Yuga Labs, the team behind the famous Bored Ape Yacht Club (BAYC), has announced a new experimental NFT collection called TwelveFold. The collection will consist of 300 generative artworks and is set to make its debut on the Bitcoin blockchain.
The appeal of ordinals, the latest innovation in non-fungible tokens (NFTs), is now undeniable. Yuga Labs has impressive scale in the Web3 space. Now, the renowned creators of the Bored Ape Yacht Club (BAYC) are looking to target the burgeoning market in the Bitcoin universe.
TwelveFold ordinals
The upcoming project called TwelveFold was first announced by Yuga Labs on Twitter. It is expected to be much smaller than the extensive Yuga ecosystem and will not exceed 300 pieces. TwelveFold is a base-12 art system arranged around a 12x12 grid, providing a visual allegory for the cartography of data on the Bitcoin blockchain.
Crucially, this collection is in no way associated with past, present or future Ethereum-based initiatives within the Yuga domain. Pieces in the collection will be minted using the Ordinal Theory protocol. The NFT collection on the Bitcoin blockchain is said to be inspired by the correlation between time, mathematics, and variability.
The auction for the TwelveFold collection will take place later this week, with Yuga Labs using Bitcoin as the bidding currency for the first time. More details about the auction mechanics are expected to be announced in the coming week. Potential buyers can expect a short 24-hour notice. Yuga Labs notes that the auction requires a BTC address to hold the artwork. In a more Web3/DeFi accustomed environment, an important note for those interested.
NFTs on the Bitcoin blockchain
Bitcoin ordinals are a unique inscription on the blockchain that can be used to create Bitcoin NFTs. Developed by Bitcoin programmer Casey Rodarmor, ordinals take advantage of recent upgrades to the Bitcoin blockchain, including Taproot and SegWit, to store arbitrary data as inscriptions. Unlike traditional NFTs, which are typically used to represent a single, unique asset, ordinals allow for an infinite number of assets to be associated with the same identifier.
"We expect this technology and the ecosystem surrounding it to evolve and refine over time. However, we do not expect it to evolve in the same way as other NFT blockchain ecosystems. We're excited about ordinal inscriptions and what the future holds for digital artifacts on Bitcoin." - Yuga Labs
