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 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
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
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.
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.
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.