Yuga Labs, a prominent name in the NFT market, is set to auction its Bitcoin NFT collection TwelveFold on Sunday at 3 p.m. PT.
This collection is unique in that it is the first time the company has used Bitcoin blockchain to create its NFTs. The collection features 300 NFTs, and out of those, 288 are available for purchase. The remaining 12 have been set aside for contributors, donations, and philanthropic purposes.
Yuga Labs used a combination of techniques, such as 3D modeling technology, to create its unique Bitcoin NFT collection. This one-of-a-kind digital artwork collection will be auctioned off for 24 hours starting Sunday, with the results of the auction determined by the last completed Bitcoin block before 3 p.m. PT on March 6. This approach ensures that all bids will be considered before the auction closes.
Unlike traditional auctions, there are no specific price or bidding guidelines for the TwelveFold collection. The highest bidder will secure the NFT, and the auction will close 24 hours after it starts. This unique auction style is reflective of the current NFT market, where prices for these digital assets can fluctuate rapidly based on demand.
This marks Yuga Labs’ first foray into Bitcoin NFTs, having previously dominated the Ethereum NFT market with highly popular collections like Bored Ape Yacht Club and CryptoPunks. Bitcoin NFTs are engraved onto satoshis on the Bitcoin blockchain, creating digital artifacts that are recognized as “ordinals.” Upgrades to the Bitcoin blockchain have made it more cost-effective to store data in individual transactions, resulting in an increase in the popularity of ordinals.