Yuga Labs Earns $16.5M From First NFT Auction
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The first Yuga Labs Bitcoin Ordinal NFT collection auction is now over, with the firm earning a whopping $16.5 million from the sale in just 24 hours.
The collection consists of a limited edition of 300 generative artworks engraved on Satoshis on the BTC network.
Impressive Outing for Yuga Labs
Yuga Labs recently launched the first Bitcoin Ordinal Non-Fungible Token (NFT) collection auction, comprising 300 limited-edition generative NFT pieces inscribed on Satoshis on the Bitcoin network.
The blockchain company responsible for creating digital collectibles described the collection as a base 12 art system centered on a 1212 grid, a visual art form for mapping data on the Bitcoin blockchain.
The auction on the TwelveFold NFT marketplace has concluded, and it raised a total of $73.5 million (735 Bitcoin) in just 24 hours. The highest bidder in the Bitcoin Ordinal Non-Fungible Token (NFT) collection auction paid 7 bitcoins out of 288 bidders (BTC).
The TwelveFold auction has ended. Congratulations to the top 288 bidders – you will receive your inscription within one week. Valid bids that did not rank in the top 288 will have their bid amount returned to their receiving address within 24 hours.
— Yuga Labs (@yugalabs) March 6, 2023
Yuga Labs stated in a tweet that the successful bidders would receive their bid sums back within 24 hours. Also, the bid winners of the NFTs will receive their inscription in one week.
The fortunate recipients were excited to post their brand-new NFTs online.
I was lucky enough to place a winning bid for a @yugalabs #Twelvefold #BTC ordinal. Can’t wait to see how this ages in the decades to come. Won’t ever catch me fading #yuga. Also… Massive props to @nftsupply for the help setting up a wallet etc. He’s a huge resource for us all. pic.twitter.com/g8fSDIfhzX
— Carsonturner.eth📍 ATL (@carsonturner) March 6, 2023
Yuga Labs is popular in the NFT ecosystem. The firm has created many NFT collections, including the spinoffs Mutant Ape Yacht Club (MAYC), Bored Ape Yacht Club (BAYC), and virtual land plots for the Otherside metaverse game.
Also, it is the owner of Meebits and CryptoPunks, two “blue chip” Ethereum NFT projects developed by Larva Labs, for which Yuga Labs acquired the IP rights last year.
Backlash From the Crypto Community
The auction went off without a hitch and is now over. However, the crypto community criticized Yuga Labs’ first Bitcoin NFT collection over the weekend, highlighting issues with the auction process.
According to a press release on March 5, participants in the bidding process are required to transfer their entire offer sum in Bitcoin to a specific BTC address under Yuga’s control. Winners would simply pay up the BTC they bid, while Yuga stated it would repay BTC to those unsuccessful in putting in a top bid.
However, the scheme garnered the ire of some within the crypto community. Some pointed out that manually refunding unsuccessful bids is like living in the stone age.
A Twitter account dedicated to Ordinals dubbed the auction concept a scammer’s fantasy. It claims that they doubt Yuga would keep the BTC from unsuccessful bids. However, the manner in which the auction was conducted sets a truly poor example.
so the way yugas auction will work tomorrow is everyone sends Bitcoin to one wallet and if you lose the bid they promise to manually send it back
likely tens of millions of dollars
we’re still in the stone age 💀
— Giancarlo (@GiancarloChaux) March 5, 2023
Even the user of Bitcoin Ordinals, Casey Rodarmor, commented on the page, telling Yuga to screw off and labeling the way the auction was conducted as degenerate nonsense.
so the way yugas auction will work tomorrow is everyone sends Bitcoin to one wallet and if you lose the bid they promise to manually send it back
likely tens of millions of dollars
we’re still in the stone age 💀
— Giancarlo (@GiancarloChaux) March 5, 2023
He added that if Yuga held a similar auction, he would strongly advise people to oppose it.
Dear @yugalabs,@veryordinally is right. Actions like this prove that for some entities and people: “Once a shitcoiner 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
Several other individuals criticized the auction mechanism, noting that there was a chance that some people might overpay for a TwelveFold, which was due to a possible sizable price difference between the highest and lowest bids in the top 288.
However, despite the criticisms, many people were pleased to see a significant project, like Yuga, which became well-known because of numerous Ethereum-based NFT collections, transition to Bitcoin.
There were also some others who changed their minds. A Twitter user, Ordinally, who initially criticized the collection, later expressed admiration for Yuga’s effort to use Bitcoin for this sale.
To give credit where credit is due – I really appreciate the fact Yuga took the effort to attempt and go a Bitcoin route when setting up this auction. Somewhat irrationally it pains me even more to see a bitcoin approach setting bad precedent, than an ETH based approach …
— ordinally (@veryordinally) March 6, 2023
Another Ordinals-based collection, Ordinal Pizza OG, showed excitement about the project and praised Yuga’s BTC collection as a huge net benefit for Ordinals.
Despite the critiques, wealthy bidders still competed for the top slot to win Yuga’s first BTC collection.
