Yuga Labs to Debut TwelveFold, Its First Bitcoin NFT Collection via Ordinals

• Yuga Labs, the creator of the popular NFT project Bored Ape Yacht Club, has announced a new project that will utilize the Bitcoin blockchain.
• Despite the growing interest, there are still challenges associated with using the Bitcoin network for NFTs.

Yuga Labs to Launch New NFT Project on Bitcoin Blockchain

Yuga Labs, the creator of the popular NFT project Bored Ape Yacht Club, has announced a new project that will utilize the Bitcoin blockchain. The new project, called “TwelveFold,” will create unique digital art pieces that will be verified on the Bitcoin network.

The project will feature 10,000 unique digital art pieces, each with its own individual number or “ordinal.” The Generative Ordinals will be randomly generated, and each piece will be one-of-a-kind. Yuga Labs plans to release the Generative Ordinals in the coming months.

The move to the Bitcoin blockchain is a departure from Yuga Labs’ previous projects, which were built on the Ethereum blockchain. However, the team believes that the Bitcoin network’s security and decentralization make it an ideal platform for verifying the authenticity of digital art.

The founder of Yuga Labs, who goes by the pseudonym Pranksy, explained that the team was inspired by the recent surge in popularity of the Lightning Network, a layer 2 solution for Bitcoin that allows for faster and cheaper transactions.

“We’ve been watching the development of the Lightning Network closely, and we believe that it has the potential to bring a new level of functionality to the Bitcoin network,” Pranksy said. “We wanted to explore how we could leverage this technology to create a new type of NFT project.”

The Generative Ordinals project is the latest example of the growing interest in NFTs on the Bitcoin blockchain. BAYC Creator, another popular NFT project, also revealed its plans to launch a Bitcoin-based NFT collection.

Despite the growing interest, there are still challenges associated with using the Bitcoin network for NFTs. One of the biggest challenges is the high cost of transaction fees on the network. However, Yuga Labs believes that the Lightning Network could help to mitigate these costs and make Bitcoin-based NFTs more accessible.

As the NFT market continues to evolve, it will be interesting to see how creators and collectors alike explore the potential of the Bitcoin blockchain. With its unparalleled security and decentralization, the network may offer unique opportunities for NFT projects in the years to come.