Bitcoin vs. Ethereum, race for NFT dominance with Bored Ape-parent Yuga Labs TwelveFold auction
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
