Bored Ape Yacht Club Creator Yuga Labs Reveals First Bitcoin NFT Project

The non-fungible token (NFT) collection Bored Ape Yacht Club’s creator, Yuga Labs, has announced plans to introduce its first-ever NFT project based on Bitcoin later this week. The business made the announcement on Monday to debut its first-ever Bitcoin NFT wave.

Yuga Labs stated in the announcement that the “TwelveFold” NFT collection will be released.

TwelveFold NFT Series by Yuga Labs

Each of the 300 limited-edition generative art pieces in the TwelveFold series will be added to the Bitcoin network. It’s one of the most well-known launches made possible by Ordinals, a recently introduced method for transferring media and artwork to Bitcoin by securely attaching it to a unique Satoshi, or 1/100,000,000 of a whole Bitcoin (BTC).

Ordinals, the new trending thing that dominated the discussion between the oldest and largest blockchain, took the bitcoin network by storm. The adoption of Ordinals resulted in a surge in Bitcoin network fees in recent weeks; on February 15, 2023, inscription fees alone reached $170,500. On the Bitcoin network, fees of over $1.31 million have been paid to workers.

This month, the daily fees paid to Bitcoin miners have been slowly declining, from $54,000 on February 20 to a little over $11,000. The pieces, which are all 12x12 grids a perfect representation of the way data is kept on the Bitcoin network, will combine hand-drawn elements with 3D visuals. The project was developed by Yuga’s internal art team, and according to the firm, it is unrelated to its Ethereum-based intellectual property and will not function or interact with it in the future.

It’s also important to keep in mind that Yuga Labs’ latest project performed as planned. This is due to the fact that the blue-chip BAYC collection, which resides on the Ethereum platform, is the foundation upon which Yuga Labs is based. Similar to this, every other Yuga project that has ever been created is currently held on the top NFT project network.

But the business has already made it clear that the utility of its next collection won’t be extended. Also, it won’t be in any way connected to its current Ethereum-based collections. Greg Solano, a co-founder of Yuga Labs, acknowledges the deviation. In a blog post, he stated: “All of these choices are a departure from what’s expected from Yuga. But, you know. F**k doing expected things.”

“We’re excited about Ordinal inscriptions and what the future holds for digital artifacts on Bitcoin,” he continued. Yuga stated that it will make the auction’s details public later this week, 24 hours prior to the actual auction.

Ordinals and NFT Community

The NFT community has focused on ordinals during the past month, and while the notion of NFT-like assets being recorded on the blockchain has irritated some Bitcoin experts, it’s gaining a lot of support. As of right now, more than 200,000 distinct Ordinals have been created, including those for illustrious projects like DeGods and OnChain Monkey. Even CryptoPunks clones are now available on Bitcoin.

Additionally, Yuga’s entry into Bitcoin NFTs comes at a time when the company’s most reliable source of income appears to be in danger. Yuga and other NFT makers rely on creator royalties, which are fees assessed on purchases of NFTs on Ethereum markets like OpenSea and typically range between 5% and 10%.

Another significant aspect that separates the TwelveFold collection from Yuga’s earlier works is its size. Yuga-owned collections often include 10,000 or more NFTs. Due to TwelveFold’s limited component count of 300, the new strategy resembles Larva Labs’ Autoglyphs project strategy more. The project built on Ethereum only has 512 NFTs.

Bitcoin transaction fee

The amount of data transferred during the transaction and the user’s desired transaction completion time are what define the transaction fees for bitcoin. Users can choose to pay higher fees to have their transactions processed more quickly during times of high traffic.

When there are more requests for transaction processing than there are mining communities available, fees increase. Each block on the Bitcoin network is 1MB in size, hence miners can only confirm 1MB of transactions for each block.

Users inscribed anything they could that would fit within the 1MB block size. Around 21,824 Bitcoin NFTs with inscriptions in the form of text, photographs, videos, and audio files were created on the network on February 7, 2023. Presently, there have been little over 5400 word and image inscriptions. To avoid competition from its emerging rival, NFT trading platform Blur, OpenSea earlier this month removed some fees. Before, Yuga Labs had criticized OpenSea for considering the change.

Learn more about Web3 and blockchain games by clicking here. You can also read our news articles on crypto and blockchain industry.