Bored Ape Yacht Club Creators Launch Bitcoin NFT Collection
Yuga Labs, the creators of Bored Ape Yacht Club (BAYC), have announced a new collection of non-fungible tokens (NFTs) called TwelveFold. The collection features 300 tokenized computer-generated artworks on Bitcoin, with each artwork representing a base 12 art system localized around a 12x12 grid. Yuga Labs designed the collection to explore the relationship between time, mathematics, and variability using the Bitcoin blockchain. The TwelveFold collection is set to go up for auction later this week.
Yuga Labs explained the concept behind TwelveFold in an accompanying blog post, saying the collection is an allegory for the cartography of data on the Bitcoin blockchain. The post further explains that satoshis are the smallest individually identifiable units of a Bitcoin and that an inscribed satoshi can be located by tracking when that satoshi was minted in time via the Ordinal Theory protocol.
The move to launch a new NFT collection on Bitcoin comes amidst falling search interest for NFTs, as indicated by Google Trend data. However, NFT trading volume data from February suggests that the market is still strong, with $997.14 million worth of global NFT sales for the month.
In other news, the Golden Key NFT, won by Twitch streamer Mongraal in a Dookey Dash competition hosted by Yuga Labs, has been sold for 1,000 Ether to Adam Weitsman, BAYC NFT hodler and CEO of scrap metal shredding company Upstate Shredding. The Golden Key is bound to unlock something special from Yuga Labs, although the specific details have not yet been revealed.
Polygon Foundation, the nonprofit organization behind Ethereum layer 2 scaling network Polygon, has partnered with South Korean multinational conglomerate Lotte Group to host the firm's NFT projects. The partnership will see Lotte's avatar-based NFT project BellyGom ported over to Polygon from the Klaytn network and rebranded as BellyGom season two. The NFTs offer hodlers benefits relating to Lotte's product and service lines, such as shopping discount coupons and hotel vouchers. The move adds to Polygon's growing list of partnerships with major brands such as Starbucks, Adidas, Adobe, and Prada. Lotte intends to develop its Web3 initiatives in partnership with Polygon, aiming to expand its NFTs to a global audience and develop "a new NFT business model rather than simply issuing NFTs."