Yuga's TwelveFold Bitcoin-based NFT Collection Fetches $16.5 Million in 24-Hour Auction
Yuga Labs' TwelveFold collection of Bitcoin-based NFTs generated a combined $16.49 million worth of BTC from 288 successful bidders during the 24-hour auction that began on Sunday and ended on Monday.
The collection received a total of 3,246 bids, with the highest bid being 7.1159 BTC (approximately $159,500) and the lowest successful bid being 2.2501 BTC (just over $50,000). A spokesperson for Yuga Labs confirmed the figures.
In just 24 hours, Yuga Labs' inaugural Bitcoin Ordinal non-fungible token collection, TwelveFold, raised $16.5 million from 288 bidders. The firm has promised to deliver the NFTs to the winners within a week, while unsuccessful bidders will have their bid amount returned within 24 hours. The last 12 items from the 300-count limited series will be kept for contributors and distributed as part of Yuga's philanthropic efforts.
Yuga Labs said it is pleased with the results of the auction and looks forward to future NFT collections.
Yuga, the $4 billion company behind the NFT collection Bored Ape Yacht Club, has previously only released NFTs on the Ethereum blockchain. However, the company's latest collection, ‘The TwelveFold’ NFTs are generative art pieces inscribed to the Bitcoin blockchain via Ordinals, a recently launched method of committing art to Bitcoin by permanently inscribing media on individual Satoshis. Each Satoshis represent 1/100,000,000 of a full Bitcoin (BTC).
Unlike other Yuga collections, which have at least 10,000 NFTs, the TwelveFold collection features only 288 pieces. These 12x12 grids combine 3D graphics and hand-drawn features, paying homage to how data is stored on the Bitcoin blockchain. Each piece is generated by the same code, and pieces won at higher bidding prices will not appear qualitatively different from pieces won at lower prices, according to Yuga. However, each piece will be numbered and generated according to its rank in the bidding process.
The TwelveFold collection was auctioned off over a 24-hour period, with successful bidders spending a total of $16.49 million worth of BTC. The highest bid was 7.1159 BTC (approximately $159,500), while the lowest successful bid was 2.2501 BTC (just over $50,000). Yuga Labs plans to deliver the NFTs to the winners within a week, and unsuccessful bidders will have their bid amount returned within 24 hours.
Overall, TwelveFold represents an exciting new venture for Yuga Labs, which has made its name in the world of NFTs with its large-scale collections on the Ethereum blockchain. The move to inscribe art onto the Bitcoin blockchain using Ordinals is a bold step forward, and it will be interesting to see how the TwelveFold collection is received by art collectors and cryptocurrency enthusiasts alike.