Yuga Labs Bitcoin NFT Auction for TwelveFold Collection Begins

  1. Yuga Labs is auctioning off 300 Bitcoin Non-Fungible Tokens (NFTs) called TwelveFold.
  2. Yuga Labs used advanced 3D modeling technology to create unique digital assets.
  3. Yuga Labs has dominated the Ethereum NFT market with collections like Bored Ape Yacht Club and CryptoPunks.

Yuga Labs made waves on Sunday when it laid out plans for its Bitcoin (BTC) Non-Fungible Tokens (NFT) collection TwelveFold auction, offering up 300 digital art pieces for sale and giving a glimpse into the future of crypto-backed artwork. The auction, which begins at 3 p.m. Pacific Standard Time (PT), promises to be an exciting event as bidders compete to obtain these one-of-a-kind NFTs. 

Yuga Labs has created a collection of 300 unique digital assets, known as non-fungible tokens (NFTs), using advanced 3D modeling technology and other innovative techniques. The majority of these NFTs, specifically 288 of them, will be offered for sale during an upcoming auction. The remaining 12 NFTs will be reserved for contributors, donations, and charitable endeavors, as announced by the company.

During the auction, interested buyers will have the opportunity to purchase one of the 288 available NFTs, each with its own unique features and characteristics. Once the auction ends, the lucky owners of these one-of-a-kind digital assets will have the satisfaction of knowing they are the sole owner of an exclusive piece of digital art.

Yuga Labs is expanding its portfolio by venturing into Bitcoin NFTs after dominating the Ethereum NFT market with its highly sought-after collections, including Bored Ape Yacht Club and CryptoPunks.These unique digital assets are inscribed onto satoshis, the smallest units of Bitcoin, using a process called inscription or digital artifact creation.

This process involves writing or inscribing a file, such as an art image, onto individual satoshis using the Ordinal Theory protocol. These Bitcoin NFTs are known as ordinals.

The popularity of ordinals has surged as upgrades to the Bitcoin blockchain have made it more cost-effective to store data in a single transaction. This innovation has opened up exciting opportunities for creators and collectors alike to tap into the growing market for Bitcoin-based NFTs.

One notable example is TwelveFold, an art collection inscribed onto the Bitcoin blockchain using ordinals. By harnessing the power of this technology, Yuga Labs is poised to continue pushing the boundaries of the NFT market and delivering unique, valuable digital assets to collectors around the world.

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Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.