Erik Weijers, 24 days ago
Yuga Labs, the ‘Disney’ of the NFT space, will launch an NFT collection on Bitcoin. The exact mint date is not yet known. The launch will be a fresh injection in the Ordinal NFT hype, that had died down a bit the past two weeks.
Yuga Labs is the company behind one of the most successful NFT collections, launched in 2021: the Bored Apes. These monkeys were minted on Ethereum, which is the chain which has by far the most NFT minting and trading activity. But since January, the most ancient of blockchains, Bitcoin, also has the option to mint NFT’s: Ordinal inscriptions.
Called TwelveFold, Yuga’s 300-piece collection, placed on a 12 by 12 grid, is a generative art collection. It serves as a “visual allegory for the cartography of data on the Bitcoin blockchain”, according to Yuga. Fittingly with Bitcoins ethos, they are more austere and less playful than the crazy Bored Apes.
What to expect in terms of price? Believe it or not, but a rip-off collection the CryptoPunks on Bitcoin – the Ordinal Punks – already traded at 4 BTC per Punk. It’s a matter of scarcity: the first few thousand minted NFT’s on Bitcoin will forever and exclusively be just that: one of the first, minted on the most secure blockchain. That alone makes them valuable. Now that a heavyweight like Yuga enters the space, with a very limited-edition collection, these pieces might reach even higher prices.
It used to be a belief of Bitcoin maximalists that every successful experiment on other chains would eventually return to Bitcoin. Now that this seems to be happening with NFT’s they might have ambivalent feelings. After all, most hardcore Bitcoiners aren’t fans of ‘overpriced jpegs’. They think Bitcoin should stick to being money, plain and simple.
But proponents of Ordinal inscriptions argue that anyone can use Bitcoin in the way they see fit, as long as they stick to the protocol rules. Also, future adoption of Ordinals might mean that demand for Bitcoin blockspace will become much higher, creating a fee market that one day will have to replace the block subsidy, which trends to zero. We’ll see if the Ordinals minting activity will gain steam again, after a spike in early February and a decline later on (see image below).
Fees spent on Ordinals since inception. Source image: Dune analytics
Mar 27, 2023
Tim Draper is well-known for his conviction about Bitcoin. The billionaire bought 30,000 BTC in 2014 during the Silk Road Bitcoin auction. An investment that turned out to be fruitful, to say the least. Because of his conviction, Draper is more than biased when it comes down to the mother of all cryptocurrencies. On the other hand, his success can be interpreted as an indicator that Draper might know a thing or two that other investors don’t. Recently, Draper advised on how business owners and managers should deal with the banking crisis.
Mar 27, 2023
The creator of the impressive skull-shaped artwork commissioned by Greenpeace in its fight against Bitcoin mining, has changed his own view. After long talks with experts on Bitcoin mining, he says he no longer thinks mining is a black and white issue: 'I was wrong'.
Mar 24, 2023
We must admit that we like the artwork better than the campaign. Greenpeace USA had 'art activist' Benjamin Von Wong create a sculpture. Made from waste metal, it's called the Skull of Satoshi. It's supposedly highlighting Bitcoin's 'record of climate destruction'.
Mar 22, 2023
Most crypto and NFT-related software are open-source and it is kept this way for good reason. But as soon as companies start showing interest in new technology, they want to keep their developments safe by securing intellectual property. Often this reveals highly interesting trends because to protect this property, companies have to file patent applications. These applications are public and therefore everybody can take a good look at what might become the future in the respective field.
Sign up to stay informed via our email updates