- Yuga Labs’ Bitcoin NFT collection auction set a record after attracting over 3,000 bids in less than 24 hours
- Only 288 bidders secured one of the 300 NFTs in the TwelveFold collection
- However, Yuga was accused of using an auction model that’s “a scammer’s dream”
Yuga Labs has set another record after its Bitcoin NFT collection, TwelveFold, attracted over 3,000 collectors within 24 hours of the collection’s auction which started on March 6. However, only 288 bidders got a chance to own one of the 300 NFTs in the collection, with the highest bid nearing $160,000. However, some in the crypto community weren’t happy with how Yuga conducted the event saying they used a model that’s a “scammer’s dream.”
$160,000 for a TwelveFold Generative NFT
The auction attracted a total of 3,246 bids with the highest bidder pledging 7.11 BTC worth roughly $160,000 for one of the 300 generative TwelveFold NFTs. The lowest bid was slightly above 2 BTC or roughly $50,000.
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.
— Yuga Labs (@yugalabs) March 6, 2023
According to Yuga, qualified bidders will receive their collectibles within seven days, noting that the remaining 12 NFTs in the collection will go to Yuga Labs’ philanthropic missions. Yuga also disclosed that unsuccessful bidders will have their BTC returned.
However, Yuga’s way of running the event was sneered at by the crypto community who said that it’s a favorite among scammers. During the auction, bidders were required to send their bid amount, in BTC, to a Yuga-controlled Bitcoin wallet, with a promise to return the funds for unsuccessful bids.
Yuga is establishing REALLY bad precedence running an auction like this. 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.
— ordinally (@veryordinally) March 6, 2023
“Degenerate Bullshit” Accusations Fly
Although the community doesn’t doubt that Yuga will return the funds, they said that top names like the Bored Ape creator need “to set [a] better example.” Others like Bitcoin Ordinals’ creator Casey Rodamor even threatened to ban Yuga Labs from the Ordinals project if they use the auction model again.
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
With collectors pledging such high prices for the limited 300 NFTs, it’s yet to be seen how much the collection will fetch on the secondary market.