collection of 300 generative pieces, stored on satoshis on the Bitcoin blockchain. https://t.co/aFWEIhzqcI pic.twitter.com/PjWABKKBr4
— Yuga Labs (@yugalabs) February 27, 2023
In an accompanying blog post, Yuga Labs explained that the collection concept is based on math, time, and the Bitcoin blockchain.
“TwelveFold is a basic system of 12 graphics located around a 12×12 grid, a visual allegory for data cartography on the Bitcoin blockchain,” the post reads, adding that:
“Satoshi are the smallest identifiable units of Bitcoin. The inscribed satoshi can be located by tracking when the satoshi was minted over time using the ordinal theory protocol.
“Inspired by this, our collection explores the relationship between time, mathematics and volatility,” she explains.
Yuga Labs cited the recent hype around Bitcoin NFT or Ordinals as the reason they decided to drop the collection online.
“Stepping into Ordinals Discord a month ago was like taking a look at the Ethereum NFT ecosystem from 2017. That’s the kind of energy and excitement we love about Yuga,” the company stated.
Yuga Labs Launches Ordinal Inscription Collection on Bitcoin.
Instructions on how to get them include running a self-service Bitcoin wallet, require a blank Bitcoin address, and all offers will be in Bitcoin.
They also provide a Bitcoin UTXO guide. pic.twitter.com/NQJeZQaagp
— Eric Wall | Taproot Wizard #2 (@ercwl) February 27, 2023
Search down, trade up
According to Google Trend data, interest in NFT searches has fallen to levels not seen since early 2021 – before the NFT boom – suggesting that interest in non-fungible tokens may be declining.
February’s NFT trading volume data, however, suggests otherwise.
Google Trends uses 0-100 metrics to display interest in the various keywords people search for in their search engine. Between February 19 and February 25, the keyword “NFT” scored just seven out of 100.
Such levels have not been seen from early to mid January 2021, while there has been a sharp decline from a record high of 100 between January 23 and January 29, 2022.
However, NFT trading volume in February paints a different picture.
According to CryptoSlam data, global NFT sales this month totaled $997.14 million, continuing the $1 billion reported in January.
These levels bring the NFT market back to its June 2022 level and its sales of $982M before dropping to a low of $460M in October 2022.
Sales volume has increased significantly recently, and the launch of the merchant-friendly Blur marketplace is a key contributor to this.
Twitch streamer sells Dookey Dash key for 1000 ETH
The man who won NFT’s Golden Key for posting the highest score on BAYC’s affiliate Dookey Dash sold the token for 1,000 Ether (ETH), or around $1.63 million.
Twitch streamer Kyle Jackson, also known as Mongraal online, received the key on February 16 after scoring 928,522 points in the Dookey Dash competition hosted by Yuga Labs.
Wasting no time, Mongraal announced on February 27 that it had agreed to sell the key to Adam Weitsman, BAYC NFT hodler and CEO of scrap shredder Upstate Shredding.
I agreed to sell the key for 1000 ETH @AdamWeitsman. Super nice guy and excited to have a sale with him.
Special thanks to @yugalabs for organizing an amazing contest. I am looking forward to competing in future events. License fees will be paid in full.
1/2— Mongraal (@Mongraal) February 27, 2023
The golden key will surely unlock something special from Yuga Labs, however the details are yet to be revealed.
Polygon makes another major partnership
Polygon Foundation, the non-profit organization behind Polygon’s scalable Ethereum 2 network, has partnered with South Korean multinational conglomerate Lotte Group to host the company’s NFT projects.
According to an announcement on February 27 by Lotte’s marketing and NFT center Daehong Communications, Lotte’s avatar-based NFT project BellyGom will be transferred to Polygon from the Klatyn network as part of the partnership.
The project will be renamed BellyGom season 2, and NFTs will offer hodlers perks related to Lotte’s product and service lines, such as shopping discount coupons and hotel vouchers. There have been new perks, but details have been sparse in the announcement.
Lotte has nearly 100 different business units in areas such as fast food, confectionery, electronics and hotels. As of September 2022, the company is estimated to have approximately $15 billion in assets on its balance sheet.
More broadly, the company has outlined its intentions to develop its Web3 initiatives in partnership with Polygon as Lotte wants to expand its NFT to a global audience and develop “a new NFT business model rather than just releasing NFT”.
Related: Blur is chasing OpenSea’s market share, but its success depends on upcoming management proposals
The move adds to Polygon’s growing list of partnerships with major brands such as Startbucks, Adidas, Adobe and Prada.
Other cool news
According to a survey conducted by the metaverse platform, Metajuice, nearly three out of four NFT collectors on this platform buy NFT for its status, uniqueness and aesthetics. On the other hand, 13% percent of survey participants said they buy NFTs to resell in the future.
A group of well-known Japanese tech companies agreed on February 27 to create a “Japan Metaverse Economic Zone”. With the creation of the Japanese Metaverse Economic Zone, the deal focuses on building an open metaverse infrastructure called “Ryugukoku” that will usher in the next wave of metaverse development.
