Bored Apes Yacht Club (BAYC) creator, Yuga Labs plans to launch another collection of Non-fungible tokens (NFTs) dubbed TwelveFold in this week.
This latest collection is Bitcoin-based and contains 300 limited-edition pieces of generative art that are inscribed onto Bitcoin’s (BTC) blockchain satoshis. Such inscriptions also known as Ordinals Inscriptions are the latest craze in the NFT ecosystem.
Inscriptions or digital artifacts are developed through a process of Ordinal Theory Protocol when a file including an art image is etched into a unit of BTC known as satoshis.
Markedly, satoshis are the smallest identifiable individual unit of Bitcoin (1/100,000,000). Several creators in the world of NFTs are fast adopting this ecosystem even though there have been talks about how BTC NFTs are straining the world’s oldest blockchain.
Contrary to how Ethereum (ETH) NFTs can be minted in groups, these ordinal NFTs have to be minted individually in a transaction with its fee.
Therefore, interested holders of the TwelveFold collection would need empty BTC addresses to receive the digital collectibles. Otherwise, buyers would be at risk of transferring their inscribed satoshis if stored with other Bitcoin holdings.
“Wallets do not currently support the transfer of individual satoshis,” Yuga Labs mentioned.
TwelveFold Shares no Connection With Other Yuga Projects
The TwelveFold Bitcoin NFT collection is described as a “base 12 art system localized around a 12×12 grid” which is crafted with 3D modeling techniques and algorithmic construction. Noteworthy, this is Yuga Labs’ first BTC NFT and It will not be related to or allowed to interact with BAYC, CryptoPunk, or any other Ethereum-based Yuga Labs project.
One distinction between TwelveFold and other Yuga Labs collections is the size of the project. Other Yuga-owned collections are known to contain as many as 10,000 collectibles but TwelveFold only holds 300 pieces. Auction details will be announced this week and all bids will be made in Bitcoin.
Greg Solano, Co-founder of Yuga Labs explained that “All of these choices are a departure from what’s expected from Yuga. But, you know. Fuck doing expected things.” And “We’re excited about Ordinal inscriptions and what the future holds for digital artifacts on Bitcoin.”
Meanwhile, bankrupt crypto lender 3AC has announced the sales of its NFT holdings which includes Yuga Labs CryptoPunks, 30 of Tyler Hobbs’ Fidenzas, and 17 of Dmitri Cherniak’s Ringers to offset expenses in its liquidation process.
