Almost $160,000 is the highest offer received for Yuga Labs' Bitcoin NFT Collection.
Using the Ordinals protocol, the firm behind Bored Ape Yacht Club sold 288 NFTs from its TwelveFold collection at auction for $16.5 million.
On Monday, Yuga Labs, the parent company of Bored Ape Yacht Club, concluded its TwelveFold auction, officially releasing its first collection of non-fungible tokens (NFTs) based on Bitcoin.
At the close of the auction for the 300-edition generative art project, which began on Sunday at 6 p.m. ET, the top 288 bidders were presented with NFTs. Yuga Laboratories has set aside 12 inscriptions for "contributors, future gifts, and humanitarian initiatives," as stated on the TwelveFold website.
According to Yuga Labs, the auction attracted 3,246 buyers and raised 735.7 BTC (about $16.5 million).
Each of the 288 newly created NFTs will be recorded as a satoshi on the Bitcoin public ledger. At the time of this writing, the highest price for a single token was 7.1159 bitcoins, or about $159,600, while the lowest amount accepted was 2.2501 bitcoins, or approximately $50,400. When the inscription procedure is complete, a list of all Twelve-Fold ordinals will be made available to the public.
In order to obtain the artwork, successful purchasers were required to provide both a bitcoin address and a self-custodial wallet containing bitcoin.
Yuga Labs has said explicitly that the collection will be of no further use and will not integrate with any of its other Ethereum-based initiatives. Its 3D artist was Michael Figge, co-founder of the NFT company WENEW and creator of the hugely successful flagship NFT project 10KTF.
In a series of tweets, Figge said that "the link between time, mathematics, and the blockchain" was the creative driving force behind the TwelveFold artwork.
"The collection, like Bitcoin, is not so much linear as cyclical, with four distinct color palettes developing during the course of the year (winter, spring, summer, and fall). It's a wink at staying upbeat whether it's the middle of a crypto winter or the height of a defi summer." He went on to elaborate on what happened.
Last week, Yuga Labs made its first entry into the Bitcoin-based Ordinals system with the announcement of the TwelveFold collection. A lot of analysts think the recent trend in the cryptocurrency market is to thank for Bitcoin's recent price increase.
