The Importance of Clearing Your Receiving Wallet Before Receiving The TwelveFold Glyphs

03/15/2023 02:52 • Metaverse Matters • 98 views

On March 15th, Yuga Labs tweeted, saying, “The TwelveFold glyph has been sent to all the empty shipping addresses that won the bid. Due to the fact that some of the addresses hold other bitcoins, 9 glyphs have not been sent. Please clear the receiving wallet before sending the remaining glyphs to these addresses. March 20th will be the last call, and we will send these glyphs to the receiving address regardless of the balance thereafter.”

Yuga Labs: There are still 9 TwelveFold inscriptions that have not been sent, again calling on recipients to empty their wallets

On March 15th, Yuga Labs tweeted about The TwelveFold glyph – a piece of digital art that was auctioned off for $69 million in March 2021. The tweet stated that the glyph has been sent to all the empty shipping addresses that won the bid. However, due to the fact that some of the addresses hold other bitcoins, 9 glyphs have not been sent. Yuga Labs urged the winners to clear the receiving wallet before sending the remaining glyphs to these addresses. This article will discuss the importance of clearing your receiving wallet before receiving any form of digital art or crypto.

What is The TwelveFold Glyph?

The TwelveFold glyph is a piece of digital art created by Mike Winkelmann. It is part of a collection called “Everydays: The First 5000 Days”. The art was sold as a non-fungible token (NFT) at a Christie’s auction house for $69 million. It is an example of the booming NFT market that has taken the art world by storm.

The Importance of Clearing Your Receiving Wallet

When you purchase an NFT, it is important to ensure that the receiving wallet is empty. This is because most NFTs are stored on the Ethereum blockchain, which uses the same receiving address for both ERC-20 tokens and NFTs. This means that if you have other tokens in your receiving wallet, they could be lost when you receive your NFT.
In the case of The TwelveFold glyph, Yuga Labs urged the winners to clear their receiving wallet before sending the remaining glyphs to the addresses. This is because there were some addresses that still held other bitcoins. By clearing the wallet, the winner ensures that they do not risk losing any of their other tokens.

Why Clearing Your Receiving Wallet Matters

Clearing your receiving wallet is crucial for two reasons – security and convenience. Firstly, clearing your receiving wallet ensures that you do not expose your other tokens to the risk of loss. This is because most wallets do not have a way of distinguishing between ERC-20 tokens and NFTs.
Secondly, clearing your wallet makes it easier to manage your tokens. When you receive an NFT, you will often want to sell or trade it later. If you have other tokens in your receiving wallet, it can be difficult to keep track of which tokens are for which purpose. By clearing your wallet, you can easily manage your tokens and avoid confusion.

Conclusion

In conclusion, Yuga Labs’ tweet about The TwelveFold glyph highlights the importance of clearing your receiving wallet before receiving any form of digital art or crypto. It is crucial to ensure that you do not risk losing any of your other tokens by keeping them in the same wallet. Clearing your wallet also makes it easier to manage your tokens, ensuring that you can sell or trade your NFTs without any confusion.

FAQs

1. What is an NFT?
An NFT, or non-fungible token, is a unique digital asset that is commonly used to represent digital art, music, videos, and other forms of creative content.
2. What is the Ethereum blockchain?
The Ethereum blockchain is a decentralized, open-source blockchain that is used to build decentralized applications, such as decentralized finance (DeFi) platforms, NFT marketplaces, and other blockchain-based applications.
3. Is it safe to keep all my tokens in one wallet?
While it is convenient to keep all your tokens in one wallet, it is not always safe. It is important to ensure that you use a reputable wallet and take steps to secure your wallet, such as using a strong password and enabling two-factor authentication.
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