Yuga Labs reveals timing for Bitcoin NFT auction

The company behind the Bored Ape Yacht Club NFT collection, Yuga Labs, will launch an auction to sell the TwelveFold non-fungible tokens on the Bitcoin blockchain on March 6 at 01:00 Kyiv time (02:00 MSK). The bidding will last about 24 hours.

The TwelveFold auction will begin tomorrow March 5th, 2023 at 3PM PT and 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 the statement, the auction will close on March 7 — on the block generated immediately before 01:00 Kyiv time (02:00 MSK). The starting bid will be 20,000 satoshis (~$5).

The company introduced TwelveFold in late February 2023. The series consists of 300 digital items, 12 of which are reserved for charity-related purposes. For Yuga Labs this is the first collection released outside the Ethereum blockchain.

The new NFTs are built on the Ordinals protocol. The latter enables content to be inscribed on the Bitcoin network using satoshis (serialization) to record data in a Bitcoin transaction signature.

According to the project’s site, participating in the TwelveFold auction requires two Bitcoin addresses: one for placing a bid and one for receiving the NFT. The latter must conform to the Taproot format.

The team also warned that the receiving address must be empty. Otherwise, a user risks accidentally sending satoshis containing data about the digital items in a regular transaction.

Earlier, developers Litecoin created an analogue of the Ordinals protocol, which allowed issuing digital artifacts on the blockchain in a manner analogous to the network of the first cryptocurrency.