Yuga Labs, the company behind the popular NFT collection Bored Ape Yacht Club, has announced the launch of its latest collection, TwelveFold. The new NFTs will be minted using the Ordinals protocol on the Bitcoin network. Since its launch in January 2023, Ordinals has opened up the NFT market on Bitcoin and gained attention from the community.
According to Yuga Labs, TwelveFold will consist of 300 NFTs that will create a visually immersive story for the Bitcoin blockchain using both 3D and hand-drawn elements. The company has planned an auction for the new project at the end of this week and is encouraging the community to open Bitcoin wallets before the NFT minting process.
Introducing TwelveFold. A limited edition collection of 300 generative pieces, inscribed on satoshis on the Bitcoin blockchain.https://t.co/aFWEIhzqcI pic.twitter.com/PjWABKKBr4
— Yuga Labs (@yugalabs) February 27, 2023
Yuga Labs has been active in 2023, starting with the surprise launch of the Dookey Dash game in January. Notably, only owners of Bored Ape Yacht Club (BAYC) or Mutant Ape Yacht Club (MAYC) NFTs are eligible to receive the Sewer Pass NFT to join the game. The launch event of Dookey Dash caused a surge in trading volumes of the primate NFTs within a few hours.
Greg Solano, co-founder of Yuga Labs, said on the company’s blog: “All of this is beyond what you would expect from Yuga. But you know. We don’t do the predictable.”
However, this collection is special as it marks Yuga Labs’ move towards Bitcoin NFTs rather than being loyal to Ethereum as before. The company has seized the momentum of the growing Bitcoin NFT trend that has garnered significant attention in recent days.
As of February 27, over 200,000 NFTs have been minted on Bitcoin. Thanks to the popularity of Ordinals, fees on the Bitcoin network have skyrocketed in the past month. On February 15 alone, about $170,500 was paid to Bitcoin miners. Over $1.31 million has been paid to miners. However, since February 15, fees for Bitcoin miners have gradually decreased to just over $11,000 as of February 20.
Additionally, an NFT from the Ordinal Punks collection, one of the leading collections on the Ordinals protocol, was sold for 9.5 Bitcoin (about $214,000). Ordinal Punks has a style similar to CryptoPunks, which Yuga Labs acquired in May 2022.
Yuga Labs’ move towards Bitcoin NFTs is a significant development in the NFT space, and it will be interesting to see how the community responds to this new collection.
Read more:
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