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Crypto News

Yuga Labs’ Inaugural Bitcoin NFT Collection Fetches Impressive $16.5 Million In Auction

Author

Jay Solano

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Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

yugalabs

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On Monday, Yuga Labs, the parent company of the Bored Ape Yacht Club, launched its first collection of non-fungible tokens (NFTs) based on Bitcoin, after ending its TwelveFold auction, according to reports.

The top 288 successful bidders in the 300-edition generative art project’s auction, which started on Sunday, received NFTs at its conclusion at 6 p.m. EST. Yuga Labs reportedly set aside 12 inscriptions for contributors, future donations, and humanitarian endeavors on TwelveFold’s website. Yuga Labs said the auction attracted 3,246 buyers and generated 735,7 BTC (about $16.5 million).

The 288 newly issued NFTs will be inscribed on the Bitcoin blockchain as satoshis. At the time of writing, one token sold for as much as 7.1159 BTC, or approximately $159,600, while the lowest accepted bid was 2.2501 BTC, or approximately $50,400. A directory of all TwelveFold ordinals will be released following the inscription procedure.

To obtain the artwork, successful buyers were required to provide a self-custodial wallet containing bitcoin and an empty bitcoin address.

Yuga Labs stated that the collection would have no future utility and would not integrate with its other Ethereum-based initiatives. The artist behind the 3D project was Michael Figge, co-founder of NFT studio WENEW and its popular flagship NFT project 10KTF.

In a series of tweets, Figge explained that the TwelveFold artwork was influenced by the link between time, mathematics, and the blockchain.

He explained that the collection, similar to crypto, is cyclical rather than linear, featuring four color palettes progressing from winter to spring, summer, and autumn. The collection represents optimism, whether the crypto industry is experiencing a winter or a DeFi summer.

Yuga Labs unveiled plans for the TwelveFold collection as its initial excursion into the Ordinals protocol based on Bitcoin last week. According to experts, the crypto space’s latest development is considered a driving force behind Bitcoin’s price increase.