Key Takeaways
* TwelveFold is a 300-piece generative art collection inscribed on satoshis.
* The project uses Ordinal Theory protocol to locate an inscribed satoshi.
* Participants can submit puzzle answers through various Bitcoin wallets, including Leather, Unisat, and Xverse.
* The first correct answer inscribed on a satoshi is declared the winner.
* Winners must fill out tax forms to claim prizes.
Yuga Labs, the web3 company with a strong track record in the NFT space, has expanded its portfolio with the launch of TwelveFold, a 300-piece generative art collection on the Bitcoin blockchain.
Known for its ownership of Bored Ape Yacht Club (BAYC) and its 2022 acquisition of CryptoPunks and Meebits from Larva Labs, Yuga Labs has also garnered attention for its financial success. As reported by Blockchain.News in March, the company earned millions from its NFT collection ‘Dookey Dash.’ The new TwelveFold project aims to explore the relationship between time, mathematics, and variability through a base 12 art system
What is TwelveFold?
Announced on September 5, 2023, TwelveFold is a 300-piece generative art collection that lives on the Bitcoin blockchain. The project is localized around a 12×12 grid and includes highly-rendered 3D elements as well as hand-drawn features. According to Yuga Labs, the collection “explores the relationship between time, mathematics, and variability.”
How Does It Work?
The art pieces are inscribed onto satoshis, the smallest individually identifiable units of a Bitcoin, using the Ordinal Theory protocol. This allows for the tracking of when that particular satoshi was minted. Participants can submit their puzzle answers through various Bitcoin wallets, including Leather (formerly known as Hiro), Unisat, and Xverse. A Bitcoin fee of approximately $4-$8 is required to inscribe the answer onto a satoshi.
The Rules
The first correct answer that gets inscribed is declared the winner of the puzzle. In case two people submit the correct answer in the same Bitcoin block, the answer with the lower inscription number is accepted. Winners are notified via email and must fill out tax forms to claim their prizes.
The Technology Behind It
The TwelveFold project leverages a method called “inscribing,” which allows creators to connect data to an individual satoshi and host metadata on-chain. This essentially enables the concept of NFTs on the Bitcoin blockchain. Yuga Labs expects the technology and ecosystem around Bitcoin-based NFTs to evolve differently than other blockchain NFT ecosystems.
Conclusion
TwelveFold is a novel approach to generative art, leveraging the Bitcoin blockchain to create a unique art collection. While the technology is still nascent, it represents a significant step in the evolution of NFTs on the Bitcoin blockchain.
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