Yuga Labs – the organization behind the hit NFT series seems to have failed with the sale of its latest TwelveFold collection.
As Kyptos reportedYuga Labs officially opened the auction of the first Bitcoin Ordinals NFT collection named TwelveFold on the morning of March 6.
The auction for TwelveFold has begun and will conclude on the block immediately prior to 3pm PT tomorrow, March 6th, 2023. Good luck.https://t.co/gvl8IHpekC pic.twitter.com/xGWU9jdCoO
— Yuga Labs (@yugalabs) March 5, 2023
TwelveFold is the first Bitcoin NFT collection made by the father of the “blockbuster” Bored Ape Yacht Club “catching the trend”. TwelveFold builds a visual story for Bitcoin with distinctive hand-drawn and 3D designs. The special feature of this product is the artwork minted through Ordinals on the Bitcoin network – The protocol is causing a lot of controversy in the community. Many experts consider this a “new phenomenon” of the cryptocurrency sector, as a catalyst for Bitcoin’s price jump.
Out of a total of 300 NFT launches, 288 were sold as a 24-hour auction, with the rest going to project and charity contributors.
After the inventory, the opening sale brought Yuga Labs 16.5 million USD. There were a total of 3,246 participants, of which the highest bid offered was 7,1159 BTC (approximately 159,600 USD) and the lowest accepted bid was 2,2501 BTC (equivalent to 50,400 USD).
As announced, successful bidders need to provide two wallets, one containing the Bitcoin paying the auction and an empty wallet receiving the NFT. Yuga Labs will return BTC to unsuccessful bidders within 24 hours thereafter.
At first glance, it seems that Yuga Labs has “no loss” in the above auction, but the way it happened has made many people angry.
One Ordinals member wrote on Twitter, Yuga was really bad at running an auction like this. They seize the bidders’ Bitcoins and manually return the Bitcoins to unsuccessful bidders. This model is “a scammer’s dream”.
Yuga is establishing REALLY bad precedence running an auction like this. They are taking custody of bidders’ bitcoin with a promise to send back successful bids. Not doubting they’ll do that, but this model is a scammer’s dream, and reliable players need to set better example.
— ordinally (@veryordinally) March 6, 2023
Some people call this a “dangerous precedent” for the future.
For the sake of @yugalabschange this #ordinals auction model.
Asking to send bids to a wallet with a promise to refund the non-winning ones is a dangerous precedent.
Multiple auctions were ran before without the need to send out your funds before the auction was over. https://t.co/clyBJbT9YR
— Crypto.Edgar (@CryptoEdgar_) March 6, 2023
The event also caught the attention of Bitcoin Ordinals founder Casey Rodarmor, who threatened to sever all ties with Yuga Labs and called for similar action if “they do this degenerate bullshit. once again”.
Dear @yugalabs,@veryordinally is right. Actions like this prove that for some entities and people: “Once a shitcoiner is always a shitcoiner.”
If I, personally, Casey Rodarmor, ever see you, Yuga labs, the entity, fuck around with degenerate bullshit like this again, I will wash… https://t.co/COARsn4X0o
— Casey Rodarmor (@rodarmor) March 6, 2023