The popularity of Bitcoin NFTs has finally stirred up the blue-chip NFT projects on Ethereum.
On February 28th, 2023, Yuga Labs, the parent company of "Bored Ape Yacht Club," announced the launch of their Bitcoin-based NFT project "TwelveFold" later this week.
We will guide you to understand TwelveFold with 8 questions.
1.What is TwelveFold?
TwelveFold is a limited-edition experimental collection of 300 generative artworks inscribed on the smallest unit of Bitcoin, satoshis. These artworks represent a complete artistic project and will not have any additional utility or interact with any previous, ongoing, or future Yuga Ethereum projects.
2.What are Bitcoin NFTs, satoshis, inscriptions, and digital artworks?
Inscriptions are NFTs on the Bitcoin blockchain. A piece of data, such as an art image, can be "inscribed" onto a unit of Bitcoin called satoshis, creating an inscription. Satoshis are the smallest recognizable unit of Bitcoin, with 100 million satoshis equivalent to 1 Bitcoin. Inscriptions, also known as digital artworks, are native to the Bitcoin blockchain and are implemented through the Ordinal theory protocol.
3.Is TwelveFold on the blockchain?
Yes, the inscribed artworks are immutable and on the blockchain.
4.Who is the artist behind TwelveFold?
The generative artworks were created by Yuga Labs' internal art team using 3D modeling, algorithmic construction, and high-end rendering tools.
5.How to obtain TwelveFold?
All TwelveFold collections will be auctioned later this week. All bids will be in Bitcoin.
6.How to participate in the auction?
Firstly, you need to have a self-hosted wallet with Bitcoin to bid with. Secondly, if your bid is successful, you will also need an empty Bitcoin address to receive the collection.
7.Are there any resources to help prepare for the auction?
It is highly recommended that bidders familiarize themselves with best practices for holding inscriptions, including having a dedicated empty wallet for receiving and storing inscriptions. The Bitcoin wallet Sparrow may assist you in setting up your empty Bitcoin address.
8.Why do I need an empty Bitcoin address to receive inscriptions?
Currently, if you store your digital art along with other Bitcoin assets, you may accidentally transfer the inscribed satoshis while using Bitcoin normally. Wallets do not yet support transferring single satoshi. You will be responsible for securely storing, holding, and transferring your inscriptions.