Yuga Labs is going to be first Bitcoin (BTC) NFT collection, called TwelveFold, up for auction. The auction starts at midnight today and will run for 24 hours. Of the 300 NFT copies, 288 will be available for sale. The remaining twelve are kept in reserve for the team, donations and other philanthropic purposes.
The TwelveFold auction will begin tomorrow March 5th, 2023 at 3PM PT and and will conclude 24 hours later on the block immediately before 3PM PT on March 6th, 2023. pic.twitter.com/ElKhupaKqo
— Yuga Labs (@yugalabs) March 4, 2023
Bitcoin NFT Ordinals
Yuga Labs is probably the leading company in the NFT sector. The company is behind, among other things, the NFT collection Bored Ape Yacht Club (BAYC), one of the most famous and valuable NFT collections to date. Last year it also took over the well-known Cryptopunks collection from Larva Labs.
Since January it is possible to create NFTs on the Bitcoin network. The Ordinals protocol made this possible. Bitcoin NFTs are also known as ‘ordinals’ for this reason. Among other things, the use of Yuga Labs has given ordinals a lot of fame in a short time. The auction of the TwelveFold collection will put ordinals even more in the spotlight.
Bitcoin NFTs are therefore still in their infancy, but the concept is already starting to gain widespread recognition. According to a recent study, the Bitcoin NFT sector has the potential to grow in value within a few years. Should ordinals compete with NFTs on the Ethereum (ETH) network, this growth could be much higher.
Scandal doesn’t spoil the fun
So Yuga Labs is currently setting the tone in the NFT world. This trend seems to want to continue in the ordinals sector. Recently, the company has been discredited in a negative sense. An observant Twitter user found out that the Yuga Labs logo was stolen from a drawing website. Yuga Labs is now using a brand new logo.
The scandal seems to be the reputation of Yuga Labs not to have been affected. With the auction of the TwelveFold collection, the company’s first Bitcoin NFT collection, Yuga Labs takes another big hit.
