Yuga Labs introduces its first 300-strong Bitcoin NFT collection
On Monday afternoon, Yuga Labs, the creators of the famous Bored Ape Yacht Club, announced their first BTC-based NFT collection. The TwelveFold collection will contain 300 non-fungible tokens minted on the Bitcoin blockchain. The auction is scheduled to be launched later this week.
Yuga Labs announces its first 300 ordinals
Yuga Labs, the creators of the famous Bored Ape Yacht Club, announced on Monday afternoon their first ever BTC-based collection. The TwelveFold NFTs represent an experimental limited edition collection of 300 non-fungible tokens minted on the Bitcoin blockchain and written on Satoshis. According to the announcement, the auction is set to start later this week and a notice will be given 24 hours in advance.
“TwelveFold is a base 12 art system located around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain. The collection includes highly rendered 3D elements as well as hand-drawn features that serve as a tribute to the ordinary inscriptions currently executed by hand. All of these choices are a departure from what is expected of Yuga. But you know. F*** does expected things.”
The so-called Ordinals – Bitcoin NFTs – represent a relatively new development – although the originator believes they were discovered rather than invented – that took society by storm. Their existence also quickly sparked a heated debate over whether it should exist at all or whether the Bitcoin blockchain should remain “pure”. Despite the discussion and some backlash, it didn’t take long for them to be ported to the Litecoin blockchain.
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A revival for NFTs
Non-fungible tokens experienced their height in 2021 and have been particularly hard hit by the “crypto winter” of 2022. This past summer, online interest in NFTs even dropped to zero. Furthermore, the SEC ultimately limited its broad probe of non-fungible tokens to an investigation of Yuga Labs.
However, recent months have seen a remarkable resurgence in their popularity – or at least in their trading volume. Along with the emergence of Ordinals, NFT aggregators likely played a major role in this trend, as their trade volume by the end of 2022 reached $1.9 billion.
Early 2023 saw another big spike after a relative newcomer to the game – Blur – announced the launch of its long-awaited BLUR tokens. Since then, the aggregator has positioned itself as catering to professionals, reaching record volumes and even managing to eclipse the previous reigning king among NFT marketplaces – OpenSea.
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About the author
Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
