Bored Ape Yacht Club developer, Yuga Labs, is making huge strides in the NFT industry as they announced their intention to create new Bitcoin NFTs. Yuga Labs is a multi-billion dollar company best known for its Bored Ape Yacht Club NFTs. And the new decision they just made to create Bitcoin NFTs will further put them ahead in the industry.
In a press release, Yuga Labs said, "Today we announced an original and experimental 300-piece generative art collection inscribed onto satoshis that will live on the Bitcoin blockchain: TwelveFold."
The new Yuga Labs NFTs will be named TwelveFold, and they called it a new "experimental 300-piece collection from Yuga Labs on the Bitcoin blockchain." The new Yuga Labs NFTs will be 300 in number, and each of them will be inscribed on the Bitcoin blockchain. The new announcement by Yuga Labs will become the highest-profile launch through Ordinals.
According to the CEO of Yuga Labs, their new collection of Bitcoin NFTs combines art and mathematics. He said the collection would be minted in a way that would amaze art and mathematical lovers. From the blog post written by the company's CEO, "Satoshis are the smallest individually identifiable units of a Bitcoin. An inscribed satoshi can be located by tracking when that satoshi was minted in time via the Ordinal Theory protocol. Inspired by this, our collection explores the relationship between time, mathematics, and variability."
"When measuring time, the calculation base used is not uniform and varies from base 60 (60 seconds in a minute, 60 minutes in an hour) to base 12 (12 months in a year) and so on," he added.
Apparently, the CEO of Yuga Labs is trying to say that the TwelveFold NFTs represent how the Bitcoin blockchain works in an art form. The TwelveFold NFT collection will be a base 12 art system built around a 12x12 grid. The CEO of Yuga Labs says that although the collection was majorly created to represent the cryptography of data on the Bitcoin blockchain, it also has "highly-rendered 3D elements as well as hand-drawn features which serve as an homage to the ordinal inscriptions currently done by hand."
What TwelveFold Means to Yuga Labs
TwelveFold is an essential NFT collection for Yuga labs considering their past in the NFT space. Almost all the NFTs which Yuga Labs created live in the Ethereum blockchain. Apart from the blockchain, most of the NFT collections Yuga Labs have launched in the past contained thousands of NFTs, but the TwelveFold NFT collection is just 300.
The CEO of Yuga Labs also said he was happy about the Ordinals inscription and the future of Bitcoin NFTs. "We expect this technology and the ecosystem around it to evolve and become more sophisticated over time, however, we don’t expect it to evolve in the same ways other blockchain NFT ecosystems have," he added.
The new Yuga Labs NFTs came when the company needed to boost its financial situation. Companies such as Yuga Labs usually depend on royalties earned from NFTs to sustain their revenue, and this is exactly what the company is set to gain from the new Bitcoin NFTs. It is expected that Yuga Labs will announce the auction details later this week.