Yuga Labs has drawn criticism from the crypto community over its auction method for the TwelveFold Bitcoin (BTC) NFT collection. As of press time, the top bid is 2 BTC, equivalent to $50,000, with the lowest at 0.111222 BTC or $250. However, some have called out the “stone age” auction model used by Yuga Labs.
TwelveFold is a generative art piece inscribed onto satoshis on the Bitcoin blockchain, consisting of 300 items created by Yuga Labs. To participate in the auction, Yuga Labs requires users to deposit their BTC into an address provided by the company. If the bid is unsuccessful, Yuga Labs promises to refund the deposited BTC.
Creator of Bitcoin Ordinals NFT, Casey Rodarmor, criticized Yuga Labs’ auction method as “degenerate bullshit.” Rodarmor warned that he would disassociate himself from Yuga Labs if the company repeated the same thing. Rodarmor emphasized that Yuga Labs’ actions are evidence that “once a shitcoiner always a shitcoiner.”
Other members of the crypto community have also voiced their concerns over the auction method used by Yuga Labs. They stated that there are more efficient and trustless ways to conduct NFT auctions on the Bitcoin network, and the company could have found a better way to make its auctions work.
Yuga Labs is the company behind the famous Bored Ape Yacht Club NFT collection. The team recently announced its involvement in Bitcoin ordinals through the TwelveFold limited collection. The auction held yesterday allowed participants to bid on a single item out of 288 in total, and the highest bids would win an ordinal.
What’s the Conclusion?
In conclusion, Yuga Labs’ Bitcoin NFT auction has received mixed reactions from the crypto community. While some have criticized the auction method, others have shown interest in the TwelveFold collection. The controversy highlights the need for better and more transparent auction methods for NFTs on the Bitcoin network.
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