By Shanti Escalante-De Mattei
Yuga Labs, the company that owns popular NFT collections like Bored Ape Yacht Club and CryptoPunks, will launch a new NFT collection on the Bitcoin blockchain.
Most NFTs, and all of Era Labs’ previous collections, are minted, stored, traded, and purchased on the Ethereum blockchain. Until recently, the Bitcoin blockchain was not used to create NFTs because Bitcoin had little infrastructure to support smart contracts, which essentially act as a digital receipt that records ownership of a digital artwork. Records. Specify and track.
Since 2014, external developers have been trying to bridge this gap and have been moderately successful. But the cost of pushing transactions on Bitcoin, the culture of the Bitcoin community, and the ease of use of creating tokens and non-fungible tokens on blockchains like Ethereum, Solana, and Tezos have sidelined NFTs built on Bitcoin.
[Read an ARTnews refresher on how NFTs work.]
Now, however, Era Labs is launching its new collection, Twelvefold, on Bitcoin, which may indicate that times are changing, as the company is currently one of the biggest players in the NFT game.
Twelvefold is a generative 300-piece collection. In a blog post, Epoch Labs co-founder Greg Solano described it as a collection that “explores the relationships between time, mathematics, and variability.” Each of the 300 pieces is built around a 12 by 12 grid. Each of the 144 points on the grid displays a glowing ball of color in a different shape, almost like a ball of paint.
Twelvefold uses a new method of creating NFTs on Bitcoin. Instead of relying on smart contracts to create tokens and NFTs, a developer named Casey Rodermer created “Ordinals” or “Ordinal Inscriptions.” These digital assets are “denominated” in Satoshi, the smallest unit of Bitcoin (1/100,000,000th of a Bitcoin). This allows inscription data to be connected to Satoshi and thus hosts metadata – data that describes the digital asset.
This metadata can describe basic facts such as the name of the digital artwork and its transaction history. Since generative art is created using lines of code, in the case of Twelvefold, the metadata imprinted on the Satoshi likely includes this code.
300 works from the Twelvefold collection will be sold at auction on a dedicated website later this week, although no specific date has been given. Bids will be placed in Bitcoin.
Auction results can provide interesting data. In the Collapsing NFT Market, Will Ordinals Be the Next Big Thing?
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