The Fold12 project has just announced the release of its Bitcoin blockchain NFT collection, which runs on the Ordinals protocol.
The Fold12 project has just announced the release of its Bitcoin blockchain NFT collection, which runs on the Ordinals protocol; meanwhile Yuga Labs, the company behind the Bored Ape Yacht Club, after being caught stealing their logo, BAYC decided to borrow the idea of an existing NFT collection from the fold12 project.
Fold12 launched its first auction on the Bitcoin blockchain and via the Ordinals protocol this week: the auction-like mechanics offers a 300-piece NFT collection, which is also the first auction on the Bitcoin blockchain. The NFTs are arranged in the form of a 12×12 grid, representing the data structuring of the Bitcoin blockchain. Compressed by the webp algorithm, it allows to achieve a 10x compression resulting in lower commissions when storing an image on the Bitcoin network.
Each NFT incorporates both the 3D elements and hand-drawn components. On the right-hand bottom of the NFT users can identify the number of the Fold12 NFT, with the project’s logo displayed on the bottom left. The collection is fully hosted on the Bitcoin network and has got the confirmation of their NFT release priority against the YL both on the Bitcoin network and in the Ordinals protocol registry, with the first mints already inscribed.
In order to participate in the auction the users need to create their wallet and deposit it with Bitcoin, which unlocks the NFT bidding mechanics. The auction for each image lasts for 20 minutes and is extended by another 20 minutes if a new user places a bid. Yuga Labs announced the launch of an exact copy of the project using their extensive marketing capabilities.
Jane Kovacs, CTO at Fold12, comments,
“Though the earlier collections were constantly copycatted from the Yuga Labs itself, and numerous clones of BAYC and MAYС appeared, this time YL replicated an already existing collection; however, it is clear that both collections definitely attract great public attention: the first Fold12 NFT has already been bought at auction for 2 BTC.”