Yuga Labs Launches Auction of NFTs on the Bitcoin Network
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6 March

Yuga Labs, the company behind the NFT collection Bored Ape Yacht Club, has just announced it has today launched an auction, lasting approximately 24 hours, for the sale of TwelveFold NFTs on the Bitcoin blockchain at 00:00 CET.

The auction will reportedly end on March 7 in a block generated "immediately" before 00:00 CET. The initial trading price will be 20,000 satoshis or $5.

The company introduced TwelveFold at the end of February. The series consists of 300 digital items, 12 of which will be reserved for charitable purposes. For Yuga Labs, this is the first collection launched outside the Ethereum blockchain.

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The new NFTs are based on the Ordinals protocol, which allows content to be published on the BTC network using satoshis (serialization) to write data into the signature of a bitcoin transaction.

According to the project's website, two Bitcoin addresses are required to participate in the TwelveFold auction: to place a bid and to receive NFTs.

The team has also warned the receiving address must be empty. Otherwise, the user runs the risk of accidentally transferring satoshis containing data on digital items as part of a normal transaction.

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