Berlin, March, 3 – 2023: 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.
“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”
comments Jane Kovacs, CTO at Fold12.
Contact:
Hello@fold12.com
Anna Meisch-Lennoix
Fold12.com
Berlin, Germany
The content featured on Coinpedia's press release page is provided for informational purposes only. Coinpedia does not endorse, verify, or take responsibility for the accuracy, completeness, or reliability of any press releases or associated materials. Any views, opinions, or statements expressed in these press releases are those of the respective issuers and do not reflect the opinions or positions of Coinpedia. Coinpedia is not liable for any content, products, services, or actions mentioned in the press releases. Readers should independently verify the information before taking any actions related to the subject matter of the releases.
Two analysts have run two related Monte Carlo simulations for Bitcoin. The results show a…
CEA (Controlled Environment Agriculture) Industries has today finalized its rebranding to BNB Standard Corporation (Nasdaq:…
ONDO is approaching a critical price decision, and its latest institutional development gives traders another…
Injective is betting that AI's next financial opportunity isn't just the companies building it. It's…
Institutional investors have billions sitting on the sidelines, and Chainlink wants to change that. Its…
MultiversX (EGLD) is approaching a critical point on its weekly chart, but don't mistake a…
