Popular non-fungible token (NFT) project Yuga Labs announced Tuesday its plan to launch a new NFT collection dubbed TwelveFold on the Bitcoin blockchain. The announcement comes at a time when Bitcoin NFTs are making waves.
Yuga Labs to Deploy TwelveFold on Bitcoin Network
TwelveFold is an NFT collection that will feature 300 individual generative artworks. The development team noted that the new collection wouldn’t be related to other Ethereum-based projects launched by Yuga Labs.
Such projects include the Bored Ape Yacht Club (BAYC) NFT collection, Mutant Ape Yacht Club (MAYC) NFT collection, Apecoin, and Otherside metaverse.
The team added that the TwelveFold NFTs will be available for auction later this week. Bitcoin will be the underlying currency for the transactions. The company also urged its Ethereum audience to open Bitcoin wallets before the auction date.
What Are Bitcoin NFTs?
The concept of Bitcoin NFTs is built on the Ordinal theory developed by Casey Rodarmor. This theory enables a satoshi to be inscribed with arbitrary content, enabling it to function like an NFT. Satoshi is the smallest fraction of a Bitcoin, i.e., 1 BTC equals 100,000,000 satoshis.
The data storage method is the difference between NFTs on Ethereum and Bitcoin. For Ethereum-based NFTs, which use the ERC-721 and ERC-1155 token standards to create NFTs, artworks are created off-chain. Afterward, metadata describing each artwork is tied to an NFT, making them identifiable and verifiable on the blockchain.
In the case of Bitcoin’s Ordinal NFTs, digital artworks come to life through a process called inscription. This process allows any data, such as pictures and videos, to be inscribed on a satoshi through a Bitcoin transaction. The content, therefore, becomes permanently linked to that satoshi.
Yuga Labs mandates bidders for its upcoming NFT auction to use two Bitcoin wallets to partake in the trade. One wallet, which will be self-custodial, will be used to place a bid, while the other, an empty Bitcoin wallet, will be used to receive the inscribed satoshi. This way, users don’t risk accidentally transferring their assets when making regular transactions.
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