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  • Writer's pictureKyle

Yuga Labs' TwelveFold Auction Has Started. Here's What You Need To Know:

The auction for Yuga Labs’ Bitcoin based generative art project, Twelvefold, has begun!

Yuga Labs kicked off its 24-hour TwelveFold auction on Sunday at 6 P.M. EST and the crypto space has until tomorrow evening to place a bid and win a piece of blockchain history.

“The auction for TwelveFold has begun and will conclude on the block immediately prior to 3pm PT tomorrow, March 6th, 2023,” Yuga Labs tweeted. "Good luck.”

As the Bored Ape Gazette previously reported, TwevleFold is a limited-edition collection of 300 generative art pieces inscribed on Satoshis on the Bitcoin blockchain and were created by Yuga Labs’ Chief Content Officer and co-founder of 10KTF, Michael Figge.

“Twelvefold is a base 12 art system localized around a 12x12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain,” Yuga Labs Co-Founder Garga previously said. “The collection includes highly rendered 3D elements as well as hand-drawn features which serve as an homage to the ordinal inscriptions currently done by hand. All of these choices are a departure from what’s expected from Yuga. But you know. Fuck doing expected things.”

Yuga Labs will be auctioning off 288 of the 300 TwelveFold art pieces during the auction.

“A total of 288 inscriptions will be auctioned off and awarded to the 288 highest successful bidders at the conclusion of the auction,” Garga wrote. “Note that the inscription process will reflect the themes of the collection and is intended to be part of the experience. Winning bidders will receive their TwelveFold ordinal inscriptions within one week of the end of the auction.”

The remaining 12 TwelveFold pieces will held back for “contributors, donations, and philanthropic efforts,” Yuga Labs said.

Collectors who are interested in participating in the Twelvefold auction will need two wallets. One to bid with and one to receive the NFT if they win.

“One wallet address should contain the Bitcoin you wish to use to place a bid,” Garga wrote. “The other self-custodied, Taproot-enabled wallet address should be empty. This is your receiving address. It is where your ordinal inscription will be sent should you place a winning bid; alternatively, it is where your bid will be returned should your bid be unsuccessful. It’s recommended that you don’t hold any other Bitcoin in your receiving address as you don’t want to commingle your inscribed satoshi with other sats and accidentally send it out of your wallet.”

At the time of this articles publication, 33 users have placed bids on the 288 available pieces and the top bid is .26 BTC or $5,824 USD.

The Bored Ape Gazette will continue to follow the TwelveFold auction and will let you know the top bid on the cutoff bid periodically over the next 24 hours. Stay tuned for updates!

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