Yuga Labs, the company best known for creating the popular NFT marketplace, Bored Ape Yacht Club, announced yesterday its first Bitcoin-based NFT project, set to launch later this week. The new collection consists of 300 limited-edition generative art pieces, that will be minted on satoshis on the Bitcoin blockchain.
The collection is called TwelveFold and is a limited edition “crafted in-house by Yuga Labs’ art team using 3D modeling, algorithmic construction, and high-end rendering tools.” The pieces are 12×12 grids, as “a visual allegory for the cartography of data on the Bitcoin blockchain.”
Yuga Labs is one of the largest non-fungible token players, and up until now it dominated the market on Ethereum blockchain as all of its previous NFTs were Ethereum based. Now the company will use Ordinals Inscriptions, “NFTs that live in the Bitcoin blockchain…. Inscriptions, also called digital artifacts, are native to the Bitcoin blockchain and are made possible through the Ordinal theory protocol,” explains the official website.
All TwelveFold pieces will be sold in an auction until the end of the week and all the bids will be have to be made in Bitcoin. More details on how you can acquire a piece, “will be made available at least 24 hours prior to the start of the auction.”
The company’s collections reportedly accounted for most of the best NFT purchases in 2022. The highest price received by Yuga Labs for a NFT last year was 8,000 ETH (then $23.7 million), for CryptoPunk #5822. The sale went into Guinness World Records 2023 edition, which features cryptocurrency for the first time and awards Bitcoin “for being the first decentralised cryptocurrency.” Another of Yuga’s collections to make it in the book was Bored Ape Yacht Club (BAYC), for the highest floor price for an NFT collection.