On Monday, Yuga Labs, the $4 billion company behind the king of the NFT collection, Bored Ape Yacht Club, announced that it would be releasing its first Bitcoin-based NFT project later in the week.
TwelveFold is a collection of 300 unique pieces of generative art. Each piece will be recorded in the Bitcoin blockchain so that it will always be there. Ordinals are a new way to permanently link artwork and media to a single Satoshi, which is 1/100,000,000 of a full Bitcoin. This announcement (BTC) is one of their most well-known launches to date.
Each piece will feature a mixture of 3D graphics and hand-drawn elements, and will be organized in a 12×12 grid in homage to the way data is stored on the Bitcoin blockchain. Yuga’s in-house art team conceptualized and executed the project, and the company has stated that it has no relation to, and will have no future interactions or utility related to its Ethereum-based intellectual property.
Yuga’s new album, TwelveFold, departs in several significant ways from the band’s previous work. Most notably, the Ethereum blockchain is the host for all other Yuga-branded projects at the moment. Ethereum is the most popular blockchain for NFTs.
You can buy virtual land plots in the Otherside metaverse game, as well as memberships to the Bored Ape Yacht Club (BAYC) and its offshoot, the Mutant Ape Yacht Club (MAYC). CryptoPunks and Meebits are two “blue chip” Ethereum NFT projects that were developed by Larva Labs, and Yuga Labs acquired the intellectual property rights to these projects from Larva Labs last year.
The Meaning of Ordinals Intro to Bitcoin NFTs: What You Need to Know
When compared to similar projects, TwelveFold is significantly larger. Unlike the other Yuga collections, which total 10,000 NFTs or more, TwelveFold will only feature 300 items. Its inspiration comes from Autoglyphs, a 512-NFT generative art project by Larva Labs on Ethereum.
To quote the announcement’s co-founder, “All of these choices are a departure from what’s expected from Yuga,” Greg Solano. But, as you well know. As much as possible, avoid the norm.
We’re optimistic about the potential of ordinary inscriptions and Bitcoin as a platform for digital artifacts, he said. Yuga has said that the auction will be announced later this week and that details will be given out 24 hours before the sale starts.
Over the past month, Ordinals have captured the imagination of the NFT community. While the concept of Ordinal-like assets imprinted on the blockchain has irritated some Bitcoin maximalists, it is gaining traction quickly. There are now over 200 thousand distinct Ordinals in circulation, with many of them coming from high-profile initiatives like DeGods and OnChain Monkey. Even on Bitcoin, you can find copies of CryptoPunks.
However, Yuga’s foray into Bitcoin NFTs occurs just as the company’s most reliable revenue source appears to be in jeopardy. Creator royalties, a fee of between 5 and 10 percent charged for the resale of NFTs on Ethereum marketplaces like OpenSea, are crucial to the survival of NFT creators like Yuga.
OpenSea suspended the collection of certain royalties earlier this month in order to compete with the newcomer NFT trading platform Blur. Previously, Yuga Labs had criticized OpenSea for even considering the move.