NFT powerhouse Yuga Labs is again making waves in the cryptocurrency market, this time with its much-anticipated Bitcoin NFT collection called TwelveFold, according to the report.
In addition, the collection will be up for auction starting at 3 p.m. PT on Sunday, with 288 of the 300 NFTs available for sale to the highest bidders.
They created the Twelvefold NFTs using 3D modeling technology and other techniques, ensuring each piece is unique and valuable. Additionally, Yuga Labs has set aside 12 NFTs for contributors, donations, and philanthropic efforts.
However, the auction will run for approximately 24 hours, with the results being based on the last completed Bitcoin block before 3 p.m. PT on March 6.
To ensure a fair process, they ignore requests in the following block to confirm bids, even if they were submitted before the deadline. They encourage buyers to make their best offers, as there is no set price or guideline for requests.
Yuga Labs’ foray into Bitcoin NFTs is noteworthy, having excelled in Ethereum NFTs with CryptoPunks and Bored Ape Yacht Club. Their first venture sets a new standard.
Yuga Labs has created cost-effective digital artifacts by placing TwelveFold NFTs on the Bitcoin blockchain inscribed on Satoshis. This move reduces the storage expenses of conventional NFTs.
Ordinal Theory protocol upgrades Bitcoin to reduce costs for storing data in single transactions, enabling this new possibility. This process calls twelve-fold NFTs “ordinals.”
The Bitcoin NFT auction by Yuga Labs is a highly anticipated event in the cryptocurrency market, with investors and collectors looking forward to owning a piece of TwelveFold. The auction is going to be a significant event.
Yuga Labs’ reputation for valuable NFT collections significantly impacts this groundbreaking auction.
Bitcoin NFTs And The Future Of Cryptocurrency
Bitcoin NFTs will considerably affect the cryptocurrency market, with many experts predicting their rise.
By inscribing NFTs onto Satoshis on the Bitcoin blockchain, it becomes possible to create unique and valuable digital artifacts that are cheaper to store and trade.
This innovation has the potential to make NFTs more accessible to a broader audience, as it eliminates some of the barriers to entry that have traditionally existed.
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The creation and exchange of valuable digital assets through blockchain technology demonstrate its potential for the future of cryptocurrency. This has significant implications for the industry.
Watching Bitcoin NFT market growth, evolution, and emerging possibilities and challenges will be intriguing. Yuga Labs is leading the way in developing cryptocurrencies by using Bitcoin NFTs to play a crucial role.