Yuga Labs’ Bitcoin NFT opening event received many “bricks and stones”

Yuga Labs – the organization behind the hit NFT series seems to have failed with the sale of its latest TwelveFold collection.

Yuga Labs’ Bitcoin NFT opening event received many “bricks and stones”

As Kyptos reportedYuga Labs officially opened the auction of the first Bitcoin Ordinals NFT collection named TwelveFold on the morning of March 6.

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”.

Some people call this a “dangerous precedent” for the future.

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”.

Synthetic Kyptos

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