Yuga Labs, the company behind NFT collections such as Bored Ape Yacht Club and CryptoPunks, has announced the launch of a new NFT collection called TwelveFold on the Bitcoin blockchain. Until recently, Ethereum was the preferred blockchain for creating, trading and buying NFTs, but Yuga Labs is venturing into Bitcoin to make this new collection. TwelveFold is a generative collection of 300 pieces that explores the relationship between time, mathematics and variability. Each piece is built around a 12 by 12 grid with 144 points that display a shiny ball of color in different sizes, resembling a glob of paint. The metadata inscribed on the satoshi, the smallest unit of Bitcoin, allows data to be connected to the artwork and describe it in detail.
The Bitcoin blockchain’s lack of infrastructure to support smart contracts had prevented its use for NFTs, but outside developers have been working to bridge that gap since 2014. Although their success has been moderate, Yuga Labs’ entry into the market signals a change in the industry. As one of the largest players in the NFT space, the launch of TwelveFold on Bitcoin indicates that times are changing.
To create NFTs on the Bitcoin blockchain, a developer named Casey Rodarmor developed “Ordinal Inscriptions,” digital assets that are inscribed on a satoshi. This allows metadata to be connected to the smallest unit of Bitcoin and describes the digital artwork in detail. The metadata includes information such as the name of the artwork and its transaction history, while also containing the code used to create the artwork.
The TwelveFold collection will be sold at auction on a dedicated website later this week, and bids will be made in Bitcoin. The use of Bitcoin for NFTs could signal a shift in the industry, as other artists and collectors may follow Yuga Labs’ lead in creating and trading NFTs on the Bitcoin blockchain. As the market for NFTs continues to grow and evolve, it remains to be seen which blockchain will ultimately become the dominant platform for NFTs.