Yuga Labs Launches Auction of Bitcoin Ordinals NFT Collection

Yuga Labs is facing backlash from the crypto community after releasing its TwelveFold non-fungible tokens (NFT) on the Bitcoin blockchain.

The Bitcoin NFTs, built using Ordinals theory, are growing in popularity, and Yuga Labs wanted to capitalize on this with an official collection, TwelveFold.

However, the complexity of the bidding process has brought criticism from the community and Bitcoin Ordinals’ creator, Casey Rodarmor.

Yuga Labs use stone age methodology?

The auction process is such that the bidders have to send Bitcoin (BTC) to Yuga Labs’ address through one wallet. At the same time, they must keep another self-service wallet empty to receive TwelveFold inscriptions.

For users who do not win the auction, Yuga Labs will refund BTC to the recipient wallet. NFT influencer Giancarlo criticizes the process by saying, “We’re still in the Stone Age.”

Also, since Bitcoin is relatively slower than other blockchains, some NFT enthusiasts have expressed frustration. However, others believe that TwelveFold is cheapest way to enter the Yuga ecosystem.

IP Rights of Crypto Punks Interrogated

Twitter users also criticized Yuga Labs for not protecting the intellectual property rights (IP) of Crypto Punks. The Bitcoin NFTs became popular last month after someone launched 10,000 Crypto Punks clones, calling them Bitcoin Punks.

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