Yuga Labs Bitcoin NFT Collection Auction Nearing
Yuga Labs, a prominent NFT creator, is venturing into Bitcoin NFTs with the launch of its latest collection, TwelveFold.
The collection comprises 300 NFTs generated using advanced 3D modeling technology and other innovative techniques.
Of the 300 NFTs, 288 will be available for sale to the public. At the same time, 12 will be reserved for contributors, donations, and philanthropic initiatives, according to a company release.
The auction will last 24 hours, with results finalized based on the last completed Bitcoin block before 3 p.m. PT on March 6. The auction has no set price or bidding guideline, and the results will depend entirely on market demand.
Yuga Labs has previously made a name by dominating the Ethereum NFT market with two blockbuster collections, Bored Ape Yacht Club and CryptoPunks. However, with the launch of TwelveFold, the company is taking its first steps into the Bitcoin NFT space.
Bitcoin NFTs are unique in that they are inscribed onto satoshis on the BTC blockchain, making them highly secure and tamper-proof. These NFTs are created when a file, such as an art image, is written or inscribed into units of Bitcoin known as satoshis, the smallest individually identifiable units of the asset.
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The Ordinal Theory protocol has made it possible to create Bitcoin NFTs, with these NFTs known as “ordinals.” This type of NFT has gained popularity as the Bitcoin blockchain has undergone upgrades that have made it cheaper to store data in single transactions.
Yuga Labs’ TwelveFold collection is likely to generate significant interest among NFT enthusiasts, particularly given the success of the company’s previous Ethereum-based collections. This move could be a game-changer for the Bitcoin NFT space and is expected to generate increased interest in this growing market.