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Yuga Labs, creators of the blue-chip non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), announced that the team has completed its Ordinal Inscription auction with a total of 3,246 bidders. The twelve-fold collection of inscriptions generated 735.7 bitcoin, worth more than $16 million. The highest bid was 7.1159 bitcoin, equivalent to $160,000.
Yuga Labs has ended its Twelvefold auction after it went live at 3:00 PM PST on March 5th and ended at 3:00 PM PST on March 6th. Schmigge Figge, the content manager at Yuga Labs, recently explained that Twelvefold is a base 12 art system located around a 12×12 grid, and the collection consists of 300 inscriptions. “Each series has a theme spread across 12 unique pieces,” the Yuga leader detailed. “Each twelvefold piece will be inscribed on a satoshi with a satpoint ending in the number 12, and the ‘postage’ associated with each inscription will be 12121.”
According to a representative speaking on behalf of Yuga, the collection may hold the spot as the best Ordinal Inscription collection sale to date, as described in a note sent to Bitcoin.com News. The Twelvefold auction saw 3,246 total bidders, with the top bid at 7.1159 BTC, or $160,000, according to Yuga. The minimum bid to rank in the top 288 was 2.2501 BTC, and the auction generated 735.7 BTC from the top 288 spots, which equated to approximately $16.5 million. Yuga tweeted on March 7 that all bids not ranked in the top 288 were refunded to the recipient address.
“Bidders who won an inscription and increased their bids after the last block of the auction should clear the receiving address before sending the inscriptions,” Yuga said.
Although the sale was successful, a few people complained about the way Yuga ran the auction. “Yuga is establishing REALLY bad priority by conducting an auction like this. They take care of bidders’ bitcoin with a promise to send back failed bids,” an Ordinals subscription supporter named Ordinally wrote. “No doubt they will, but this model is a cheater’s dream and credible players need to set a better example.”
At the time of writing, 341,711 inscriptions exist on the Bitcoin blockchain, indicating continued demand for Ordinals. Additionally, over the past seven days, Ordinal Inscriptions have entered the NFT sales space, competing with NFTs minted on Ethereum and Solana. This week, Emblem Vault version 4 (v4) is the eighth largest NFT collection in terms of seven-day sales. Emblem Vault v4 contains a variety of Ordinal inscriptions, such as Ord Rocks and Bitcoin Punks, and has generated $3,658,977 in sales. Emblem Vault v4 sales are up 59.87% from last week.
What are your thoughts on the success of Yuga Labs’ Twelvefold auction and the continued demand for Ordinal Inscriptions in the NFT space? Do you think Yuga Labs’ auction model sets a bad precedent, or is it a legitimate way to conduct an auction? Share your thoughts in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Twelvefold collection, Yuga Labs, Twelvefold leaderboard,
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