Over 2 BTC for an NFT? Yuga Labs ends the twelvefold auction

There has been a lot of excitement in the area of ​​Bitcoin ordinals lately, which saw several collections auctioning off their NFTs for a lot of money.

However, a team well-known in the field of non-fungible tokens managed to make headlines again. Yuga Labs ended the auction of its first mainstream collection called TwelveFold, and the lowest accepted bids were quite impressive.

Yuga Labs does it again

Yuga Labs is the company behind the popular Bored Ape Yacht Club NFT collection and everything related to it. It’s quickly become a household name, and no matter what project the team announces, the community jumps at the opportunity to get involved…regardless of the price.

That said, Yuga Labs recently announced that they will be getting involved in Bitcoin ordals through a limited collection of 300 items called TwelveFold.

The auction for it was held yesterday, and the system was pretty simple – people had to bid on a single item out of 288 in total, and the highest bidders would win an ordinary.

Successful buyers had to provide a self-deposit wallet containing some BTC, as well as an empty BTC address capable of receiving the art itself. The auction recently ended, and the results did not disappoint.

The lowest bids, according to some reports, were 2.2501 BTC. That’s about $50,000 in today’s prices. The highest bids were for around 7.1559 BTC. According to the team, there were a total of 3,246 bidders, and the auction itself managed to generate around $16.5 million – around 735 BTC.

Those who failed to qualify are said to have already received their money back.

The Future of TwelveFold

Michael Figge is the co-founder of a popular NFT project called 10KTF and is also the artist behind the TwelveFold project.

Yuga Labs has previously specified that this particular collection will have no interaction with its other projects based on Ethereum. It also clarified that it will be of no use. Essentially, buyers are paying over $50K for the art itself, as well as the brand name, of course.

Meanwhile, Figge said in a Twitter thread explains the project:

… the collection is not so much linear as cyclical, with four different color palettes: winter, spring, summer, autumn. It is not to be optimistic if we are in a crypto winter or a DeFi summer.

Like crypto, the collection is not so much linear but cyclical, with four different color palettes that evolve through: winter, spring, summer, autumn. It’s a nod to being optimistic whether we’re in a crypto winter or a Defi summer. pic.twitter.com/ZbTRdwX69E

— schmigge figge (@mfigge) March 5, 2023