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TwelveFold, Yuga Lab's Ordinals Project
The concept behind it is quite fascinating.
The Metadata
March 06, 2023
GM.
Every day, we're humbled and deeply appreciative that you're here along with us, reading this newsletter. We're 100% committed to bringing you the latest and most important NFT trends, always for free. We're all going to make it together. Pinky promise.
Today we cover:
Market Update: On-chain Owls go Hoot Hoot
TwelveFold, Yuga Lab's Ordinals Project
Three things you need to know about NFT trading
New Projects Corner
Market Update: Owls go Hoot Hoot
One collection stood out over the weekend — Owls. This collection saw the largest trading volume on Sunday with over $7M traded, even higher than the Bored Apes or Mutant Apes.
Owls are a series of on-chain Ascii art, created by a single software developer. There's no roadmap, it's just art. The frenzied interest is likely due to its refreshing take on NFTs by going back to basics. But we doubt the interest will last long. Attention spans are short in the NFT space.
(Chart above shows the floor price for Owls. Source: Gem.xyz)
TwelveFold, Yuga Lab's Ordinals Project
💲 What to know: TwelveFold is the official Bitcoin Ordinals project by Yuga Labs, with art created by its Chief Content Officer Figge.
300 unique generative art pieces will be sold in this auction, which is currently underway.
☘️ In the weeds: TwelveFold has no direct relationship to the Bored Ape ecosystem. Rather it is a side project by a few members of the team. The concept behind it is quite fascinating.
As expected, the number "12" plays an important, recurring role in this art collection:
Art is based on a 12 x 12 grid
Collection is made of 25 different series/themes of 12 artworks each
Each artwork will be inscribed specifically on a Bitcoin satoshi ending with the number "12"
Like crypto, the collection isn't so much linear but cyclical, with four different color palettes progressing throughout: winter, spring, summer, autumn. It's a nod to being optimistic whether we're in a Crypto Winter or a Defi Summer.
— schmigge figge (@mfigge)
11:25 PM • Mar 5, 2023
The auction is taking place on Bitcoin now and will last until 3pm PST on Monday. The highest 288 bids will win a piece of the collection. If you're bidding, be careful because there is no way to retract a bid once it is placed. And if you win, the final price is what you bid, there are no refunds based on the lowest winning bid. Those who do not win will get their BTC refunded.
Already, the top bid is at 2 BTC ($45,000) at the time of writing. What price do you think the auction will end at? We speculate that it could end in the region of 1 BTC.
🤑 Why it matters: There's been a huge amount of interest around Bitcoin Ordinals today. Some people see it as an opportunity to get in early on a new NFT ecosystem that can potentially be huge — Galaxy predicts that the Ordinal market will hit $5 billion by 2025 (see below section for a link to the whitepaper).
Yuga Labs is probably the first of the large Ethereum NFT teams that are experimenting with the possibilities on Ordinals. Expect other teams to launch their own collections soon, especially if the TwelveFold collection sees high demand. Don't ape in if you don't like the art and concept — there's probably no direct benefit for this within the Bored Ape ecosystem.
Today's News & Coolest Tweets
ERC-4337 token standard goes live, makes account abstraction easier to improve UX for crypto
Braindrops, an AI art platform, partners with Sansa to launch secondary marketplace
Memeland's NFT reveal process gets accelerated, questing launches this week
Doodles announces their updated roadmap (or rather, Doodlemap)
🐥 Three things to know about NFT trading
3 quick graphics about NFT trading 🤝
(1/5)
— wale.swoosh 🐳 (@waleswoosh)
12:47 PM • Mar 3, 2023
🐥 "Metas" will come and go, but the tech is here to stay
1/ "Metas," so so so many metas,in NFTs
— 6529 (@punk6529)
8:21 PM • Mar 5, 2023
🐥 Galaxy's whitepaper on how Ordinals will be a $5B market
NFTs on #bitcoin built w/ inscriptions & ordinals will be a $5bn market within two years
our new whitepaper has everything you want to know about: all the data, the history, how they work, the controversy, modeling their impact on bitcoin, projecting growth
let’s dive in 👇 http
— Alex Thorn (@intangiblecoins)
1:20 PM • Mar 3, 2023
🐥 Ordinals marketplace wars
In the shadow of the Blur vs. Opensea conflict, Ordinals are quietly having their own marketplace wars. 1/x
— domo (@domodata)
8:01 PM • Mar 5, 2023
🐥 Making $500,000 off people's fat fingers
Found an account that's up half a million just off accepting Blur fat finger bids over the last month
Dude whipped up a few lines of code and turned the farmers into the crop
— Cirrus (@CirrusNFT)
7:34 PM • Mar 3, 2023
🐥 How Crypto & AI may overlap
1/ Just released. New Lux LP letter. Q4 2022…
(a few LPs have said it has ome of our boldest calls + positioning in a decade––based on what we believe happens next in MARKETS + MACRO—even as cutting-edge science + technology marches ahead…)
— Josh Wolfe (@wolfejosh)
4:45 PM • Feb 23, 2023
🐥 Uniswap launches its wallet on TestFlight since Apple hasn't green-lighted it
7/ So why a limited early release from a team committed to access for anyone? Simply put, Apple won’t green-light our launch, & we don’t know why.
We submitted our mobile app months ago—and even though we are 100% compliant with their specifications, we’re still stuck in limbo🤡 http
— Uniswap Labs 🦄 (@Uniswap)
4:21 PM • Mar 3, 2023
New Projects Corner
🍿 (Art) Terrell Jone's new limited edition project. Raffle ends in 12 hours
The Butler & The Duck 🐤
369 editions for .15 ETH each
169 hand-picked AL (already picked)
100 Collector Raffle AL
100 Public Raffle ALraffles start now and end 5pm EST on March 6th
the edition will drop at 5pm March 7th and be open for AL for 48 hours http
— terrell jones (@terrelldom)
10:30 PM • Mar 3, 2023
🍿 (Art) Lucrece's DeFy birds — March 9
March 9th 🧿
— Lucréce (@DesLucrece)
9:59 PM • Mar 2, 2023
🍿 (Ordinals) Auction for Yuga Lab's Ordinal project is live now
The TwelveFold auction will begin tomorrow March 5th, 2023 at 3PM PT and and will conclude 24 hours later on the block immediately before 3PM PT on March 6th, 2023.
— Yuga Labs (@yugalabs)
11:32 PM • Mar 4, 2023
That's it for today folks, see you tomorrow. If you want more, follow us on Twitter (@the_metadata). And if you aren't already a subscriber, join us now to get all the daily alpha you need.
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Disclaimer: This newsletter is for educational purposes only. None of this is financial or investment advice. It is not a solicitation to buy or sell any assets. Minting and buying NFTs is risky. Please do your own research.