First Bitcoin NFT Auction by Yuga Labs Generates $16.5M in 24 Hours
Yuga Labs, a blockchain technology company, recently conducted its first Bitcoin-based non-fungible token (NFT) auction, TwelveFold, which lasted 24 hours. The auction was a huge 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 raised an impressive $16.5 million in a short period of time, with a total of 3,246 bids. The highest bid placed was 7.1159 BTC, equivalent to almost $159,500, while the lowest successful bid was 2.2501 BTC, which was roughly over $50,000.
The TwelveFold collection contained 300 works of art, and the remaining 12 works from the limited series will be distributed differently. Yuga Labs intends to keep some of the final pieces for contributors and distribute others randomly through some of its philanthropic programs.
This successful NFT auction reflects the growing 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 may 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 important part of the digital economy
12 × 12 grid NFTs are now popular
The Ordinals protocol, which inscribes digital art on Satoshis, the smallest bit of the Bitcoin blockchain, was joined by the Web3 company as one of the biggest companies to participate in the Bitcoin NFT trend. Casey Rodarmor coded the 12×12 grid protocol.
Despite its honorable agenda, some crypto enthusiasts on Twitter are warning against using Bitcoin for auctions due to reported problems such as unregistered transactions, system errors and server overload
Casey Rodarmor, the developer of Ordinals, expressed the most disapproval of Yuga Labs’ Bitcoin NFT project. He criticized Yuga for engaging in “degenerate nonsense” 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 this way. VeryOrdinally argued that such actions could encourage fraudsters to carry out counterfeiting in the same way
Yuga Labs explores NFT innovations
Yuga Labs, known for its popular NFT collections on Ethereum, recently launched the TwelveFold collection, featuring generative artwork embedded in 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 differs from their previous work which typically contained at least 10,000 NFTs. However, Yuga Labs faced criticism over their auction of this particular 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.
Ken Emmanuel is a blockchain content writer, a Web3 enthusiast and a social media management strategist, he enjoys writing educational content to help people become more knowledgeable and inspired. The growth of any organization he works with is always his priority. He is a geographer by profession and loves to read.
