BAYC Creators Yuga Labs Drop First NFT Collection on Bitcoin

• The Web3 giant Yuga Labs apes into Bitcoin NFTs with TwelveFold.
• The generative art collection explores time, mathematics, and variability.
• Crypto Twitter divided by the unexpected move, BAYC floor price drops 2%.

Yuga Labs announced the TwelveFold NFT collection, the company’s first on Bitcoin’s blockchain. TwelveFold NFT is a generative art collection inscribed in Satoshis, the smallest recognizable part of the Bitcoin blockchain. The NFTs combine featured 3D animations with hand-painted elements.

Here’s how Yuga Labs co-founder Greg Solano explained the idea behind the first Bitcoin NFT collection:

“TwelveFold is a base 12 art system localized around a 12x12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”

Introducing TwelveFold. A limited edition collection of 300 generative pieces, inscribed on satoshis on the Bitcoin blockchain.https://t.co/aFWEIhzqcI pic.twitter.com/PjWABKKBr4

— Yuga Labs (@yugalabs) February 27, 2023

When to Expect TwelveFold NFTs

Even though no exact launch date was given, the official Yuga Labs Twitter handle mentioned there would be a “24-hour notice” sometime later this week. Besides, the generative 12 x 12 art pieces are limited to 300 NFTs, meaning the NFT collection will likely sell out in hours.

The TwelveFold auction will launch later this week. There will be a 24-hour notice with auction details and exact timing.

— Yuga Labs (@yugalabs) February 27, 2023

Despite the news, Yuga Labs native Bored Apes NFT floor price dipped by 2% after the message and now stands at 69.69 Ethereum (ETH). However, the ground-breaking news painted a bullish pattern for the Mutant Ape Yacht Club (MAYC), as trading volume soared 43% on OpenSea. In addition, the news positively impacted Bored Ape Kennel Club and Otherdeed for Otherside NFT projects, with 16% and 6% daily gains, respectively.

Moreover, the Yuga Labs Satoshi-inscribed collection rides the wave of Ordinals. The protocol lets its users inscribe NFTs on Bitcoin’s blockchain, which made the feature technically possible after the Taproot upgrade went live. Ordinals have been the reason for record block height on the blockchain, as well as heated debates on whether Bitcoin should host NFTs.

Yuga's TwelveFold auction next week could be the Ordinals equivalent of the $69M Beeple sale. Don't fade NFTs on Bitcoin.

— Leonidas.og (@LeonidasNFT) February 28, 2023

On the Flipside:

• The move by Yuga Labs caused immense backlash from Crypto Twitter, as some NFT enthusiasts are calling it “a total cash grab” and “being desperate for money.”

Why You Should Care:

Generative art NFT collections ignited a new trend, resulting in the year’s biggest surge in NFT trading volume.

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