Yuga Labs Generated Over $16.5 Million From Its First Bitcoin NFT Auction

Key Points:

• Yuga Labs’ maiden Bitcoin Ordinal NFT collection sale has concluded, earning the company $16.5 million in under 24 hours.
• 288 bidders competed for one of the Bitcoin NFTs from the TwelveFold series.
• Yuga stated that the winning bidders would have their inscription within one week, while failed bidders would have their bid money reimbursed within 24 hours.

BAYC’s Yuga Labs ended its TwelveFold auction on Monday, creating the company’s first Bitcoin-based non-fungible token (NFT) collection and earning the company $16.5 million in only 24 hours.

The top 288 successful bidders received NFTs from the 300-edition generative art project, which launched its auction on Sunday. The NFTs minted will be engraved onto satoshis on the Bitcoin blockchain.

Yuga Labs saved 12 inscriptions for “contributors, future donations, and philanthropic efforts,” according to the TwelveFold website. There were 3,246 bids in all, and the auction raised 735.7 BTC (about $16.5 million).

Yuga stated that the winning bidders would have their inscription within one week, while failed bidders would have their bid money reimbursed within 24 hours. Following the inscription procedure, a directory of all TwelveFold ordinals will be issued.

At the time of writing, one token sold for as much as 7.1159 BTC, or approximately $160,100, while the lowest acceptable bid was 2.2501 BTC, or about $50,600.

Yuga Labs stated that the collection would have no future utility and would not integrate with any of its other Ethereum-based initiatives. The artist behind the 3D project was Michael Figge, co-founder of NFT studio WENEW and its popular flagship NFT project 10KTF.

Yuga Labs introduced the TwelveFold collection as its first entry into the Bitcoin-based Ordinals protocol in late February, characterizing it as a base 12 art system centered around a 12×12 grid, a visual metaphor for the geography of data on the Bitcoin blockchain. Numerous analysts have cited the new crypto phenomena as a cause for Bitcoin’s price increase.

The network’s limited ability to accept such activities has resulted in this contentious auction mechanism for Bitcoin-based NFTs.

Bitcoin’s restricted smart contract capability prevents developers, like Yuga Labs, from implementing comparable features.

Yet, given the harsh criticism from consumers, it looks like sustained Bitcoin NFT acceptance is dependent on resolving this primitive auction process.

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Harold

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