Blockzeit
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
Buy Crypto
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
Blockzeit
No Result
View All Result
Home NFTs
images 2023 03 08T131428.854

Featured Image: Crypto Valley Journal

First Bitcoin NFT Auction By Yuga Labs Generates $16.5 M In 24h

Ken Emmanuel by Ken Emmanuel
March 10, 2023
in NFTs
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

Yuga Labs, a blockchain technology company, recently conducted its first-ever Bitcoin-based non-fungible token (NFT) auction, TwelveFold, which lasted for 24 hours. The auction was a massive success, with 288 successful bidders claiming their pieces from the collection. The company confirmed that the top 288 bidders will receive their inscriptions within the week.

According to Yuga Labs, the auction garnered an impressive $16.5 million within a short period, with a total of 3,246 bids placed. The highest bid placed was 7.1159 BTC, equivalent to nearly $159,500, while the lowest successful bid was 2.2501 BTC, which was approximately over $50,000.

the TwelveFold auction just concluded, earning a total of 735 BTC / $16,500,000 in 24 hours, with the highest bidder paying $161k. biggest bear market drop by a mile, and it wasn't even on Ethereum 😂

I'd say the Yuga ordinals experiment was a massive financial success. pic.twitter.com/DUC2cKrZxo

— tropoFarmer 🍌 (@tropoFarmer) March 6, 2023

The TwelveFold collection featured 300 pieces of art, and the remaining 12 pieces from the limited series will be distributed differently. Yuga Labs intends to hold some of the last pieces for contributors and distribute others randomly through some of its philanthropic programs.

This successful NFT auction reflects the increasing demand for blockchain-based digital assets, such as NFTs, as collectors and investors are attracted to the exclusivity and uniqueness of these assets. The TwelveFold collection, in particular, was highly sought after due to the quality of the artwork and the exclusivity of the collection.

The success of this auction could encourage more companies to explore the potential of NFTs and how they can be leveraged to create value for investors, creators, and other stakeholders. As blockchain technology continues to evolve, it is expected that NFTs will continue to be a valuable asset class and an essential part of the digital economy

12×12 grid NFTs are now trending

The Ordinals protocol, which inscribes digital art onto Satoshis, the smallest bit in the Bitcoin blockchain, was joined by the Web3 company as one of the major companies to participate in the Bitcoin NFT trend. Casey Rodarmor coded the 12×12 grid protocol.

However, despite its honorable agenda, some crypto enthusiasts on Twitter are warning against using Bitcoin for auctions due to reported issues such as unregistered transactions, system glitches, and server overload

Only win 1 TwelveFold @yugalabs
2 tx jammed in the last 20 minutes.
It's a bad idea to do an auction in BTC😅 pic.twitter.com/cFN2178HNM

— Keungz (@keung) March 7, 2023

Casey Rodarmor, the developer of Ordinals, expressed the most disapproval towards Yuga Labs’ Bitcoin NFT project. He criticized Yuga for engaging in “degenerate bullshit” because the auction hosts took control of all bidders’ crypto during the NFT mint event. 

Similarly, another developer, VeryOrdinally, condemned Yuga Labs for setting a bad precedent by running an auction in this manner. VeryOrdinally argued that such actions could encourage scammers to carry out counterfeit mints in the same way 

Want to watch the Yuga Labs TwelveFold Ordinals bids in real-time?

You're in luck, Yuga built a leaderboard where you can see the top 288 bids at any given time

It's gonna appear on the TwelveFold website any minute now

— trevor.btc (@TO) March 5, 2023

Yuga Labs Explores NFT Innovations

Yuga Labs, known for their popular NFT collections on Ethereum, recently launched the TwelveFold collection, featuring generative art pieces embedded on the Bitcoin blockchain using a new method called Ordinals. It has launched several collections, among them are the well-known Bored Ape Yacht Club (BAYC) collection, Mutant Ape Yacht Club (MAYC) collection, CryptoPunks, and others

This collection deviates from their previous work which usually featured at least 10,000 NFTs. However, Yuga Labs faced criticism over their auction for this special collection by some crypto enthusiasts who identified flaws in the process.

Final Thoughts 

The most prominent Web3 company, Yuga Labs, specializes in high-profile NFT collections that have raised tens of millions of dollars through Bored Ape Yacht Club, Mutant Ape Yacht Club, CryptoPunks, and other well-known NFT collections.

FB IMG 16709713574120891
Ken Emmanuel

Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.

Previous Post

Enjin Coin (ENJ) and MultiversX (EGLD) Prices Rally , How Does This Impact Orbeon Protocol (ORBN)?

Next Post

Is social trading profitable?

Related Posts

FrEFsfzakAI5iyU

Polygon Partners With Nexon To Launch MapleStory NFT Universe

by Ken Emmanuel
March 23, 2023
0

Nexon, the largest gaming developer and publisher in Korea, announced that it has selected Polygon, a leading Ethereum scaling blockchain...

Sony & NFTs

Game On: Sony Set To Change The Game With NFT Integration On PlayStation

by Edmond Herrera
March 22, 2023
0

Sony Interactive Entertainment is set to implement non-fungible tokens (NFTs) into its iconic PlayStation gaming consoles. Discover how NFTs will...

Deadrop Early Access

Deadrop: DrDisrespect’s Shooter Web3 Game

by Edmond Herrera
March 22, 2023
0

Dr. Disrespect's web3 gaming studio releases its highly-anticipated NFT shooter game in early access. The game's unique culture of "teaming"...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • Bitcoin News
  • Business
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends
  • Uncategorized

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

SAVE 20% ON BINANCE FEES

Sign Up Here
No Result
View All Result
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.