Following Ordinals Punks’ success, Yuga Labs also made its debut by announcing its first-ever Bitcoin NFT – Twelvefold.
And since then, the company’s foray into the front-running blockchain has gained huge popularity, which led degens wanting to invest.
Therefore, Yuga Labs placed an auction last Sunday to award those who are willing to spend extra miles for its Twelvefold NFTs.
THE ALPHA (LAST MONDAY)
Yuga Labs recently closed its auction on Monday and garnered 735.7 BTC in just 24 hours after their bidding event.
Its BTC price equates to $16.5 million at the time of writing, which indicates a big-time success for the company.
According to Yuga Labs, there were 3,246 total bidders during the event, and 288 got successful in possessing their NFTs.
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
Moreover, according to Yuga Labs, the top 288 bidders will receive their inscriptions within the next week.
And the final 12 pieces of the 300-piece limited series will be held for contributors and distributed as part of Yuga’s philanthropic programs.
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
ABOUT THE TWELVEFOLD AUCTION CONTROVERSY
Earlier on Monday, Yuga sparked some debate with the way the company designed the TwelveFold bidding process.
To take part in the auction, people who wanted to own a TwelveFold had to send Yuga Labs the full amount of their bids.
Yuga Labs then promised to return rejected bids within 24 hours of the auction’s conclusion.
Yuga is establishing REALLY bad precedence running an auction like this. They are taking custody of bidders’ bitcoin with a promise to send back unsuccessful bids. Not doubting they’ll do that, but this model is a scammer’s dream, and credible players need to set better example.
— ordinally (@veryordinally) March 6, 2023
Casey Rodarmor, the creator of Bitcoin Ordinals, criticizes Yuga for instituting such a bidding process, claiming that it legitimized a process that could be easily manipulated by nefarious project creators to steal funds from bidders.
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
THE FUTURE OF BITCOIN NFTs
The structure of TwelveFold’s bidding process reflects the current disconnect between the outside popularity of Bitcoin Ordinal NFTs and the lack of digital infrastructure to support the nascent medium.
However, according to Dune Analytics, despite only debuting in late January, over 325,000 Ordinals have already been inscribed.
Additionally, a report from Galaxy Research last week predicted that by 2025, the Bitcoin NFT market will be worth $4.5 billion.
The same report says that by this summer, there should be a full ecosystem of products and services that work with Bitcoin NFTs.
However, take note these are just mere predictions and can change any time. It’s still too early to tell for sure what will the future of Bitcoin NFTs will look like.
Editors’ Note: The Mega Maxi’s articles and its external content are not financial advice. Always DYOR.