BAYC creator Yuga Labs to mint NFTs on Bitcoin

Yuga Labs is shifting the ground for non-fungible tokens (NFTs). Yuga Labs is behind top NFT collections, such as the Bored Ape Yacht Club (BAYC) and CryptoPunks. It has now announced the release of a new NFT collection on the Bitcoin blockchain, which could revamp the industry.

Yuga Labs to unveil an NFT collection

Yuga Labs has made a name for itself in the Web3 gaming industry. Most of the NFTs by this company and most of its projects are exclusive to the Ethereum blockchain. Ethereum currently dominates the NFT industry, with most NFTs in the market being minted on this network.

The Bitcoin blockchain was not previously used to create NFTs because it lacks the adequate infrastructure to support smart contracts. Smart contracts are a digital receipt that will assign and track the ownership of digital collectibles.

Bitcoin developers have been actively trying to make the blockchain capable of supporting decentralized applications (DApps) since 2014. However, the cost of creating transactions on Bitcoin, the culture upheld by the Bitcoin community, and competition from other networks such as Ethereum, Solana, and Tezos have not supported the growth of NFTs created on Bitcoin.

However, despite these limitations, Yuga Labs is bringing its new collection, TwelveFold, to the Bitcoin blockchain, indicating that the landscape is changing. Yuga Labs is one of the largest players in the NFT market, and its NFTs on Bitcoin will have an effect.

Yuga Labs’ TwelveFold NFT collection

The TwelveFold collection being created by Yuga Labs on Bitcoin will comprise 300 digital collectibles. The co-founder of Yuga Labs, Greg Solano, said that the collection explored the relationship between mathematics, time and variability.

Each of the 300 pieces in this collection will be created on a 12 by 12 grid, with each of the 144 points on the grid highlighting a shiny ball in varying sizes. The collection relies on a different model as it will be created on Bitcoin.

Instead of these NFTs relying on smart contracts, developer Casey Rodarmor launched Ordinals. The digital assets are contained in a satoshi, the smallest possible unit of Bitcoin. The inscribed digital asset enabled data to be linked to a satoshi and to host metadata describing the digital asset’s attributes.

The metadata can describe basic facts about a digital asset, such as the name and transaction history. The generative art is made using lines of code, with the metadata inscribed on the satoshi also carrying this code.

The TwelveFold collection will comprise 300 digital assets that will be sold through an auction that will be conducted on a dedicated website later this week. However, no specific data has been provided on when the sale will commence, but the bids will be in BTC. The auction for these NFTs is a highly-anticipated event because it could be a major turning point for the entire NFT industry.