Yuga Labs debut Bitcoin NFT Sale raises $16.5M in 24 hours

Yuga Labs , the firm behind the wildly popular NFT collection, Bored Ape Yacht Club , has wrapped up the auction of its debut Bitcoin NFT collection, TwelveFold. This limited series, featuring only 300 unique pieces, was up for grabs during a 24-hour sale that began on Sunday. The auction attracted a total of 3,246 bids, and 288 successful bidders spent a combined $16.49 million worth of BTC to secure their desired pieces. The highest bid reached 7.1159 BTC, which translates to approximately $159,500, while the lowest successful bid was 2.2501 BTC, just over $50,000.

This TwelveFold collection is quite different from Yuga's previous NFT collections, which had at least 10,000 NFTs. The generative art pieces in the TwelveFold series are inscribed to the Bitcoin blockchain via Ordinals, a new method of committing art to Bitcoin. Each piece is inscribed on individual Satoshis, representing 1/100,000,000 of a full Bitcoin.

The top 288 bidders can expect to receive their inscriptions within a week, while the remaining 12 pieces will be distributed as part of Yuga's philanthropic programs. Yuga Labs, valued at an impressive $4 billion, has only released NFTs on the Ethereum blockchain before now.

TwelveFold has generated much excitement among the NFT community. The auction was a tremendous success, and Yuga Labs has demonstrated its prowess as a major player in the Bitcoin NFT space.