TwelveFold’s NFT auction with Yuga Labs raises $16.5M

The most anticipated auction of the week culminated successfully, as TwelveFold together with Yuga Labs raised a total of $16.5 million in BTC with the ordinary non-fungible tokens. In this note you will learn all about Yuga’s first Bitcoin NFT collection.

Yesterday, the auction that had TwelveFold and Yuga Labs as protagonists. The first NFTs on the Bitcoin network through Protocol Ordinals was completely successful, as, a total value of $16.5 million in BTC was raised. To put some context on this amount of money, it should be noted that the cheapest NFT was auctioned at the grand sum of $50,000.

On the other hand, there were a total of 288 bidders who managed to successfully place their bids to acquire at least one limited collector’s item from TwelveFold and Yuga Labs. This collection had a total of 300 unique generative artworks and generated a lot of hype, as around 3000 bids were received in just 24 hours.

How was the process and bids for this auction

TwelveFold generated a total of 3246 bids in the auction that lasted just 24 hours. Among the highlights was the highest bid from one bidder which was 7.1158 BTC, which means it was about $160,000 USD. Also, as I mentioned earlier there was the lowest bid of $50,000 USD, equivalent to about 2.2500 BTC.

In total there were 288 bidders who will receive their NFTs, which the TwelveFold and Yuga Labs project referred to as ‘registrations’, since, they were created within the same Bitcoin block with Ordinals Protocol.

For its part, this marked the first foray of Yuga Labs with NFTs on the first blockchain, given that this company’s NFTs had previously been on the Ethereum blockchain (they released around 10,000 NFTs). However, TwelveFold’s collection was a limited run of only 300 unique generative artworks.

Also, Yuga Labs took a giant step in presenting this type of project, as, with the recognition that one of the largest NFT companies in the world has, they will surely have a lot of value in the future. These unique pieces created together with TwelveFold are inscribed on the Bitcoin blockchain thanks to the Ordinals Protocol.

If you want to know everything about Ordinals Protocol, NFT collections that were created so far in Bitcoin, how to create your NFT on Bitcoin, which wallets exist for Ordinals NFT, and much more, you can read the articles we made in NFTexpress, which are as follows:

Going back to the auction that ended in just 24 hours, the 300 pieces of art are 12×12 grids, combining 3D graphics with hand-drawn elements. In addition, the code that was used for this collection will generate each of the non-fungible tokens, which reliably guarantees that each NFT is unique.

Some criticisms that were made about the auction method

While all users who participated in the auction agreed to the bidding process for the Yuga Labs TwelveFold collection, in order to participate they had to deposit a total amount of their bids directly with Yuga.

Consequently, some criticisms soon followed, such as that of Casey Rodarmorcreator of Bitcoin Ordinals, who condemned this process and said that this system is dangerous, since it gives the creators of other projects the opportunity to easily manipulate the bidders’ funds and, in the worst case, to steal them. However, Yuga confirmed from the outset that rejected bids will be returned within 24 hours after the end of the auction.

That said, let’s hope that the misunderstandings are resolved soon and that one of the most important companies in the NFT ecosystem can fix this method going forward so that upcoming high-level NFTs on the Bitcoin-based Ordinals protocol will be a more pleasant experience.

Other testimonials

It wasn’t all criticism, as the official Yuga Labs Twitter account was filled with posts thanking the winners of the auction. For example, the winner of NFT TwelveFold #1 shared his happiness with the community.

Carsonturner.eth spoke out via social media and commented that he was lucky enough to place a winning bid for an Ordinal NFT from the Yuga Labs and TwelveFold collection. Also, he added that he is excited to see how this non-fungible token ages and gains value over the decades.

Lastly, he said he positively supports NFTsupply to help set up a wallet, among other things, as, it is a great resource for crypto-users who want to get NFTs created on the Bitcoin blockchain.

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Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.