Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) collection, is launching its first series of NFTs on Bitcoin.
In an announcement on Monday, Yuga Labs introduced TwelveFold, a limited edition collection of 300 NFTs.
— Yuga Labs (@yugalabs) February 27, 2023
The launch, set to take place via an auction later this week, will likely be one of the most highly anticipated collections to be debuted on Ordinals. Since its launch at the end of January, more than 200,000 inscriptions have been minted to the Bitcoin blockchain, according to data from Dune.
These inscriptions are created by inscribing satoshis or “sats” (the smallest unit of Bitcoin) with content using ord, without the need for a separate token or sidechain.
Based on the declining levels of BTC fees originating from Ordinals over the last few weeks, the project’s massive surge in popularity looks to be running out of steam. A high-profile launch from Yuga Labs could be just the thing to revive user interest.
The TwelveFold collection will feature 3D graphics and hand drawn features in the form of a 12×12 grid – symbolic of the way data is stored on the Bitcoin blockchain.
Much of Yuga Labs’s success in the NFT space has come from collections built on the Ethereum blockchain. However, this new collection will not be affiliated to its other NFT collections in any way.
“All of these choices are a departure from what’s expected from Yuga. But, you know. F**k doing expected things,” said Greg Solano, co-founder of Yuga Labs in a blog post.