Yuga Labs’ Bitcoin NFT Auction Collects Over $16 M - TheNewsCrypto

• 288 successful bidders and the bids accumulated $16.5 million.
• The minimum quantity of bids was 20,000 satoshis.

Yuga Labs, the parent company of Bored Ape Yacht Club (BAYC) have successfully winded up the TwelveFold auction. The total number of successful bidders was 288 with an amount of $16.5 million. The bids were made in $BTC and the whole process of bidding created controversies in the crypto market.

The dispute raised for the bidding methodology is that the bidder had to deposit the Bitcoins ($BTC), during the process of auction. Along with an empty wallet, for the deposit of inscriptions after the successful bid. If the bid becomes unsuccessful, the BTCs are sent back. Crypto netizens have criticized this process by comparing it with the stone age process.

TwelveFold Auction

On the 28th of February, Yuga Labs introduced the TwelveFold, 300 pieces of inscriptions on the Bitcoin blockchain. The auction for the collection began on 5th March, 3 PM pacific time. And concluded after 24 hours on 6th March, 3 PM pacific time. The last block mined before 3 PM was the end line for the auction.

In the package of 300 inscriptions, 288 were kept for auction and 12 are reserved for “contributors, future donations, and philanthropic efforts” by the Yuga Labs. Also, the minimum quantity of bids was 20,000 satoshis, the smallest unit of Bitcoin.

During the auction, the successful smallest bid was for 2.2501 $BTC, valuing $50.6 K. At the same time, the largest bid was for 7.1159, valuing $159.8K. The popularity of Bitcoin $NFT is not suspenseful, as the recent study from Galaxy research predicted a $4.5 M market cap.

But the credibility and uniqueness of the digital collectibles raise a question here. As the leading marketplaces create replicas of Ethereum NFTs and post them in Bitcoin Ordinals to gain profit.

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