- Bored Ape-parent Yuga Labs will begin The TwelveFold auction of 300 unique NFTs on the Bitcoin blockchain on March 5.
- The Bitcoin NFT market could hit $4.5 billion by 2025, with the rising demand for NFTs on the largest blockchain by market capitalization.
- The Bitcoin NFT market looks distinct from competitors due to the high cost of inscribing on the network.
Bitcoin and Ethereum blockchains compete for dominance in the NFT ecosystem with Yuga Lab’s auction of “The TwelveFold” on the BTC network. The collection features 300 limited-edition generative art collectibles powered by the Bitcoin blockchain network.
The auction goes live on March 5 at 3 PM PT and will conclude within 24 hours.
Also read: What to expect from Bitcoin after the big BTC price drop and massive spike in social dominance
Bored Ape-parent Yuga Labs gears up for NFT collection TwelveFold auction on Bitcoin
Bored Ape Yacht Club, a blue-chip NFT collection on the Ethereum blockchain, has gained massive popularity in the crypto community. Bored Ape-parent Yuga Labs recently announced a limited edition of 300 generative art NFTs called “The Twelvefold.”
The TwelveFold auction will begin on March 5 at 3 PM PT. It will conclude within 24 hours.
The TwelveFold auction will begin tomorrow, March 5th, 2023, at 3PM PT and will conclude 24 hours later on the block immediately before 3PM PT on March 6th, 2023. pic.twitter.com/ElKhupaKqo— Yuga Labs (@yugalabs) March 4, 2023
According to a recent report by Galaxy Research, the NFT market on the Bitcoin blockchain could hit $4.5 billion by 2025. According to Galaxy analysts, the wild run of Bitcoin “Ordinals,” inscriptions on the BTC blockchain was just the beginning.
Analysts believe the Bitcoin Ordinal frenzy of the last two months is no blip, and there is a massive demand for the ability to store NFTs on the world’s oldest and most established blockchain.
How is the Bitcoin NFT market distinct from its competitors?
The cost of inscribing on the Bitcoin network is distinct from Ethereum. By Galaxy’s estimation, the cost of inscribing 10,000 Bored Ape Yacht Club NFTs on the Bitcoin network would be $229,000.
To avoid high costs, creators would create limited art series; Bitcoin could emerge as the home of much rarer, “high quality” art projects and valuable one-of-ones. Meanwhile, other chains like Ethereum will continue to host massive, multi-thousand-piece collections at much lower costs to creators.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Cardano price coils up for a 15% rally as 6.61 million ADA net flow value comes in
Cardano (ADA) price appears to be ready to finally break out from the consolidation after flipping above a crucial roadblock. The optimism comes as the ADA token recorded a massive spike in large transactions nearing 35,000 in 48 hours.
Ripple price eyes 25% breakout as XRP community anticipates June 13
Ripple price is coiling up for a breakout amid revitalized optimism in the community, counting the days to June 13. XRP could explode 25% to new range highs, levels last seen in May 2022. Invalidation of this bullish outlook will occur upon a daily candlestick close below $0.49.
Shiba Inu tests 50-MA despite whales accumulating billions of SHIB tokens
Shiba Inu (SHIB) price has favored the bulls for a week now, extending its gains for the second consecutive session. This comes as sentiment across the crypto market continues to improve, initiated by the crypto king, Bitcoin (BTC).
Ethereum price at catch-22, pressed between this bullish outlook and a waning of momentum
Ethereum (ETH) price is trading with a bullish bias, following Bitcoin's (BTC) heels. The Proof-of-Stake (PoS) token is up a staggering 60% in 2023, which is no mean feat considering the gloomy outlook in the market, characterized by the extended bear market.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.