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Yuga Labs

Yuga Labs’ Twelvefold Bitcoin NFT Collection Just Hit $16.5 M During the 24-Hour Auction

Posted Wednesday, March 8, 2023 by
Sophia Cruz • 1 min read

The popular Bored Apre Yacht Club creator Yuga Labs have once again buzzed the crypto space after completing the inaugural auction of its Bitcoin Ordinals NFT collection ‘Twelvefold’ leaving with a staggering bid of $16.5 million.

The auction lasted for 24 hours with 288 successful bidders claiming as many pieces from the collection. According to Yuga Labs, the Twelvefold bids were in 3,246 in total with the highest bid of 7.1159 BTC or nearly $159, 000 and the lowest bid was 2.2501 BTC or about $50, 000. 

As we recall, the Twelvefold NFT collection consists of 300 artworks inscribed on Satoshis on the Bitcoin network. The artwork is based on a 12-art system localized around a 12×12 grid that includes highly rendered 3D elements in addition to the hand-drawn features.

However, despite the success of the auction, Yuga Labs still can’t get away from the negative response of the community. Several users expressed their dissatisfaction on Twitter and stated that Yuga Labs was establishing a “really bad precedent” for auctioning in the still nascent Bitcoin space. Ordinals inventor Casey Rodarnor also expressed her reaction to the auction process calling it a “degenerate activity” due to putting the bidder’s BTC holdings at risk. 

Nevertheless, the auction became successful despite the criticism and Yuga Labs seemed to have responded to the criticisms expressing their enthusiasm that the Ordinals have succeeded in creating a permissionless method for NFTs on Bitcoin’s blockchain. 

Lastly, Yuga Labs reassured that the unsuccessful bidders will get a refund within the shortest time possible while the 288 successful bidders will receive their inscriptions within the week. The 12 remaining pieces will be held for contributors and others will be distributed randomly via some of its philanthropic programs.

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