We already wrote about the auction of the TwelveFold collection from Yuga Labs. It is the very first Bitcoin (BTC) NFT, or ordinals, collection from the NFT company. Of the 300 copies, 288 were auctioned. The remaining twelve are held back for other purposes. In total, no less than $ 16.5 million was raised with the auction.
Highest bid counts more than 7 bitcoin
The highest bid counts about 7.11 BTC worth about 159 thousand dollars. The lowest successful bid is 2.25 bitcoin, worth about $50,000 at the time of writing.
Michael Figge, the artist behind the TwelveFold collection, was inspired by “the relationship between time, mathematics and blockchain”.
“Like crypto, the collection is not linear but cyclical. With four different color palettes: winter, spring, summer and autumn. It is a nod to staying optimistic whether we are in a crypto winter or a DeFi summer.”
Some notes on TwelveFold 🧵 – pic.twitter.com/b0FiNIXtP2
— schmigge figge (@mfigge) March 5, 2023
NFT success with a blemish
The auction of the TwelveFold collection has therefore turned out to be a great success, but there is also a blemish on the whole event. The auction was heavily criticized. This had to do with the way Yuga Labs organized the auction. To bid, you had to send bitcoin to a Yuga Labs address. Losing bidders would then have their bitcoin returned manually by Yuga Labs.
This manual system has been called primitive by critics and is said to be a ‘scammers’ dream’. However, it is very unlikely that Yuga Labs will scam bidders. The company is one of the leading entities in the NFT world. The founder of Ordinals, the company behind NFT inscriptions on Bitcoin, Casey Rodarmor, went one step further. He threatened to boycott Yuga Labs if the company does something like this again.
There was also praise for Yuga Labs’ auction. The choice of the company to run the auction on the Bitcoin network was called courageous. it would have been much easier to use a network like Ethereum (ETH).
