BlocksInform
Yuga Labs, the company behind the Bored Ape Yacht Club, is exploring the idea of an already inscribed NFT collection fully hosted on the Bitcoin network and in the Ordinals protocol registry by Fold12.
As a result of a recent announcement of the FOLD 12 project on the release of its blockchain nft bitcoin collection, yuga laboratories have also announced plans to launch an exact copy of the project using their vast marketing abilities.
According to the ad, Fold 12 had published its first auction, which saw it offer a collection NFT 300 coins on the Bitcoin blockchain and via the ordinals protocol this week. As a result, Pli 12 gained an advantage in confirming their nft release priority against yuga laboratories both on the Bitcoin network and in the registry of the ordinals protocol.
It does not seem to be the first case of repetition among companies, as the advertisement pointed out that the yuga laboratories had already copied their logo, bayc. Jane Kovacs, the CTO at Fold12, commented on this, saying;
“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.”
Designed for Ordinals, ETFs combine 3D elements with hand-drawn components. In the lower right corner of each NFT, users can easily locate the unique pli12 NFT number, while the project logo is prominently displayed in the lower left corner.
The announcement further noted that the already inscribed and auctioned NFTs are structured in a 12?12 grid to emulate the Bitcoin blockchain's data structure. They are compressed with the help of the Web algorithm, which results in a 10x reduction in file size and lower costs when downloading the image on the Bitcoin network.
In addition, users interested in joining the auction need to create a Bitcoin portfolio and deposit, which unlocks the mechanics of the nft auction. Each image auction lasts 20 minutes, and another 20 minutes are added to the stopwatch if a new auction is placed.
