- Yuga Labs has earned revenue worth $16.5 million from the auction of 288 NFTs in its TwelveFold collection.
- The minted NFTs will be inscribed onto satoshis on the Bitcoin blockchain.
- The TwelveFold collection will neither have future utility nor will it engage with Yuga Labs’ Ethereum-based projects.
Yuga Labs’ TwelveFold collection auction ended on March 6. The 300 NFTs collection’s auction began on March 5 and awarded digital assets to 288 bidders when the auction ended at 6 p.m. ET. As disclosed earlier, 12 inscriptions, or NFTs, were reserved for future donations, contributors, and charity-based deeds.
A total of 3,246 bidders participated, and the amount generated was 735.7 BTC, which totals to over $16.5 million.
Out of the 288 NFTs, one NFT was sold for 7.1159 BTC, which totals to over $159,600, and the lowest bid was at 2.2501 BTC, which totals to over $50,400. After the inscription process, a directory of all TwelveFold ordinals will be published.
Successful buyers were required to supply a self-custodial wallet to keep Bitcoin as well as an empty Bitcoin address to get the art.
The collection does not have any future utility nor will it interact with any other Ethereum project of Yuga Labs. Co-founder of NFT studio WENEW and 10KTF Michael Figge was the very first artist behind the 3D project.
Some notes on TwelveFold 🧵 – pic.twitter.com/b0FiNIXtP2
— schmigge figge (@mfigge) March 5, 2023
Figge shared that the TwelveFold Art was influenced by the relationship that exists between mathematics, time, and the blockchain.
Though the collection is not quite linear, it is cyclical, with four color palettes that progress throughout summer, winter, spring, and autumn.
It was last week when Yuga Labs disclosed plans regarding the TwelveFold collection and called it its initial entry into the Ordinals protocol. According to many experts, this new phenomenon in the cryptocurrency world will lead to an increase in the price of Bitcoin.