Mar 06, 2023
Yuga Labs’ Bitcoin NFT Collection Draws Criticism, Sparks Bidding Frenzy
Yuga Labs, a crypto conglomerate specializing in nonfungible tokens (NFTs), is facing some criticism from the crypto community over its auction of its new Bitcoin NFT collection, TwelveFold. On Mar. 5, Yuga opened bids for the collection, which will see 300 NFT-like images inscribed on Satoshis using the Bitcoin-native Ordinals protocol.
The auction for TwelveFold is set to conclude on the block immediately prior to 3pm PT on March 6th, 2023. According to a Mar. 5 press release, those participating in the bidding process are required to send their entire bid amount in BTC to a unique BTC address controlled by Yuga. Winners will pay up the BTC they bid, while Yuga said it would return the BTC to those unsuccessful in placing a top bid.
This requirement has angered some within the crypto community, with some pointing out that having to manually conduct refunds for unsuccessful bids is like the “stone age.” The user behind an Ordinals-focused Twitter account “ordinally” called the auction model a “scammers dream” and added while they doubt Yuga would keep the BTC from failed bids, the way it carried out the auction sets a “REALLY bad precedence.” Bitcoin Ordinals creator Casey Rodarmor also weighed in, telling Yuga to “get fucked” and calling the conduct of the auction “degenerate bullshit.” He added if Yuga were to conduct a similar auction he would encourage others to boycott the project.
Others pointed out the shortcomings of the auction system, saying it’s possible some could overpay for a TwelveFold due to a possible significant price discrepancy between the highest and lowest bids in the top 288. Despite the criticism from some, many were happy to see a large project such as Yuga bridge across to Bitcoin. Ordinally, who earlier criticized the collection, later tweeted appreciation of “the fact Yuga took the effort to attempt [to] go a Bitcoin route when setting up this auction.” An Ordinals-based collection, Ordinal Pizza OG, also expressed excitement at Yuga’s BTC collection and called it a “massive net positive for Ordinals.”
At the time of writing the top bid was 1.11 BTC (around $25,000) according to the TwelveFold website with the lowest bid registered showing as 0.011 BTC, or around $250. The auction provides an exciting opportunity for those interested in the web3 space to stake their claim in the NFT market. With the promise of a refund for unsuccessful bids, it’s a great chance for those looking to get involved in NFT promotion, NFT marketing, and selling NFTs to get their hands on a piece of history.
Yuga Labs is setting the bar for the NFT industry, and its TwelveFold collection is sure to be a hit. With the auction coming to an end soon, those interested in getting their hands on a piece of the collection should act fast. With the possibility of a significant price discrepancy between the highest and lowest bids, it’s an opportunity too good to miss.
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