TwelveFold: What's Next?
Earlier this week we announced TwelveFold, a limited collection of 300 generative pieces that will be inscribed onto satoshis on the Bitcoin blockchain. This post will share auction details, along with some points from the TwelveFold auction FAQ that we'd like to emphasize.
A total of 288 TwelveFold ordinal inscriptions will be available in the auction. 12 TwelveFold inscriptions will be held back for contributors, donations, and philanthropic efforts.
The TwelveFold auction will open on March 5th, 2023 at 3pm PT and close approximately 24 hours later on March 6th, 2023 at 3pm PT. The results of the auction will be finalized based on the last completed block before 3pm PT on March 6th. For example, if the last block occurs at 2:57pm PT on March 6th, then any bids contained within the following block will be disregarded even if they were submitted prior to 3pm PT since they were not confirmed. We recommend ensuring your bids are in early since block completion times are never certain.
In order to participate in the auction, users will need two Bitcoin wallet addresses. We recommend users have a Taproot-enabled self-custodied BTC wallet address to receive an inscription. Some wallets used currently in the ordinals ecosystem include the following, but as always do your own research: Sparrow Wallet, Hiro, Xverse, and Casa. (Note: MetaMask is supported via Generative.xyz). These guides from Hiro and Sparrow may be helpful to set up your taproot-enabled self-custody BTC address for the TwelveFold Auction.
In terms of the two addresses users will need:
- One wallet address should contain the Bitcoin you wish to use to place a bid.
- The other self-custodied, Taproot-enabled wallet address should be empty. This is your receiving address. It is where your ordinal inscription will be sent should you place a winning bid; alternatively, it is where your bid will be returned should your bid be unsuccessful.
It’s recommended that you don’t hold any other Bitcoin in your receiving address as you don’t want to commingle your inscribed satoshi with other sats and accidentally send it out of your wallet.
Once you have your wallets set up, you’ll go to the TwelveFold.io site where, once the auction has begun, you’ll be prompted with a form to input the address for your receiving address (your ordinal inscription wallet / bid refund address). Copy and paste your address, and click “Bid.”
You’ll then be provided with a unique deposit address where you can submit your bid. Send your bid in Bitcoin to this address (from your other, Bitcoin-containing payment wallet). Once the block has been confirmed and we receive your bid, the auction leaderboard on TwelveFold.io will update to reflect your bid if you are in the top 288 bids. While all bidders are urged to read the Terms of Sale before bidding, below is a summary of the main details.
A total of 288 inscriptions will be auctioned off, and awarded to the 288 highest successful bidders at the conclusion of the auction. Each TwelveFold piece will be sent to the receiving address provided by the successful bidder at the time of placing their bid.
Those who did not win a spot in the top 288 will have their Bitcoin returned to their receiving address (their ordinal inscription wallet). Bids made with a custodial wallet owned by a third party like Coinbase, Binance, Kraken, etc., will NOT be able to receive refunds. So please, only make bids with a self-custodied wallet.
Finally, note that the inscription process will reflect the themes of the collection and is intended to be part of the experience. Winning bidders will receive their TwelveFold ordinal inscriptions within one week of the end of the auction. Once the inscribing is finished and transferred to the owners wallets, we will publish a note on official channels.
We’re incredibly excited to release the TwelveFold collection. Please stay tuned to channels for more background on the inspiration for the collection ahead of the start of the auction.