On Sunday we already wrote about the Twelvefold auction of the NFT company Yuga Labs. TwelveFold is the first NFT collection on the company’s Bitcoin (BTC) network. However, the launch is now seeing a lot of criticism on Twitter, especially over the way Yuga Labs set up the auction.
Fierce Criticism About Bitcoin NFT Auction
Yuga Labs is auctioning 288 copies of the 300 NFT collection. Bidders send the BTC amount of their bid to a bitcoin address. The highest bid gets the NFT, and the Yuga Labs promises to manually return the losing bids. According to the criticism is comparing the manual return of the losing bids to the ‘Stone Age’.
In theory, Yuga Labs could choose not to return the million dollars worth of bitcoin from the losing bids. However, this is not a very real scenario. Yuga Labs is one of the most well-known and prominent companies in the NFT sector. But the fact that the auction is organized in this way is very debatable. According to a tweet should Yuga Labs set a better example, and is this a “scammers dream”
Since January, the creation of NFTs on the Bitcoin network has been possible. The Ordinals company made this possible. Ordinals founder Casey Rodarmor was also all but pleased with the Yuga Labs auction. He even went that far to say that if the company does something similar again, he would call on people to boycott Yuga Labs.
Dear @yugalabs,@veryordinally right. Actions like this prove that for some entities and people: “Once a shitcoiner always a shitcoiner.”
If I, personally, Casey Rodarmor, ever see you, Yuga labs, the entity, fuck around with degenerate bullshit like this again, I will wash… https://t.co/COARsn4X0o
— Casey Rodarmor (@rodarmor) March 6, 2023
2 bitcoin offered
Yet they do not only criticize Yuga Labs. According to the aforementioned Twitter user Despite the shortcomings, it is very brave of Yuga Labs to run the auction through the Bitcoin network. It would have been much easier to use a network like Ethereum (ETH) for this.
The commotion has not diminished the hype about the TwelveFold auction. At the time of writing it is the highest bid 2 whole bitcoin. A raw value of 42 thousand dollars.
