The company behind Bored Ape Yacht Club made $16.5 million from the auction of 288 NFTs in its TwelveFold collection that were based on the Ordinals protocol.
A spokesperson for Yuga said that 3,246 people bid on the TwelveFold collection during the 24-hour auction that started on Sunday. The highest bid was 7.1159 BTC, or approximately $159,500. The lowest bid was 2.2501 BTC, or slightly more than $50,000.
Yuga says that the top 288 bidders will get their inscriptions in about a week. The last 12 pieces of the 300-count limited series will be kept for contributors and given out as part of Yuga’s philanthropic programs.
The TwelveFold auction has ended. Congratulations to the top 288 bidders – you will receive your inscription within one week. Valid bids that did not rank in the top 288 will have their bid amount returned to their receiving address within 24 hours.
— Yuga Labs (@yugalabs) March 6, 2023
The $4 billion company Yuga, which is behind the most popular NFT collection, Bored Ape Yacht Club, has only ever released NFTs on the Ethereum blockchain. All of Yuga’s other collections, like Bored Ape Yacht Club, Mutant Ape Yacht Club, Otherside virtual land plots, CryptoPunks, and Meebits, as well as TwelveFold, had at least 10,000 NFTs.
Yuga announced the collection in late February, describing it as a “base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”
It is a limited edition collection of 300 generative works inscribed with Satoshis on the BTC network. The fortunate winners were eager to share their newly acquired NFTs online:
I was lucky enough to place a winning bid for a @yugalabs #Twelvefold #BTC ordinal. Can’t wait to see how this ages in the decades to come. Won’t ever catch me fading #yuga. Also… Massive props to @nftsupply for the help setting up a wallet etc. He’s a huge resource for us all. pic.twitter.com/g8fSDIfhzX
— Carsonturner.ethATL (@carsonturner) March 6, 2023
All of the works are 12×12 grids of generative art that combine 3D graphics and hand-drawn features. According to Yuga, each of the 288 pieces won at auction today will be generated by the same code, and pieces won at higher bid prices will not appear qualitatively distinct from those won at lower bid prices. The collection’s pieces will be numbered and generated based on their position in the bidding procedure.
Some notes on TwelveFold
— schmigge figge (@mfigge) March 5, 2023– pic.twitter.com/b0FiNIXtP2
What will happen next?
Last week, Yuga Labs announced plans for the TwelveFold collection as its first foray into the Ordinals protocol, which is based on Bitcoin. Many experts say that the new trend in the cryptocurrency space is what caused Bitcoin’s price to go up.
The way TwelveFold’s bidding works shows that there is a disconnect between how popular Bitcoin Ordinal NFTs are and how little digital infrastructure there is to support them. Dune Analytics says that over 325,000 Ordinals have already been inscribed, even though they just came out at the end of January.
Galaxy Research said in a report last week that the Bitcoin NFT market will reach $4.5 billion by 2025. This same report predicted that by this summer, a complete ecosystem of Bitcoin NFT-supporting products and services would emerge.
Cover Image Source: dailycoin.com
