Yuga Labs’ “TwelveFold” Bitcoin NFTs sold out in minutes on Monday, March 6th, 2023, fetching over $15 million in bids. The 288 NFTs minted were inscribed onto satoshis, the smallest denomination of Bitcoin (BTC), on the Bitcoin blockchain. The auction was hosted by Yuga Labs, the creator of the leading nonfungible token collection Bored Ape Yacht Club.
The auction generated 3,246 total bids, with the highest bid reaching 7.1159 BTC, or approximately $159,500. The lowest successful bid was 2.2501 BTC, or slightly over $50,000. In total, the auction raised 735.7 BTC, or about $16.5 million.
The 288 bidders who successfully nabbed the NFTs will receive their inscriptions within the week. The NFTs are part of Yuga’, and the auction’s success is a testament to the growing popularity of Bitcoin and the cryptocurrency market.
The TwelveFold NFTs are unique in that they are inscribed onto satoshis, the smallest denomination of Bitcoin. This is significant because it allows for greater accessibility and flexibility for users to purchase and trade Bitcoin-based NFTs.
The unique pieces are inscribed on the Bitcoin blockchain via Ordinals, a new method of committing art to this decentralized ledger. Each piece is made up of an elegant 12×12 grid, combining 3D graphics and hand-drawn features.
Yuga Labs’ TwelveFold NFTs are a major milestone for the cryptocurrency market and the NFT industry. The auction’s success demonstrates the potential of Bitcoin-based NFTs and the growing demand for digital assets.
Yuga Labs has been an exciting and innovative player in the NFT space, and their auction is a testament to the growing popularity of both cryptocurrency and NFTs. The TwelveFold NFTs are unique in that they are inscribed onto satoshis, which allows for greater flexibility than traditional ERC-721 tokens because users can trade them as fractions of Bitcoin. This is significant because it means that users who do not own large amounts of Bitcoin can purchase small amounts without having to buy entire coins or sell off other assets.