NFT heavyweight Yuga Labs laid out the terms of the auction for its Bitcoin NFT collection TwelveFold on Sunday, which is due to start at 3 p.m. PT.
Of the 300 NFTs on offer, which were generated by Yuga Labs using 3D modeling technology among other techniques, 288 will be available for sale. There will be 12 held back for contributors, donations and philanthropic efforts, according to a company release. The auction will close about 24 hours after it starts.
The results will be finalized based on the last completed Bitcoin block before 3 p.m. PT on March 6. If the last block occurs at 2:57pm PT that day, then any bids contained within the following block will be disregarded even if they were submitted before the deadline, since they were not confirmed. There is no set price or guideline for bids.
This is Yuga Labs' first dalliance with Bitcoin NFTs, having dominated the market in Ethereum NFTs with blockbuster collections Bored Ape Yacht Club and CryptoPunks.
Bitcoin NFTs are inscribed onto satoshis on the Bitcoin blockchain. Inscriptions, also known as digital artifacts, are created when a file, such as an art image like those created for TwelveFold, is written (or inscribed into) units of Bitcoin called satoshis, the smallest individually identifiable units of Bitcoin.
The process is made possible through the Ordinal Theory protocol, with such NFTs simply donning the name "ordinals."
Ordinals have gained popularity as upgrades to the Bitcoin blockchain made it cheaper to store data in single transactions.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.