Yuga Labs launches its first Ordinal NFT collection

Yuga Labs has minted TwelveFold, its first NFT collection on the Bitcoin blockchain, and plans to launch an auction next week.

A gold Bitcoin coin
Yuga Labs has minted its first satoshis-based collection of 300 NFTs.

On February 27, Bored Ape Yacht Club (BAYC) creator Yuga Labs announced its experimental collection minted on the Bitcoin blockchain. TwelveFold is the first collection produced by the leading NFT developer with the inscribing method of the Ordinal protocol.

Read also: Ordinals brings NFTs to Bitcoin, causing a stir in the crypto space

TwelveFold is a collection comprised of 300 generative artworks that represent a complete art project inspired by the Bitcoin blockchain itself. "TwelveFold is a base 12 art system localized around a 12x12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain," the Yuga Labs team explained.

Number 12 is not accidental in the project. According to the TwelveFold creators, it represents one of the bases for measuring time. Time, in turn, is the feature of satoshis that can be tracked using the Ordinal protocol. The protocol gives sequential numbers to the smallest Bitcoin denomination and makes it possible to inscribe data on them for permanent storage.

TwelveFold was created using algorithmic design techniques, 3D modeling, and rendering tools. At the same time, certain elements in the artwork were drawn manually.

The auction for the TwelveFold artworks has not started yet. To participate in the sale of the Yuga Labs inscriptions, NFT collectors need a self-custodial wallet containing Bitcoin for bidding. Bitcoin will be the only cryptocurrency accepted during the auction. To receive an artwork in case of a successful bid, a buyer needs an empty Bitcoin address.

"At present, if you keep your digital artifact with other Bitcoin holdings, you risk accidentally transferring the inscribed satoshi in the normal course of using your Bitcoin. Wallets do not currently support the transfer of individual satoshis. You are responsible for safely storing, holding and transferring your inscription," Yuga Labs warned potential bidders.

Many NFT aficionados are very enthusiastic about the Ordinal collection from Yuga Labs. Some of them especially appreciate the uniqueness of TwelveFold.

"Some say Ordinals fad is already over. Why do Ordinals collection after the fad? If you think about it, most of the hyped Ordinals collections are copies of established NFT projects in BTC. Yuga is releasing original art NFT in BTC. A step to advance Ordinals," said the cryptocurrency investor and blockchain expert JBond in his tweet.

Meanwhile, many Twitter users are speculating about the value of the bids for TwelveFold. At press time, the majority of participants (33%) of the Twitter poll conducted by the user jpegflippa believe that the final price for these inscriptions will be between 5 and 10 BTC. At the same time, the survey conducted by the user bOO is currently showing that the majority of respondents (43%) think the artworks will be worth more than 10 BTC.

Digital artists exploring time with Ordinals

TwelveFold is not the only Ordinal collection that includes works with creative representations of time. On January 30, The Timechain Collectibles project launched its set of just 21 highly-limited NFTs known as The Series 1 Timepieces, with inscription numbers starting at 356 and ending at 377.

Unlike the abstract vision from the Yuga Labs artists, the team behind the TimeChain Collectibles has incorporated various objects associated with time — such as ancient calendars, watches and clocks — into their NFTs. A prominent feature of these artworks is the Bitcoin symbol decorating the depicted objects.

Read also: Casey Rodarmor on controversy surrounding The Ordinals

"A Timekeeper emerges from the shadows. His writings implant the conscience of humanity with the concept of Bitcoin. His code materializes the Timechain. Two years later, he vanishes, forever, but the heartbeat of the timechain remains. His nym is Satoshi Nakamoto," The Timechain Collectibles creators described the connection between Bitcoin and time in the tweet.

Series 1 Timepieces NFTs have varying levels of rarity. The rarest artworks are Grandfather Clock and Monolith, each represented by one NFT. The collection includes two Cyberpunk Alarm Clocks, Wristwatches, Clock Towers and WallClocks as well as three Ancient Sundials. The eight Pocket Watches are the lowest tier pieces in the collection.

So far, auctions for the Timepieces are held through the project's Discord, where some of these NFTs are sold for staggering sums. One of the most expensive pieces in the collection is the one with inscription number 365, also known as Timechain Collectible #6, which was sold for 3.08 BTC worth $67,000.