- Yuga Labs, the company behind the Bored Ape Yacht Club, has launched a new experimental NFT collection consisting of 300 generative art pieces on the Bitcoin blockchain.
- The collection, called “TwelveFold,” was created entirely in-house by Yuga Labs’ art team using 3D modeling, algorithmic construction, and high-end rendering techniques.
- The TwelveFold collection will use the Ordinal Theory protocol and will be hosted on a 12×12 grid, with each piece minted onto satoshis – the smallest recognizable Bitcoin units.
NFTs on Bitcoin has taken the world by storm, offering a new way to invest in the original blockchain. While Ethereum has been the go-to blockchain for NFTs, Yuga Labs has decided to enter the nascent market sector on the Bitcoin Blockchain with their latest project, “TwelveFold.”
Yuga Labs is one of the leading players in the NFT space, known for its immensely popular Bored Ape Yacht Club. The “TwelveFold” NFT collection is an original and experimental project comprising 300 works of generative art, which will be written onto satoshis, the minor recognizable Bitcoin units.
How Yuga Labs’ new NFT collection is different from previous projects
The collection will be minted using the Ordinal Theory protocol, which provides satoshis with a unique identifier that enables them to be monitored and exchanged. Each satoshi is assigned a sequential number and encoded with data in the form of images, documents, or videos. The pieces in the TwelveFold collection will be inspired by the relationship between time, mathematics, and variability.
The collection will be hosted on a 12×12 grid, making it a visual analogy for mapping data on the Bitcoin blockchain. Unlike previous Yuga projects, the TwelveFold collection was created entirely in-house by Yuga Labs’ art team using 3D modeling, algorithmic construction, and high-end rendering techniques.
These rendering approaches provide high-fidelity outputs, which often need enormous quantities of data to store and can be costly for artists. However, Yuga appears to have avoided these storage and budgetary limits using Ordinals Inscriptions.
The Potential of Ordinals Inscriptions and What it Means for the Bitcoin Network
While some crypto maximalists may be concerned that Bitcoin NFTs are straining the world’s oldest blockchain, Yuga Labs seems undeterred. They see the recent craze of Ordinals Inscriptions as an opportunity to enter a new market sector.
Glassnode, a blockchain data analytics firm, has reported that Bitcoin’s mempool, taproot usage, and inscription fee rates began to skyrocket last week as Ordinals took control of the blockchain. However, it needs to be clarified whether the trend is genuinely starting to decrease, and Yuga Labs’ TwelveFold NFT collection is sure to get a great deal of attention.
Due to the high-profile nature of this drop and the restricted quantity of available pieces, TwelveFold will be released in an auction-style format, with all Bitcoin bids accepted. Bidders will require a self-custodial Bitcoin wallet and an empty Bitcoin address to get a piece if their request is successful. 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.
Yuga Labs’ TwelveFold NFT collection is a bold move to enter the nascent NFT market sector on the Bitcoin blockchain. While some may be concerned about the blockchain’s impact, Yuga Labs embraces the opportunity to create something new and exciting. The upcoming auction for the TwelveFold collection is sure to be highly competitive and indicative of the staying power of the Ordinals trend.