Yuga Labs’ TwelveFold: zero or hero?
Everyone’s heard of Yuga Labs’ Bored Apes. Four friends + a dream of a community + boredom = overnight billionairedom. Behold TwelveFold! Will their new project be as successful?
“This innovative generative art collection comprises 300 unique pieces of digital art inscribed onto satoshis – the smallest and indivisible units of Bitcoin, thereby making it the first NFT collection of its kind to be enshrined on the Bitcoin blockchain. As a result, each artwork in the TwelveFold collection is not only a stunning work of art in its own right but also a significant and one-of-a-kind asset with a permanent and unalterable record on the Bitcoin blockchain.”
The crypto scene is no stranger to quick success. Many mourned the chance to make quick millions on Bitcoin’s price growth in 2015-2016 until in 2018 YIFY emerged. This new token that its developers called “absolutely useless” and urged people to “stay away from” went from $3 to $43 000 in less than 2 months, actually outperforming Bitcoin not only in terms of amplitude of growth, but also in terms of peak cost: at the time it was worth more than Bitcoin ever was.
Nothing against Bitcoin Ordinals (they are cool) but this strikes me as pretty off-brand and random. Everything thus far in the Yuga ecosystem feels like it has the potential to be interconnected but I don't get that sense from this.— BORED (@BoredElonMusk) February 27, 2023
It seems it’s never too late to make money in the crypto industry. Yuga Labs’ side hustle created because 4 bored, ahem, individuals had nothing to do and wanted to create a place where people could hang out and talk interesting nonsense gained them success so stunning that it resonated around the world for years.
Imagine 4 friends getting together, writing some relatively simple code, and becoming celebrity billionaires before they even came to terms with what happened. Now, the question to ask is: will a new collection from the same company get the same recognition, and is it worth giving it, or similar projects, a chance?
What is TwelveFold?
TwelveFold was called “fine art” by critics, and that’s pretty much all you’ll really learn about it. It’s art, with no real utility, says Yuga Labs, and it’s closely linked to blockchain, which hints at a sentiment to bridge the NFT and the Bitcoin blockchain.
“TwelveFold collection, which uses the innovative Ordinal protocol to inscribe unique digital art pieces onto satoshis on the Bitcoin blockchain. This not only makes TwelveFold a visually stunning collection, but also an unprecedented and valuable asset with an immutable record on the blockchain.”
Will it be successful?
Twelvefold is definitely a departure from the usual Yuga Lab ways, which in this sphere (given a good team) often seems to coincide with spectacular wins. But! Research shows that, as the NFT market is fading, the few that will be left will be those that a lot of hard work was put into, and the same goes for crypto projects: only those with real utility survive.
We can therefore logically arrive at the conclusion that the only projects that you should be concentrating on are the ones with truly spectacular teams behind them, and those that aim to bring value to the community. Does Yuga Labs?
Well, BAYC NFTs were essential to attending certain parties (you could say thus they were vital for some people’s survival), they were recognized as real art by Sotheby’s and Christie’s, and TwelveFold seems like a movement toward bridging the gap between the NFT and the Bitcoin communities. That’s value? Right? There could be something there?
Yuga Labs is considered one of the best teams in the business, and it could be that this collection is another step toward uniting all crypto communities and projects into one, so in time they could join forces and become far more powerful than when they’re competing. That was why Yuga Labs was founded after all: a sense of community.
We say (with about 58.56% certainty) this project is a hero rather than a zero. Not a financial advice. Do your own research!
*not to be confused with the real Elon Musk!