Yuga Labs, the company behind the Bored Ape Yacht Club, is exploring the idea of an already inscribed NFT collection fully hosted on the Bitcoin network and in the Ordinals protocol registry by Fold12.

Following a recent announcement from the Fold 12 project on the release of its Bitcoin blockchain NFT collection, Yuga Labs have also announced plans to launch an exact copy of the project using their extensive marketing capabilities. 

According to the announcement, Fold 12 had released its first auction, which saw it offering a 300-piece NFT collection on the Bitcoin blockchain and via the Ordinals protocol this week. Hence, Fold 12 has gained an edge in the confirmation of their NFT release priority against the Yuga Labs both on the Bitcoin network and in the Ordinals protocol registry.

It appears that this is not the first event of replication that has occurred among the companies, as the announcement noted that Yuga Labs had also previously copycatted their logo, BAYC. Jane Kovacs, the CTO at Fold12, commented on this, saying;

“Though the earlier collections were constantly copycatted from the Yuga Labs itself, and numerous clones of BAYC and MAYС appeared, this time YL replicated an already existing collection; however, it is clear that both collections definitely attract great public attention: the first Fold12 NFT has already been bought at auction for 2 BTC.”

Fold 12’s Bitcoin Blockchain NFT Collection

Designed to run on the Ordinals protocol, The NFTs combine 3D elements with hand-drawn components. At the bottom right of each NFT, users can easily locate the unique Fold12 NFT number, while the project’s logo is prominently displayed on the bottom left.

The announcement further noted that the already inscribed and auctioned NFTs are structured in a 12×12 grid to mimic the data structure of the Bitcoin blockchain. They are compressed using the webp algorithm, resulting in a 10x reduction in file size and lower fees when uploading the image to the Bitcoin network.

Furthermore, users interested in joining the auction must create a wallet and deposit Bitcoin, which unlocks the NFT bidding mechanics. Each image auction lasts 20 minutes, with an additional 20 minutes added to the timer if a new bid is placed.

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Filed under: Bitcoin - @ March 3, 2023 6:51 pm