Yuga Labs to launch NFT collection on Bitcoin blockchain

A prominent NFT company known as Yuga Labs is getting ready to introduce a new collection of tokens on the Bitcoin (BTC) blockchain that will be called TwelveFold.

Yuga Labs to launch NFT collection

The generative artwork for the limited edition collection will be “inscribed on satoshis” on the Bitcoin network. There will be only 300 pieces available. This represents a substantial departure from the previous offerings that Yuga Labs has made, all of which were based on the Ethereum (ETH) blockchain.

The TwelveFold NFTs will be used to represent a finished artwork and will not have any other utility or interaction with any previous, ongoing, or prospective Ethereum-based Yuga projects. Instead, they will be used solely for the purpose of representing the artwork. The artwork was produced by an in-house crew at Yuga Labs with the assistance of 3D modeling, algorithmic construction, and high-end rendering tools.

Later this week, the auction for the TwelveFold collection is scheduled to take place, and any potential purchasers will be notified 24 hours into preparation. Bitcoin is the currency used for purchasing, and the buyer of the artwork must provide a BTC address that is empty.

Some of the most well-known NFT projects are included in the Yuga Labs collection. These projects include the Bored Ape Yacht Club and the Mutant Ape Yacht Club, as well as virtual land parcels for the Otherside metaverse game that is still in development. TwelveFold, on the other hand, stands apart from these other initiatives because it only consists of 300 pieces, in contrast to other Yuga-owned collections that contain 10,000 or more NFTs.

Bitcoin network emerges as a new frontier for NFTs

The Bitcoin network is quickly becoming a new front in the battle against NFTs. Even though non-fungible tokens are most commonly associated with the blockchain of Ethereum, the Ordinals protocol has made it feasible for NFTs to be created on the Bitcoin network. Through the use of this procedure, the total number of ordinals that have been generated has already surpassed 100,000.

However, as a consequence of this tendency, the Bitcoin network has experienced a sudden uptick in activity, which has given rise to some concerns about the network’s capacity to accommodate monetary transactions. Because of the meteoric rise in popularity of its Ordinals, the size of the typical transaction has increased by more than 100 percent, reaching 1,100 bytes.

Glassnode is not convinced that the tendency will have a negative effect on the transactions that involve money, despite the concerns that have been raised. There is still a substantial amount of interest in NFTs, as evidenced by the fact that the launch of Yuga Lab’s TwelveFold NFT collection is anticipated to garner a lot of attention.

Bitcoin Bitcoin blockchain NFT collection Yuga Labs