It hasn’t been 24 hours and Yuga Labs is already back in Web3 news.
Yesterday, we covered the sale of its Dookey Hash Golden Key NFT for a jaw dropping $1.6 million. Today, the Web3 studio behind the Bored Ape Yacht Club just announced a new limited-edition NFT collection that will mint on the Bitcoin blockchain.
“TwelveFold” is a 300-piece tokenized computer-generated NFT collection to be minted on Bitcoin as Ordinals Inscriptions with the help of the Ordinal protocol. The news was announced February 28th by Yuga Labs, who said the collection will be sold as an auction and more details will be released via social media channels 24-hours before drop.
TwelveFold was created in-house by the Yuga Labs art team using algorithmic construction, 3D modeling, and high-end rendering tools. It’s described as a “base 12 art system localized around a 12×12 grid” that is symbolic of the cartography of data on the Bitcoin blockchain. The NFTs also contain hand-drawn features.
Ordinals Inscriptions — NFTs that live on Bitcoin — have become both popular and problematic (for some) ever since Ordinals released its Ordinal Theory protocol about a month ago. Inscriptions allow files such as images to be inscribed on the smallest unit of Bitcoin called Satoshis: One hundred million Satoshis equals one bitcoin.
Although Ordinals has been controversial with Bitcoin maximalists, it has caused quite a stir in the NFT world and several notable studios have released projects with Ordinals already — including the top Solana-born collection DeGods.
Bidding for the upcoming auction will be done in Bitcoin, and bidders will need a self-custodial wallet containing Bitcoin and an empty Bitcoin address to receive the Satoshi turned NFT if they win the auction.
Also worth noting, the collection will not be related or interact in anyway with any other collections or Yuga Labs projects. More information about the project is available at the TwelveFold website.
Yuga Labs is Busy Building Its Brand
The move from Yuga Labs to release a limited-edition NFT project on Bitcoin is exciting for NFT collectors and holders of Yuga Labs’ NFTs. And though not everyone agrees that minting NFTs on Bitcoin is the best idea, it looks like it’s going to be a trend that sticks —especially now that it’s been endorsed by one of the biggest brands in Web3.
At Rarity Sniper, we’ve written dozens articles about the studio behind some of the most successful NFT projects of all-time building in Web3. Here are some of the headlines from the past year:
- Yuga Labs Raises $300 Million from Otherside Land NFTs
- Yuga Labs to Hire Christies Exec to Manage CryptoPunks
- Yuga Labs Grants IP Rights to CryptoPunks & Meebits Holders
- Yuga Labs Reveals Ideology Behind Otherside Metaverse
- ApeCoin Holders Snag New Marketplace for Yuga Labs NFTs
- Yuga Labs to Launch Free NFT Mint & Skill-Based Game
Despite a dismal 2022 for the NFT and crypto markets, Yuga Labs has continued to grow its brand and bring value to its community. Dropping a highly-exclusive NFT project on Bitcoin is more evidence of the studio’s willingness to innovate and launch exciting new projects during uncertain times in the market.
We’ll have to be patient to see how much the 300 TwelveFold NFTs sell for in auction. But considering the stellar reputation of Yuga Labs and the enthusiasm of its community, we assume the sales prices will be newsworthy. At Rarity Sniper, we’ll be on the lookout for any new developments in the story.