- Yuga Labs, the parent company behind Bored Ape Yacht Club NFTs, recently concluded its debut Bitcoin NFT collection auction, TwelveFold.
- 288 successful bidders spent a combined 735.7 BTC, or approximately $16.5 million, on the 300-edition generative art project.
- The TwelveFold NFTs are a marked departure from Yuga’s previous works and represent a new approach to bidding and the use of the Ordinals protocol on the Bitcoin blockchain.
Yuga Labs, the parent company behind the popular Bored Ape Yacht Club NFTs, recently concluded its debut Bitcoin NFT collection auction, TwelveFold. The 24-hour auction saw 288 successful bidders spend a combined 735.7 BTC, or approximately $16.5 million, on the 300-edition generative art project.
The TwelveFold NFTs are a marked departure from Yuga’s previous works, which have all been released on the Ethereum blockchain. These new NFTs, inscribed onto the Bitcoin blockchain via the Ordinals protocol, represent a first for Yuga Labs and offer a unique opportunity for art collectors and NFT enthusiasts.
The 288 NFTs minted during the auction will be generated by the same code, but each piece will be numbered according to its rank in the bidding process. The highest bid was 7.1159 BTC, or approximately $159,600, while the lowest successful bid was 2.2501 BTC, roughly $50,400. The top 288 bidders are expected to receive their NFTs within the week.
Criticisms and Controversy for the Bidding Process
Yuga Labs stirred up some controversy with the TwelveFold bidding process, which required would-be holders to deposit the total amount of their bids directly with the company. The deposit was necessary to be considered in the auction, and Yuga promised to return rejected proposals within 24 hours of the auction’s conclusion.
However, this bidding process drew criticism from some quarters, with Casey Rodarmor, the creator of Bitcoin Ordinals, arguing that it legitimized a technique that nefarious project creators could easily manipulate to steal funds from bidders. Despite these criticisms, Yuga Labs was excited about the results of the TwelveFold auction and the possibilities it opens up for trustless auctions and marketplaces in the Bitcoin NFT space.
The TwelveFold art was created by Michael Figge, co-founder of NFT studio WENEW, and was inspired by “the relationship between time, mathematics, and the blockchain.” The collection features four color palettes that progress through the seasons, symbolizing optimism and the cyclical nature of the crypto space.
The Future of Bitcoin NFTs
The popularity of Bitcoin NFTs has skyrocketed in recent months, and a recent report from Galaxy Research forecasted that the market will reach $4.5 billion by 2025. The report also predicted that an entire ecosystem of Bitcoin NFT-supporting products and services should emerge by this summer.
Despite the excitement surrounding the new phenomenon, some challenges in the Bitcoin NFT space still need to be addressed. For example, many tools and features taken for granted on Ethereum, such as smart contracts and trustless transactions, still need to be created on Bitcoin NFTs.
Yuga Labs’ TwelveFold auction was a significant step forward in the development of the Bitcoin NFT market and offers a glimpse into the future of this exciting new space. With its unique approach to bidding and its innovative use of the Ordinals protocol, TwelveFold has set a new standard for Bitcoin NFTs and has opened up new possibilities for trustless auctions and marketplaces.