Yuga Labs auctioned off its TwelveFold collection of creative artwork at an average price of over $50,000.
Yuga Labs, the company behind the Bored Ape Yacht Club, has completed the auction of the first collection of non-fungible tokens (NFT) on the TwelveFold bitcoin network. However, they managed to raise a little over 730 BTC or about $16.5 million.
It is a collection of 300 artistic works created and developed by the Yuga Labs team. At the auction, 288 artifacts were sold with their inscriptions, while the remaining 12 artifacts were intended for charitable purposes such as donations and corporate events.
The collection’s website lists the prices Yuga Labs paid for each file in the series, as well as the 288 addresses that won the auction.
This collection is also unrelated to other works created by Yuga Labs on the Ethereum blockchain, such as Bored Ape Yacht Club or Mutant Ape Yacht Club.
7.11 NFT For One Bitcoin
According to the TwelveFold website, this widely used Bitcoin collection has become one of the most valuable collections of all time.
According to Criptoias’ price calculator, the highest paid NFT was sold for 7.11 BTC, which is equivalent to about $160,000 USD. The NFT that brought in the least bitcoins fetched 2.25 bitcoins, which equates to an average value of $50,000 USD.
According to TwelveFold, Figge, chief content officer of Yuga Labs, has developed artwork for producers.
He recently explained on Twitter that the Bitcoin ordinals protocol inspired them to create a collection that “explores the connection between time, math and blockchains.”
The collection, which is as progressive and cyclical as it is non-linear, includes four different color palettes: Winter, Spring, Summer and Fall. Whether we’re experiencing a crypto-winter or a defi-summer, there’s an air of optimism.
Figge Is The Content Director At Yuga Labs
According to Cryptoias, Ordinals is a technology that aims to create NFTs that can store JPEG images directly on the Bitcoin blockchain.
Yuga Labs’ transition to Ordinals could increase the visibility of the protocol within the community of investors and collector token enthusiasts. NFT Ordinals markets are not known for their risk aversion due to the novelty of the technology.