Bored Ape Yacht Club (BAYC) creator Yuga Labs has announced a new collection of NFTs in Bitcoin called “TwelveFold.”
The move was announced via Twitter on February 28, with Yuga Labs announcing 300 token computer-generated artworks as part of its TwelveFold collection to be auctioned off this week.
Introducing TwelveFold. A limited edition collection of 300 generative pieces, written in satoshi on the Bitcoin blockchain.https://t.co/aFWEIhzqcI pic.twitter.com/PjWABKKBr4
— Yuga Labs (@yugalabs) February 27, 2023
In the accompanying blog post, Yuga Labs explains the concept behind the collection based on mathematics, time and the Bitcoin block.
“TwelveFold is a system of 12 basic art localized around a 12×12 grid, a visual allegory for data cartography on the Bitcoin blockchain,” the post said, adding:
“A satoshi is the smallest identifiable unit of Bitcoin. A written satoshi can be found by tracking when the satoshi was printed in time through the Ordinal Theory protocol.
“Inspired by this, our collection explores the relationship between time, mathematics, and variability,” he explained.
Yuga Labs cited the recent buzz about Bitcoin NFTs, or Ordinals, as the reason why they chose to put the collection on the network.
“Walking into Ordinals Discord a month ago was like seeing the Ethereum NFT ecosystem in 2017. It’s the kind of energy and excitement we love at Yuga,” the company said.
Yuga Labs launches collection of Ordinal Inscriptions in Bitcoin.
Instructions on how to acquire them include running your own custodial Bitcoin wallet, requiring a blank Bitcoin address, and all offers will be in bitcoin.
They also provide guidance for Bitcoin UTXOs. pic.twitter.com/NQJeZQaagp
— Eric Wall | Taproot Wizard #2 (@ercwl) February 27, 2023
Search down, trade up
According to Google Trend data, search interest for NFTs has dropped to levels not seen since early 2021 – before the NFT boom – suggesting interest may be waning for nonfungible tokens.
NFT trading volume data from February however, suggests otherwise.
Google Trends uses a 0-100 metric to display interest in various keywords that people find in the search engine. Between February 19 and February 25, the keyword “NFTs” got only seven out of 100.
That level has not been seen since early to mid-January 2021, while it has fallen sharply since 100 between January 23 and January 29, 2022.
NFT trading volume in February paints a different picture.
According to data from CryptoSlam, there was $997.14 million in global NFT sales for the month, after the $1 billion posted in January.
This level brought the NFT market back to June 2022 and was worth $982 million, before falling to $460 million in October 2022.
Most recently, sales volumes have been on the rise, with the launch of the merchant-friendly marketplace Blur being a major contributor behind this.
Twitch streamers are selling Dookey Dash keys for 1,000 ETH
The person who won the Golden Key NFT for posting the highest score in the BAYC-affiliated Dookey Dash game has sold the token for 1,000 Ether (ETH), or about $1.63 million.
Twitch streamer Kyle Jackson, also known by his online moniker Mongraal, initially received the key on February 16 after earning 928,522 points during the Dookey Dash competition hosted by Yuga Labs.
Wasting no time, Mongraal announced on February 27, that he has agreed to sell the keys to Adam Weitsman, BAYC NFT hodler and CEO of scrap metal shredding company Upstate Shredding.
I have agreed to sell the keys for 1000 ETH for @AdamWeitsman. Very nice guy and happy to sell with him.
Special thanks for @yugalabs for hosting an incredible competition. I hope to compete in future events. Royalties will be paid in full.
1/2— Mongraal (@Mongraal) February 27, 2023
The Gold Key will undoubtedly unlock a special one from Yuga Labs, but specific details have not been revealed.
Polygon wrote another major partnership
Polygon Foundation, the non-profit organization behind Polygon’s layer 2 Ethereum-scale network, has partnered with South Korean multinational conglomerate Lotte Group to host the company’s NFT project.
According to the February 27 announcement from Lotte marketing and the NFT hub, Daehong Communications, the partnership will see the NFT project based on Lotte’s BellyGom avatar, which will be presented to Polygon from the Klatyn network.
The project will be rebranded as BellyGom season 2, and NFTs offer hodlers benefits related to Lotte products and service lines such as shopping discount coupons and hotel vouchers. New additional benefits have been teased going forward, but details are scarce in the announcement.
Lotte has nearly 100 different business units in areas such as fast food, candy manufacturing, electronics and hotels. By September 2022, the company is expected to have around $15 billion in assets on its balance sheet.
Looking further, the company has outlined its intention to develop the Web3 initiative in partnership with Polygon, as Lotte wants to expand NFT to a global audience and develop a “new NFT business model rather than just publishing NFT.”
related: Blur is going after OpenSea’s market share, but its success depends on upcoming government proposals
The move adds to Polygon’s list of partnerships with major brands such as Startbucks, Adidas, Adobe and Prada.
Another Good News
According to a survey from the metaverse platform, Metajuice, almost three out of four NFT collectors on the platform buy NFT for status, uniqueness and aesthetics. sell again in the future.
A group of well-known Japanese technology companies agreed on February 27 to proceed with the creation of the “Japan Metaverse Economic Zone. Along with the creation of the Japan Metaverse Economic Zone, the agreement focuses on building an open metaverse infrastructure called “Ryugukoku,” which will lead to the next wave of metaverse development.