One of the largest NFT product companies is jumping on the Bitcoin NFT wave by launching a new series on the leading blockchain network.
Yuga Labs said Monday that it plans to release a collection of NFTs on the bitcoin network via Ordinals — a protocol that has grown in popularity since its launch last month.
#YugaLabs Plans to mint a new series of NFTs on the Bitcoin network using the Ordinals protocol #TwelveFold @azcoinnews https://t.co/paSaNErm16
— Kyptos (@azcoinnews) February 28, 2023
Called TwelveFold, the collection will feature 300 general art NFTs created by Yuga Labs, placed on a 12×12 grid as “visual representations of data maps on the Bitcoin blockchain,” including 3D and hand-drawn elements feature.
While Yuga Labs’ empire is known for the success of the Bored Ape Yacht Club series – which recently expanded its ecosystem with Dookey Dash – the company notes that their new series will not be tied to the expansion, nor will it be Has any affiliation with current Ethereum-based collections.
“All of these options were different than what Yuga expected,” said Greg Solano, co-founder of Yuga Labs.
Some experts say these tokens contributed to the cryptocurrency’s recent bull run.
As of February 27, over 200,000 NFTs have been minted on Bitcoin. Fees on the Bitcoin network have skyrocketed over the past month as Ordinals have grown in popularity. On February 15 alone, approximately $170,500 was paid out to Bitcoin miners, so the total fees paid out were $1.31 million. However, since February 15, fees for Bitcoin miners have fallen steadily to just over $11,000 on February 20.
Additionally, an NFT from the Ordinal Punks collection, one of the top collectibles on the Ordinals protocol, sold for 9.5 BTC (~$214,000). Ordinal Punks is similar in style to CryptoPunks acquired by Yuga Labs in May 2022.
Yuga Labs’ move to Bitcoin NFTs is an important development in the NFT space, and it will be interesting to see how the community reacts to this new series.
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according to Kyptos
