First Bitcoin NFT from Yuga Labs Nets $16.5M in 24 Hours
- Yuga Labs confirmed that in just 24 hours, its Bitcoin NFT collection, TwelveFold, netted the firm close to $16.5 million.
- The auction saw over 288 top bidders win NFTs worth 735 BTC, and they will receive their inscription within a week.
- The top bidder for the NFT collection announced in February paid just over 7 BTC or $161,000, for one of the pieces.
- The inventor of Ordinals, Casey Rodarmor, criticized the NFT company for its new NFT collection, calling TwelveFold “degenerate.”
Popular non-fungible token firm Yuga Labs announced its first Bitcoin Ordinal non-fungible token (NFT) collection recently, and the auction for the same has ended. The company confirmed that in just 24 hours, NFT collection netted the firm close to $16.5 million. This news comes at a time when the trading volume and capital inflow in NFTs has declined significantly amid the prevailing crypto bear market, and many popular investors in NFTs are down more than 70% on their investments.
The NFT collection, titled the “TwelveFold” collection, witnessed a total of 288 bidders winning one of the tokens. According to Yuga Labs, the winners will receive their inscriptions within one week, and on the other hand, the unsuccessful bidders will receive their funds within 24 hours of the auction ending.
“The TwelveFold auction has ended. Congratulations to the top 288 bidders – you will receive your inscription within one week. Valid bids that did not rank in the top 288 will have their bid amount returned to their receiving address within 24 hours,” announced Yuga Labs via social media platform Twitter.
The funds generated via auction amount to around 735 BTC, which is around $16.5 million based on the price of the world’s biggest crypto coin at the time of writing. Moreover, the highest bid came from a user who paid just over 7 BTC or $161,000, for one of the pieces. The collection was announced in late February and was described as a “base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”
The NFT collection from Yuga Labs consists of 300 generative pieces inscribed on Satoshis on the Bitcoin network and all the winners of the TwelveFold collection shared their excitement online on Twitter.
Interestingly, it is crucial to note that Casey Rodarmor, the inventor of Ordinals, digital assets inscribed on satoshis, slammed Yuga Labs over their NFT collection, calling it “degenerate” as they put its participants’ Bitcoin holdings at risk. The auction of the collection began at 3pm PT on March 5 and many members of the Twitter community started to criticize the company behind popular NFT collections like Bored Ape Yacht Club (BAYC).
For example, a Twitter user by username @veryordinally stated that Yuga Labs was establishing a “really bad precedent” for auctioning in the still nascent Bitcoin NFT space.
“They are taking custody of bidders’ bitcoin with a promise to send back unsuccessful bids. Not doubting they’ll do that, but this model is a scammer’s dream, and credible players need to set better example,” said the Twitter user.
Later, Rodarmor quoted the post from @veryordinally adding that he agrees with the crypto enthusiast’s statement. “Actions like this prove that for some entities and people: ‘Once a shitcoiner always a shitcoiner,’” Rodarmor affirmed while adding some additional harsh criticism.
“Anyone who has worked at Yuga Labs for long enough has shown their true colors,” said Rodamor regarding the auction on Monday. “They lack some combination of spine, intelligence, character, acumen, talent, empathy, or experience.”