Yuga Labs to launch NFT collection on Bitcoin blockchain
Yuga Labs, a leading NFT studio, is set to launch a new collection of tokens called TwelveFold on the Bitcoin (BTC) blockchain.
The limited edition collection will consist of 300 generative pieces “inscribed on satoshis” on the Bitcoin network. This marks a significant departure from Yuga Labs’ previous offerings, which were all on the Ethereum (ETH) blockchain.
The TwelveFold NFTs will represent a complete art project and will not have any other utility or interaction with any previous, ongoing, or future Ethereum-based Yuga projects. The art was created by Yuga Labs’ in-house team using 3D modeling, algorithmic construction, and high-end rendering tools.
The auction for the TwelveFold collection is set to take place later this week, and interested buyers will receive a notification 24 hours in advance. The token for bidding is bitcoin, and the artwork will require an empty BTC address.
The Yuga Labs collection includes some of the most popular NFT projects, such as Bored Ape Yacht Club, Mutant Ape Yacht Club, and virtual land plots for the upcoming Otherside metaverse game. TwelveFold, however, stands apart from these projects, with only 300 pieces, in contrast to the 10,000 or more NFTs in other Yuga-owned collections.
Bitcoin network emerges as a new frontier for NFTs
While NFTs have mostly been associated with the Ethereum blockchain, the Ordinals protocol has made it possible for NFTs to be created on the Bitcoin network. The number of ordinals generated through this protocol has already crossed over 100,000.
However, this trend has also resulted in a sudden surge in activity in the Bitcoin network, causing some concerns about crowding out monetary transactions. As a result of its Ordinals’ soaring popularity, the average transaction size has surged by over 100% to 1,100 bytes.
Despite these concerns, Glassnode does not believe that the trend will negatively impact monetary transactions. The launch of Yuga Lab’s TwelveFold NFT collection is expected to attract a lot of attention, indicating that there is still significant interest in NFTs.