Yuga Labs’ Bitcoin NFT collection draws ire over bidding process
BAYC creator Yuga labs has recently opened the auction process for its Bitcoin NFT collection TwelveFold via a March 5 press release. In accordance with it, interested users will have to transfer the entire bid amount to an address controlled by Yuga.
Winners would simply pay up the BTC they bid, while Yuga said it would return the BTC to unsuccessful top bidders.
This method of taking bidders’ bitcoin into custody with a promise to return unsuccessful bids has invited backlash from community members.
An ordinal-focused account accused the firm of “establishing REALLY bad precedence, comparing the model to being a ‘con’s dream.’
…” No doubt they will, but this model is a cheater’s dream and credible players need to set a better example”.
When a billionaire player enters the room, it is inexcusable not to set a higher bar. I wonder who advised them. My advice would be to stop the auction and return all funds. And then start over with a sensible, trustless model.
Even Bitcoin Ordinals developer Casey Rodarmor stepped on i, and advised Yuga Labs to refrain from producing such “degenerate nonsense” in the future, or he would encourage others to boycott the project.
Some have compared the painstaking refunding of rejected bids to the “Stone Age” approach.
However, several people chose to look on the bright side of events and praised the Yuga labs for using the emerging technology, calling it bullish.
As reported by TronWeekly Yuga Labs, the entity behind the famous NFT collection Bored Ape Yacht Club, debuted a limited edition of Bitcoin-based NFts called TwelveFold.
Bitcoin NFTs quickly rose to prominence
300 generative artworks written with satoshis on the Bitcoin blockchain will be included in the collection.
All bids will be made in bitcoin. In addition, Yuga Labs also revealed that “wallets currently do not support the transfer of individual satoshis.”
This meant that users run the risk of losing their credited Satoshi if they store their digital assets with other BTC holdings.
BTC-based NFTs or so-called Ordinals become all the rage with the inscription of the 100,000. The ordinal on 14 February.
Recently, the number of these inscriptions crossed 200,000, data from Dune Analytics showed.
Similar to non-fungible tokens [NFTs]these inscriptions are digital assets that can be written in one Satoshi, the smallest denomination of a Bitcoin.
