Yuga Labs Announces New NFT Collection; To Go Live On the Bitcoin Blockchain Greg Solana, co-founder, Yuga Labs, shared the news through an official blog posting titled "Introducing Twelvefold."

By Paromita Gupta

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Yuga Labs

On Tuesday, Yuga Labs, one of the largest non-fungible token players and the brand behind Bored Ape Yacht Club, announced that it was launching an original and experimental NFT collection comprising of 300 generative art pieces on the Bitcoin Blockchain.

Greg Solana, co-founder, Yuga Labs, shared the news through an official blog posting titled "Introducing Twelvefold." The collection pieces will be inscribed onto satoshis, the smallest identifiable Bitcoin units and will be minted using the Ordinal Theory protocol. The ordinal NFT collection is said to be inspired by the relationship between time, mathematics and variability.

Twelvefold is a base 12 system which will be hosted on a 12x12 grid, making it "a visual allegory for the cartography of data on the Bitcoin blockchain.

Developed by Casey Rodarmor, Ordinal protocol powers inscriptions and gives individual satoshis an identity to help them be tracked and transferred. Each satoshi is assigned a sequential number and later inscribed with data in the form of pictures, texts or videos and hosts one's artwork on a chain.

"In effect, this enables satoshis to operate as if they are non-fungible, essentially enabling the concept of NFTs on the Bitcoin blockchain," the blog also read.

Yuga Labs will be announcing the timing and auction details for the collection in the coming week.

Paromita Gupta

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 

Related Topics

Productivity

There's a Scientific Reason You Can't Stop Thinking About Unfinished Tasks. Learning to Harness That Energy Will Make You More Productive.

Why unfinished work captures our attention more than finished tasks, and how to leverage that psychological tendency for both personal and professional betterment.

Franchise

Franchise Legalese Defined — A Deep Dive Into Franchising Definitions

Before you can decide if you should franchise, find out exactly what you're getting yourself into.

Business News

Amazon Invests $4 Billion in ChatGPT Competitor, Making a Bold Move in the AI Arms Race

The partnership between Amazon and Anthropic is focused on advancing "safer" generative AI development.

News and Trends

abCoffee Raises $2 Million In Seed Funding Round

The funds will be used to further enhance abCoffee's tech stack, expand its product range, and make its affordable and more accessible

Business Plans

11 Free Courses and Learning Resources for Small Business Owners

Big businesses have a wealth of expertise, and the ones on our Champions of Small Business list want to make their know-how available to you.

Starting a Business

Its First Year, This Startup Struggled to Get 75 Clients. Five Years Later, They Have 18,000. Here's How They Did It.

Financial planning startup Facet knew they were targeting a huge untapped market. But getting clients wasn't as easy as they hoped.