Bitcoin-Based NFTs Cross 200,000 Ordinal Inscriptions, Yuga Labs Launches Twelvefold Collection

Bitcoin-Based NFTs Cross 200,000 Ordinal Inscriptions, Yuga Labs Launches Twelvefold Collection

On Monday, Feb. 27, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain crossed 200,000 at 1:02 p.m. Eastern Time. In addition to the 200,000 inscriptions, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), revealed that the team had created a collection of 300 generative ordinal NFTs called Twelvefold. Bitcoin Clocks Over 200,000 Ordinal Inscriptions to Date; Yuga Labs Enters Bitcoin-Based Digital Collectibles Market

Ordinal inscriptions continue to be minted on the Bitcoin blockchain and on Monday afternoon at 1:02 p.m. (ET), the number of Ordinals surpassed the 200,000 mark. It took approximately 72 days to reach the 200,000 range, as the first Ordinal inscription was minted on Dec. 16, 2022, at block height #767,753. The second Ordinal inscription, #2, was embedded into the chain three days later on Dec. 19 at block height #768,094. It took 45 days to reach the 1,000th inscription, which was minted on Feb. 2, 2023. Since then, the rate of Ordinal inscription growth has increased by 19,900% up until Feb. 27.

At the time of writing, there are approximately 212,793 Ordinal inscriptions on the chain. Essentially, an Ordinal inscription is a non-fungible asset (NFT) produced by inscribing data on the smallest denomination of bitcoin (satoshis). So far, people have inscribed images, videos, text, and software applications to the blockchain. Images are by far the most common, but text inscriptions are also well-liked, and applications are becoming popular as well. Similar to the well-established blue-chip NFT collections on the Ethereum blockchain, Bitcoin-based NFT collections are attempting to become fashionable. Yuga Labs has created 300 Ordinal inscriptions for a collection called Twelvefold.

In fact, there is a significant number of collections within the first 6,900 Ordinal inscriptions. Now, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) NFTs, are entering the world of Bitcoin-based digital collectibles with a new compilation of NFTs called Twelvefold. The collection consists of 300 generative creations inscribed by the Yuga Labs team. “The Twelvefold auction will launch later this week. There will be a 24-hour notice with auction details and exact timing,” Yuga Labs explained on Twitter.

In a blog post about the collection, Yuga Labs said, “Twelvefold is a base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain. The collection includes highly rendered 3D elements, as well as hand-drawn features, which serve as an homage to the Ordinal inscriptions currently done by hand.” In addition to Bitcoin, people have also been minting ordinal inscriptions on the Litecoin (LTC) blockchain. To date, more than 56,000 LTC-based inscriptions have been minted on litoshis. Tags in this story 200000, 3D elements, 55000, art system, Auction, Bitcoin, Bitcoin (BTC), Blockchain, Blue-Chip NFTS, Bored Ape Yacht Club, BTC, cartography, Cryptocurrency, data, Digital Collectibles, Ethereum, generative creations, hand-drawn features, images, inscriptions, litecoin, litecoin (LTC), litoshi, litoshis, LTC, minting, NFTs, Non-fungible tokens, Ordinal inscriptions, ordinals, Satoshi, satoshis, software applications, technology, Text, Twelvefold, videos, Yuga Labs

What are your thoughts on the increasing popularity of Bitcoin-based NFT collections? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Bitcoin"s Blockchain Growth Accelerates With Trend of Ordinal Inscriptions NEWS | 2 hours ago Former FTX Director Pleads Guilty to Charges of Fraud, Money Laundering, and US Campaign Finance Violations NEWS | 4 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin, Ethereum Technical Analysis: BTC, ETH Slip Ahead of US Consumer Confidence Report Next articleSolana Faces Renewed Criticism After 10th Downtime and Bumpy Restart, but Developers Remain Optimistic Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike