Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), has announced TwelveFold, the first NFT project on Bitcoin. It is a collection of 300 Non-Fungible Token Generative Art Ordinals that will go up for auction this week.
Bored Ape’s Yuga Labs and the announcement of TwelveFold, the first NFT project on Bitcoin
A few hours ago, Yuga Labs, the $4 billion company behind the dominant NFT collection Bored Ape Yacht Club (BAYC) announced the new TwelveFold project.
— Yuga Labs (@yugalabs) February 27, 2023
This is a collection of 300 pieces of generative art Ordinals NFT, the protocol that creates NFTs on Bitcoin. These pieces are 12×12 gridded and combine 3D graphics and hand-drawn strokes.
TwelveFold is Yuga Labs’ first NFT project created on Bitcoin’s Blockchain. In this regard, Yuga Labs co-founder Greg Solano said:
“All of these choices are a departure from what’s expected from Yuga. But, you know. Fuck doing expected things. We’re excited about Ordinal inscriptions and what the future holds for digital artifacts on Bitcoin.”
The auction for TwelveFold will be launched later this week. Yuga Labs said a 24-hour notice will be posted with details of the auction and the exact time.
Bored Ape and the new NFT collection on Bitcoin
This announcement by Yuga Labs quiets those rumors that recently suggested that it was BAYC’s famous NFT collection that was the company’s first project on Bitcoin.
And indeed, given that CryptoPunks’ 10,000 NFTs have been minted on Bitcoin, through Ordinals, without the project being official, the same was expected for BAYC.
This is not to say that it would be Yuga Labs that would make such a project and collection official, but simply that it would be the crypto community that would do so.
TwelveFold, on the other hand, is the official Yuga Labs project developed through Ordinals that will allow artwork and media to be committed to Bitcoin by permanently linking each to a single Satoshi, or 1/100,000,000 of an entire Bitcoin (BTC).
Despite the fact that there are already multiple blockchains hosting NFTs, Yuga Labs has always preferred Ethereum to create all of its own. Among the many are BAYC, Mutant Ape Yacht Club (MAYC) and the virtual grounds for the upcoming metaverse game Otherside.
Not only that, Yuga Labs also owns CryptoPunks and Meebits, two NFT projects on Ethereum created by Larva Labs whose intellectual property rights were purchased by Yuga last year.
Another peculiarity of TwelveFold is that in addition to being on Bitcoin, it is the first NFT collection to be only 300 pieces, while Yuga Labs’ collections are at least 10,000 NFTs.
Ordinals: a new way of creating NFTs
The Ordinals protocol was created by software engineer Casey Rodarmor, who made it officially public as of 21 January. Not only that, in the following week, the protocol launched NFTs on Bitcoin’s mainnet.
This event in the history of NFTs and the Bitcoin blockchain attracted a lot of attention, dividing the crypto community into those in favor and those against.
Ordinals enables Bitcoin’s version of NFTs described as digital artifacts, which can include JPEG, PDF, or video and audio formats.
In essence, according to Rodarmor, these digital artifacts become inscriptions and thus native Bitcoin NFTs. The inscriptions are made on satoshis that are tracked and transferred using ordinal theory, which give satoshis an individual identity and allows them to be tracked and transferred through transactions.
Since that time to date, more than 200,000 unique Ordinals have been minted, including from major projects such as DeGods and OnChain Monkey. Now TwelveFold from Yuga Labs is joining in.