Yuga Labs, a well-known NFT company, will introduce the TwelveFold token collection on the Bitcoin (BTC) network
The 300 generative pieces “inscribed on satoshis” via the Bitcoin network will make up the limited edition collection. As opposed to Yuga Labs’ prior offerings, which were all based on the Ethereum (ETH) blockchain, this is a substantial change.
The TwelveFold NFTs will be an entire work of art and will not be useful for or interact with any current or upcoming Ethereum-based Yuga projects.
The artwork was produced internally by Yuga Labs using 3D modeling, algorithmic building, and top-notch rendering techniques. Later this week, the TwelveFold collection sale is scheduled to take place, and prospective purchasers will be informed 24 hours beforehand.
Bitcoin will be used as the bid currency, and an empty BTC address is needed to purchase the artwork. Several of the more well-known NFT projects, such as Bored Ape Yacht Club, Mutant Ape Yacht Club, and virtual land plots for the planned Otherside metaverse game, are included in the Yuga Laboratories collection. With only 300 pieces compared to the 10,000 or more NFTs in other Yuga-owned collections, TwelveFold differs from previous efforts.
Bitcoin Network Opens New Opportunities For NFTs
The Ordinals protocol has made it possible to create NFTs on the Bitcoin network, even though NFTs have often been linked to the Ethereum blockchain.
Via this protocol, over 100,000 ordinals have already been produced. But this pattern has also led to a rapid spike in activity on the Bitcoin network, raising some worries about the potential for crowding out financial transactions.
Due to the extraordinary popularity of its Ordinals, the average transaction size has increased by over 100% to 1,100 bytes. Despite these reservations, Glassnode doesn’t think the trend will have a negative effect on financial transactions.
There is still a lot of interest in NFTs, as seen by the expectation that the unveiling of Yuga Lab’s TwelveFold NFT collection will garner a lot of attention.
