Yuga Labs To Mint 300 NFTs On Bitcoin, Will It Be A Gamechanger?
February 28 2023 - 4:08AM
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Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC)
collection, will mint Ordinals inscriptions, similar to
non-fungible tokens (NFTs), on the Bitcoin network. Yuga Labs To
Mint TwelveFold NFTs On Bitcoin In an announcement on February
27, Yuga Labs said they will mint 300 limited edition generative
pieces and inscribe them on Bitcoin’s satoshis. The 300 NFTs from
Yuga Labs will be under the TwelveFold collection and are set to be
minted and auctioned later this week. Satoshi is the smallest unit
of BTC, and has, in recent days, become a choice storage space for
creators looking to take advantage of the relatively cheap block
space on Bitcoin. Related Reading: APE Price: Bears Spark Jitters
As Crypto Sell Pressure Mounts Yuga Labs’ TwelveFold collection
will be deployed via Ordinals, a new portal that has been gaining
popularity in recent days. Through Ordinals, users can mint NFTs on
Bitcoin, which inherently lacks smart contracting capability. With
Ordinals, associated media, that is, images or video files is
inscribed on Satoshi. This is now possible on Bitcoin, thanks to
the recent Taproot upgrade, which was activated in Q4 2021.
However, users interested in inscribing artwork on Satoshis must
first download the Bitcoin core and sync their node with the
Bitcoin blockchain. Minters must also have a solid command of
Command Line in Windows or Terminal on iOS. Related Reading:
ApeCoin Crashes 7% Following SEC Probe Against Yuga Labs The 300
generative images under the TwelveFold collection will be minted as
a 12×12 grid-size piecework. Each piece combines 3D graphics and
hand-drawn elements designed in-house. Another distinction is that
these images will not be related to other Yuga Labs NFTs minted on
Ethereum. Therefore, the team has explained that they won’t, even
in the future, be related or bear any utility. Departure From
the Tradition Of Minting On Ethereum? Since the NFTs are said to
have no utility, collectors who wish to bid on the TwelveFold
collection on Bitcoin are likely doing so for speculative reasons.
Nevertheless, Yuga Labs’ NFT collections, primarily minted on
Ethereum, have been positively received. Their collections are
known as “blue-chip” NFTs, similar to CryptoPunks, which cost tens
of thousands of dollars. The isolated nature of TwelveFold NFTs is,
however, being criticized by some. On Twitter, a user said
that though he thinks Bitcoin Ordinals are “cool,” the decision by
Yuga Labs seems “off-brand and random.” Nothing against Bitcoin
Ordinals (they are cool), but this strikes me as pretty off-brand
and random. Everything thus far in the Yuga ecosystem feels like it
has the potential to be interconnected, but I don’t get that sense
from this. Earlier this month, Yuga Labs settled with Thomas
Lehman, the developer behind the “RR/BAYC” project’s website and
smart contracts. However, the trademark infringement case
against Ryder Ripps, who is accused of selling copycat BAYCs, is
still ongoing. Feature image from Canva, Chart from TradingView
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