Yuga Labs’ Bitcoin NFT Project TwelveFold Raises Over $16.5 Million From Auction
Yuga Labs’ controversial auction of its first Bitcoin NFT project ended on Monday, with about 289 successful bidders securing as many pieces in the limited collection. The bidders collectively spent over $16.5 million in BTC.
The collection, dubbed TwelveFold, attracted over 3,200 bids. According to Yuga Labs’ spokesperson, the highest and the lowest successful bids were 7.1 BTC ($159,000) and 2.2 BTC ($50,000), respectively.
Yuga Labs says the 289 bidders will receive their Bitcoin NFTs within this week. Some of the remaining 11 inscriptions of the 300-count limited series shall be held for contributors, while others will be distributed as part of the company’s philanthropic efforts.
Other Yuga Labs NFT Projects
Yuga Labs has only previously launched its NFT collections on the Ethereum blockchain. Along with Twelvefold, other NFT projects owned by the company include Bored Ape Yacht Club, Otherside virtual land plots, Mutant Ape Yacht Club, Meebits, and Cryptopunks. All the Ethereum-based collections feature at least 8,500 NFTs each.
TwelveFold NFTs were inscribed to the Bitcoin blockchain through Ordinals, a project launched in January to help creators commit their art pieces to Bitcoin by inscribing them on satoshis.
Yuga Labs revealed that the 289 NFTs won yesterday would be generated by a single code. In addition, there won’t be any difference in quality between the NFTs won at a higher bidding price and those won at lower bidding prices. However, the firm will number and generate each NFT according to its rank in the bidding process.
Yuga Labs Faces Criticism Regarding TwelveFold Bidding Process
Hours before the auction, Yuga Labs faced heavy criticism for how it designed the bidding process. The TwelveFold creator had initially announced that any interested bidder had to deposit the whole amount of their bid to be considered eligible for the auction. Yuga Labs promised to return unsuccessful bids within 24 hours after closing the auction.
Creator of Ordinals Casey Rodarmor took to Twitter to call out Yuga Labs for deploying such a bidding process. He argued that the NFT creator had legitimized a process that bad actors could easily manipulate to steal funds from the bidders.
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