March 3, 2023
By Sharan Kaur Phillora
Yuga Labs, the $4 billion company behind the dominant NFT collection Bored Ape Yacht Club, will debut its first-ever Bitcoin-based NFT project later this week, the company announced Monday.
Here’s what we know:
Yuga Labs plans to auction a collection of 300 generative pieces on the Bitcoin blockchain later this week called TwelveFold, which could be the kind of event Bitcoin purists say will slow down the network.
It’s one of the highest-profile launches to date via Ordinals, a recently-launched way of committing artwork and media to Bitcoin by permanently attaching each to an individual Satoshi or 1/100,000,000 of a full Bitcoin (BTC).
Twelvefold is a base 12 system that will be hosted on a 12×12 grid, making it “a visual analogy for mapping data on the Bitcoin blockchain.
The collection will comprise highly rendered 3D pieces and hand-drawn elements that pay homage to the existing Ordinal Inscriptions, most of which are currently done by hand.
Although the crypto community continues to examine the potential of Ordinals, it is difficult to tell if the trend is truly beginning to abate. In addition, Yuga Lab’s TwelveFold NFT collection is certain to get a great deal of attention.
The precise moment of the auction will be published 24 hours before the drop via Yuga Labs’ social media platforms and the company’s official news blog.
Users can access the TwelveFold website for further information about the project. And for further information about Ordinals Inscriptions, Yuga advises users to review this guide before the auction to be prepared.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.