The creators behind Bored Ape Yacht Club, one of the most successful nonfungible-token projects to date, is launching its first collection of Bitcoin NFTs, setting the blockchain’s new functionality up for an important test.
Yuga Labs plans to auction a collection of 300 generative pieces on the Bitcoin blockchain later this week called TwelveFold in what could be the kind of event Bitcoin purists say will slow down the network.
High-profile collections worth hundreds of millions from Yuga Labs have been known to produce an influx of buyers crowding the Ethereum blockchain — where NFTs are typically minted — which could pose a problem for Bitcoin and its use as a decentralised currency.
Introducing TwelveFold. A limited edition collection of 300 generative pieces, inscribed on satoshis on the Bitcoin blockchain.https://t.co/aFWEIhzqcI pic.twitter.com/PjWABKKBr4
— Yuga Labs (@yugalabs) February 27, 2023
Some hard-core Bitcoiners have argued digital representation on the Bitcoin blockchain will crowd out regular financial transactions and result in higher fees for users. However, proponents say the tokens could boost the blockchain’s utility and increase mining revenue that incentivizes Bitcoin miners to validate transactions and secure the network.
The Ordinals protocol allowing for Bitcoin NFTs has steadily grown. Hundreds of thousands of NFTs have debuted since its launch in late January. But that still pales in comparison with that of Ethereum. It saw about 1.3 million NFTs minted in January alone, according to blockchain data firm Nansen.
© 2023 Bloomberg
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