On Monday, February 27. 2023, the number of non-fungible tokens (NFTs) on the Bitcoin blockchain had reached 200,000 registrations. At 1:02 AM ET, as many as 200,000 sign-ups have been registered. This was announced by the creators of the Bored Ape Yacht Club (BAYC), Yuga Labs, who have unveiled their Twelvefold Collection of 300 generative NFTs.
Bitcoin News: Over 200,000 Sign-ups for Digital Purposes So Far Yuga Labs Enters Bitcoin-Backed Digital Collectibles Market
Non-fungible tokens are minted on the Bitcoin blockchain and on Monday afternoon at 1:02 PM (ET) the number of NFTs reached the 200,000 mark. It took 72 days for the first NFT inscription to be minted, which was on December 16, 2022, at the top block #767753. The second inscription, #2, was embedded into the blockchain tree days later, on December 19. Block top #768,094. It took 45 days for the 1,000th registration to be completed, which was then minted on February 2, 2023. Since then, the NFT registration rate has spiked by 19,900%.
At the time of writing, there were approximately 212,793 non-fungible tokens in the blockchain. Primarily, NFT inscription is a non-fungible asset. It’s created by registering data within the smallest amount of bitcoin (satoshis). So far, people have uploaded images, videos, and text to the blockchain. Pictures are the most popular, but text inscriptions are also gaining traction.
The first 6,900 non-fungible tokens were used for collections. Now, Yuga Labs, creators of Bored Ape Yacht Club (BAYC), NFTs, are entering the market of Bitcoin-backed digital collectibles with a new construct known as Twelvefold. The Collection comprises of 300 generative creations that are registered by the Yuga Labs team. “The Twelvefold sale will launch later this week. There will be a 24 hour notice with the details of the sale and the exact time”, Yuga Labs explained on Twitter.
You can submit a blog post regarding the collection. Yuga Labs stated: “Twelvefold is a base 12 artwork set around a grid of 12×12. This is an allegory for data mapping on the Bitcoin blockchain. The Collection includes highly rendered 3D parts as well as hand drawn options that pay homage to the hand-drawn ordinal signs of today. Along with Bitcoin, people have also minted ordinal inscriptions on the Litecoin (LTC) blockchain. So far, more than 56,000 LTC-based inscriptions have been made on litoshis.