NFT Market is not in its best shape, with google search trending down for months, but one of its movers – YugaLabs is blasting from all cylinders this week. Yuga Labs is undoubtedly a major player in the NFT space, having completed several high-profile deals and setting records in terms of price and volume. Yuga Labs is the company behind the Bored Ape Yacht Club (BAYC) ecosystem and owners of CryptoPunks and Meebits IPs always have the media attention, with their BAKC logo alleged steal sparking controversial remarks last week gets back on the positive note.
DookeyDash a gaming NFT project instituted by Yugalabs has trade for a whooping sum of $1.7 million on Opensea. The new trade records as the third most prominent individual Esports winning of all time
Say what you will about the game itself but this will (and already has) attracted a lot of attention from gamers who supposedly hate NFTs. The Golden Key is a 1/1 nft won and his owned by pro twitch gamer Mongraal for getting the highest score in Yuga Labs game, Dookey Dash.
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Previously, Mongraal had the DookeyDash nft listed for 2,222 ETH ($3.6M), a 999 Ether ~ $1.1M bid expired on Sunday night with Mongrall saying he would accept a 1000 Ether approximately $1.7 million bid made by billionaire Adam Weitsman, interestingly the bid offer was upped hence the acceptance by the owner on Opensea. Yugalabs will get a 50 Ether royalties from this sale.
I have agreed to sell the key for 1000 ETH to @AdamWeitsman. Super nice guy and thrilled the sale went through with him.
A special thank you to @yugalabs for hosting an incredible competition. I look forward to competing in future events. Royalties will be paid in full.
1/2— Mongraal (@Mongraal) February 27, 2023
Interestingly, Yugalabs is releasing a limited collection of 300 generative arts n— TwelveFold next week to be inscribed on Satoshis on the Bitcoin Blockchain as the drive for BTC NFTs spark volume in the Non fungible terrain.
Yuga Labs is capitalizing on the current hype surrounding Bitcoin NFTs, commonly known as Ordinals. Ordinals protocol is responsible for doubling the Bitcoin transactions fees, and already amounted to a million dollars in earned fees for Bitcoin miners.
These pieces — TwelveFold represent a complete art project and will not have other utility or interact with or be related to any previous, ongoing, or future Ethereum-based Yuga projects. The generative pieces were crafted in-house by Yuga Labs’ art team using 3D modeling, algorithmic construction, and high-end rendering tools. All TwelveFold pieces will be sold in an auction later this week. All bids will be made in Bitcoin.
Inscriptions are NFTs that live in the Bitcoin blockchain. An inscription is created when a file, such as an art image, is written into (inscribed into) units of Bitcoin, called satoshis. Satoshis are the smallest individually identifiable units of Bitcoin (one hundred million satoshis equals one Bitcoin). Inscriptions, also called digital artifacts, are native to the Bitcoin blockchain and are made possible through the Ordinal theory protocol.