Bitcoin and NFT: Yuga Labs Takes a New Step
Have you heard the recent news related to Bitcoin and NFTs? It is that Yuga Labs has launched a new NFT collection on the Bitcoin blockchain.
What is Yuga Labs?
Yuga Labs is the company that owns popular NFT collections such as Bored Ape Yacht Club and CryptoPunks. Previously, all of Yuga Labs’ collections have traded on the Ethereum blockchain, but the company has launched a new NFT collection on the Bitcoin blockchain called TwelveFold.
What is the TwelveFold collection?
TwelveFold is a generative art project consisting of 300 pieces based on a 12×12 grid, exploring the relationship between time, mathematics, and variability. Each piece is composed of brightly colored spheres of varying sizes and colors. The auction attracted 3,246 bidders and sold for a total of 735.7 BTC (approximately $1.65 billion).
New Technology: Ordinals
TwelveFold utilizes a new way to create NFTs on Bitcoin. This is the “Ordinals” or “Ordinal Inscriptions” method, created by developer Casey Rodarmor, which is “imprinted” on a satoshi, the smallest unit of bitcoin.
This imprint connects data to the satoshi, which hosts metadata (data describing the digital asset). This metadata contains basic information such as the name and transaction history of the digital artwork.
Yuga Labs has also stated that this collection will not have any future utility and will not interact with other Ethereum-based projects.
Conclusion.
From this information, we can see that the possibilities for NFT on Bitcoin are expanding. NFT on the Bitcoin blockchain is still a new field, and Yuga Labs’ TwelveFold collection is one example.
In particular, the newly proposed “Ordinals” technology allows for a new approach to imprinting data on bitcoin satoshis. This is a new step toward using bitcoin as an artistic medium.
This experiment by Yuga Labs is also believed to have contributed to the rise in the price of bitcoin. It will be interesting to see how NFT on Bitcoin evolves in the future.
※Reference URL①:Yuga Labs’ Bitcoin NFT Collection Fetches Top Bid of Nearly $160K
※Reference URL②:Yuga Labs Launches Collection on Bitcoin Blockchain, Signaling a Shift in the NFT World
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