Mar 07, 2023
Yuga Labs’ TwelveFold Auction Nets $16.5M, 288 Bidders Receive NFTs
The auction for Yuga Labs’ inaugural Bitcoin Ordinal nonfungible token (NFT) collection has concluded, bringing in a staggering $16.5 million in a mere 24 hours.
A total of 288 bidders won one of the Bitcoin NFTs from the “TwelveFold” collection. The winners will receive their inscription within one week, while the unsuccessful bidders will have their bid amount returned within 24 hours.
The auction yielded 735 BTC worth an estimated $16.5 million at current prices. The highest bidder paid just over 7 BTC or $161,000 for one of the pieces.
Top ten bids leaderboard – Source: twelvefold.io
Bottom ten bids, the lowest won #288 – Source: twelvefold.io
Yuga announced the collection in late February, describing it as a “base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.” The limited edition collection of 300 generative pieces inscribed on Satoshis on the BTC network was highly sought after, and the lucky winners were eager to share their new NFTs online.
One winner shared a photo of their NFT on Twitter, expressing their excitement for the future of the piece. They also gave a shoutout to NFT Supply, a website that helps users set up wallets for their NFTs.
The TwelveFold auction has been highly successful for Yuga Labs, but it has also been met with some criticism from the crypto community. Over the weekend, flaws in the way the auction was conducted were identified. Despite the controversy, the TwelveFold auction marks a major milestone for Yuga Labs and the NFT space as a whole.
The success of the TwelveFold auction is just the beginning for Yuga Labs. The firm is now focusing on providing NFT promotion and marketing services to other NFT creators, to help them reach a wider audience and maximize their sales. Yuga is well-positioned to become a leader in the NFT marketing space, as it has already established itself as a web3 agency.
Yuga is also working on new ways to help NFT creators sell their pieces. They plan to use Twitter as a platform for NFT promotion, as well as create innovative marketing campaigns to help NFT creators reach a wider audience.
Yuga Labs’ TwelveFold auction has been a major success, and the firm is now looking to the future to continue to build on that success. With its innovative NFT marketing services and new strategies for selling NFTs, Yuga Labs is well-positioned to become a leader in the web3 space.
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