Yuga Labs Takes Advantage of Ordinals Hype, Dookey Dash Key Sells for 1,000 ETH and More…

Bored Ape Yacht Club (BAYC) creators Yuga Labs have announced a new Bitcoin NFT collection dubbed “TwelveFold”.

The move was announced via Twitter on February 28, with Yuga Labs unveiling 300 tokenized CG artworks as part of the TwelveFold collection set to go up for auction later this week.

In an accompanying blog post, Yuga Labs explained that the concept behind the collection is based on mathematics, time, and the Bitcoin blockchain.

“TwelveFold is a base 12 art system set around a 12×12 grid, a visual allegory for data mapping on the Bitcoin blockchain,” the post says, adding that:

“Satoshis are the smallest individually identifiable units of a Bitcoin. An inscribed satoshi can be located by tracking when that satoshi was minted in time through the Ordinal Theory protocol.”

“Inspired by this, our collection explores the relationship between time, mathematics and variability,” he explained.

Twelve Times NFT: Yuga Labs

Yuga Labs cited the recent buzz around Bitcoin NFTs, or ordinals, as the reason it decided to launch a collection on the network.

“Walking into Ordinals Discord a month ago was like taking a peek into the 2017-era Ethereum NFT ecosystem. It’s the kind of energy and enthusiasm we love at Yuga,” the firm stated.

Search down, trade up

According to Google Trend data, NFT search interest has fallen to levels not seen since early 2021, before the NFT boom, suggesting that interest in non-fungible tokens may be waning.

However, the NFT trading volume data for February suggests otherwise.

Google Trends uses a metric from 0 to 100 to show interest in various keywords that people search for on their search engine. Between February 19 and 25, the keyword “NFT” scored just seven out of 100.

Such levels have not been seen since early to mid-January 2021, while there has been a sharp decline from the all-time high of 100 between January 23-29, 2022.

Search interest for “NFT”: Google Trends

However, the NFT trading volume in February paints a different picture.

According to CryptoSlam data, there were $997.14 million worth of global NFT sales during the month, following the $1 billion posted in January.

These levels bring the NFT market back to June 2022 and its sales worth $982 million, before falling to a low of $460 million in October 2022.

More recently, sales volume has seen a significant incline, with the launch of the merchant-friendly marketplace, Blur, a key contributor behind this.

Twitch streamer sells Dookey Dash key for 1000 ETH

The man who won the Golden Key NFT for posting the highest score in the BAYC-affiliated game Dookey Dash sold the token for 1000 Ether (ETH), or roughly $1.63 million.

Twitch streamer Kyle Jackson, also known by his online pseudonym Mongraal, initially received the key on February 16 after scoring 928,522 points during the Dookey Dash competition hosted by Yuga Labs.

Wasting no time, Mongraal announced on February 27 that he had agreed to sell the key to Adam Weitsman, a BAYC NFT hodler and CEO of scrap metal company Upstate Shredding.

The golden key is sure to unlock something special from Yuga Labs, however the specific details have yet to be revealed.

Polygon thought another important association

The Polygon Foundation, the nonprofit behind the Ethereum-layer 2 Polygon scaling network, has partnered with South Korean multinational conglomerate Lotte Group to host the company’s NFT projects.

According to a February 27 announcement from Lotte’s NFT and marketing hub Daehong Communications, the partnership will see Lotte’s avatar-based NFT project BellyGom ported to Polygon from the Klatyn network.

The project will be renamed BellyGom Season 2, and NFTs offer hodlers benefits related to Lotte’s product and service lines, such as discount shopping coupons and hotel vouchers. Additional new perks have been introduced in the future, but details were scant in the announcement.

Lotte has nearly 100 different business units in areas such as fast food, candy manufacturing, electronics, and hotels. As of September 2022, the company is estimated to have around $15 billion in assets on its balance sheet.

Looking more broadly, the firm has outlined intentions to develop its Web3 initiatives in partnership with Polygon, as Lotte looks to expand its NFTs to a global audience and develop “a new NFT business model rather than just issuing NFTs.”

Related: Blur is chasing OpenSea market share, but its success depends on upcoming governance proposals

The move adds to Polygon’s growing list of partnerships with major brands including Startbucks, Adidas, Adobe and Prada.

Other witty news

According to a survey by the Metaverse platform, Metajuice, nearly three out of four NFT collectors on their platform buy NFTs for status, uniqueness, and aesthetics. On the other hand, 13% of the survey participants said they are buying NFTs to resell them in the future.

A group of well-known Japanese technology companies agreed on February 27 to advance the creation of the “Japan Metaverse Economic Zone.” Along with the creation of Japan’s Metaverse Economic Zone, the deal focuses on building an open metaverse infrastructure called “Ryugukoku,” which will spark the next wave of metaverse development.