Non-fungible tokens (NFTs) are once again gaining limelight in the cryptosphere amid the recent launch of the Blur marketplace. Blur has disrupted the NFT market leaving behind giants like OpenSea to becoming the largest NFT marketplace in a very short while. Catching up is Yuga Labs, the creators of the popular Bored Ape Yacht Club NFT Collection.
Yuga Labs recently announced its new NFT collection dubbed TwelveFold which will consist of 300 generative NFT artworks built atop the Bitcoin blockchain network.
Yuga Labs hasn’t specified the time of the event yet it added that they would notify 24 hours before the mint. The auction for the TwelveFold NFT collection will launch later this week.
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 Selects the Bitcoin Blockchain
Usually, big players in the crypto space often select the Ethereum blockchain or other Layer-1 competitors to launch their NFT collections. However, Yuga Labs has surprised everyone by launching its TwelveFold NFT collection this time on the Bitcoin blockchain network.
Also, the unveiling of the TwelveFold NFT collection is a major surprise since Yuga Labs didn’t express any interest in creating an NFT collection over the past few months. In its official announcement, Yuga Labs noted:
“TwelveFold is a limited edition, experimental collection of 300 generative art pieces inscribed onto satoshis on the Bitcoin blockchain. These pieces represent a complete art project and will not have other utility or interact with or be related to any previous, ongoing, or future Ethereum-based Yuga projects”.
All the NFTs from the TwelveFold collection will be on-chain and immutable. For users willing to mint their own TwelveFold NFTs, they need to own their own Bitcoin address and wallet. Since this is an auction, the potential buyers will need to bid on TwelveFold NFTs and aim to come out on the top.
Yuga Labs has been a bit active in the market recently. Last month, it introduced a skill-based NFT game Dookey Dash to its platform. Besides, the company has also seen a rejig at the management level. In January 2023, Yuga Labs co-founder Wylie Aronow also stepped down from the company’s everyday operations.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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