NFTs on Bitcoin: Yuga Labs dropping an Ordinals collection

NFTs on Bitcoin: Yuga Labs dropping an Ordinals collection

The Bitcoin Ordinals trend has just gotten so much bigger.

This week, the NFT giant Yuga Labs 🦧 announced its own “Bitcoin NFT” project – the TwelveFold – and it’s causing quite a stir in the crypto community.

TwelveFold is a generative art collection, including both highly-rendered 3D elements and hand-drawn features, which is supposed to be auctioned off later this week.

📍 What are Ordinals? 🔢

They’re part of an open-source project from Bitcoin developer Casey Rodarmor, who theorized that within a Bitcoin transaction, there is an order to the distribution mechanism of satoshis (1/100’000’000 of bitcoin). Every satoshi is given a unique ordinal number as early as the candidate block, starting from 0, and continuing to just below 2.1 quadrillion.

The Ordinal software allows users to make inscriptions – inscribing arbitrary data associated with a specific satoshi into the witness of the Bitcoin transaction. It can be text files, PNGs, or even a program script itself.

At the protocol level, sats are still fungible, but at the social level, each inscribed sat carries an extra piece of information, making them unique – which led to the colloquialism “Bitcoin NFTs.”

📍 Do we need Ordinals?

Some people view Ordinals as abusing the network and bloating the blockchain, but others speak about the next big thing in Bitcoin and NFT development:
– unlike Ethereum NFTs, Ordinals do not point to an off-chain source of data – everything is inscribed on-chain,
– they also open the Bitcoin ecosystem to a whole new set of possibilities.

📍 How to create and use Ordinals?

The infrastructure and tooling around inscriptions on Bitcoin are rapidly progressing. Initially, users needed to download Bitcoin core, but now companies like offer no-code ordinal creators’ tools. Hiro Wallet and Xverse, Bitcoin-based web wallets, have already rolled out support for Ordinals.

The Ordinals project has recently passed 200,000 inscriptions, and the launch of TwelveFold can stimulate many more to come ✨