Bored Ape Yacht Club’s parent company is getting in on the Bitcoin NFT trend with a new project that includes 300 generative digital collectibles.
Yuga Labs’ new NFT project is far different from the PFP-based collections it has launched in the past.
The Bored Ape Yacht Club creator announced a limited-edition NFT collection called TwelveFold earlier this week. The new project includes 300 generative art collectibles powered by the Bitcoin blockchain network.
You heard that right. Yuga Labs is getting in on the Bitcoin NFT craze.
Before laying out what Yuga Labs is doing with its new project, you must first understand Bitcoin NFTs.
Bitcoin NFTs, Explained
Bitcoin-based NFT projects have been the talk of the town across the digital collectibles and cryptocurrency industries in recent weeks. The true phrase to describe the new digital collectibles attached to the most prominent cryptocurrency on the market is Bitcoin Ordinal NFTs. Per the protocol itself, Ordinals allow users to inscribe data onto Bitcoins. Data includes images, audio, and videos, which is why the NFT market is staking its claim on the new method.
Ordinal NFTs have only been around since mid-January, thanks to Casey Rodarmor, the software engineer who created the Ordinal theory protocol. The protocol subdivides a single Bitcoin into 100 million units. Each unit is called a satoshi, or the smallest denomination of Bitcoin.
With 100 million satoshis up for grabs in one Bitcoin, Web3 creators are attaching NFTs from new and notable collections to them. The Ordinals website details every NFT on the Bitcoin blockchain using the Ordinals protocol, which has surpassed 215,000 inscriptions already.
If this idea is still too hard to grasp, all you need to understand is that this new protocol brings NFTs to the Bitcoin network, which has never been done before because the blockchain wasn’t designed to handle that kind of crypto activity. Still, Bitcoin’s network is equipped to support NFTs fully.
Key Facts About TwelveFold
You can say Yuga Labs is dipping its toes in the Bitcoin NFT trend since it’s only releasing 300 NFTs for TwelveFold’s first drop. The collection “explores the relationship between time, mathematics, and variability,” Yuga Labs founder Greg Solana detailed in a news release.
“When measuring time, the calculation base used is not uniform and varies from base 60 (60 seconds in a minute, 60 minutes in an hour) to base 12 (12 months in a year) and so on,” Solana said in a statement. “TwelveFold is a base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”
TwelveFold will feature a mix of hand-drawn art and 3D graphics. Yuga Labs will let interested collectors bid on the NFTs via an auction. All bids must be made in Bitcoin, which means interested parties have to already have some of the crypto on hand if they want to purchase a TwelveFold NFT. The Web3 company tweeted that it would release more details on the auction late this week, though no new updates have been shared since Feb. 27. But fear not: Yuga Labs said it would provide a 24-hour notice ahead of the auction.
“Stepping into the Ordinals Discord a month ago felt like getting a glimpse of the 2017-era Ethereum NFT ecosystem,” Solana said in a statement. “It’s the type of energy and excitement we love at Yuga.”